If we want to succeed in the game of entrepreneurship, there’s one key thing we must learn: The Secrets of the Entrepreneur Mindset.
We are born with unique gifts and talents. All of us have something special we can share with the world but often what inhibits our greatness is not having the appropriate Mindset to accomplish what we want.
It is our Mindset that determines our thinking, and our thinking determines the actions that we take. Therefore, it is the actions we take that unlocks our true Greatness. And, our mindset is the precursor for the actions we take.
The Pareto Principle
The 80/20 rule, or the Pareto Principle, states that 20 percent of any activity will produce 80 percent of the results. Peak Performance Strategist and Human Behaviour Expert, Anthony Robbins, suggests: “80 percent of success is due to psychology—mindset—and only 20 percent is due to strategy—the specific steps needed to accomplish a result.”
So what exactly does this mean for Entrepreneurs?
Typically, when a entrepreneur wishes to improve or ensure the success of their efforts, they first think of learning to write a business plan, create a new product, establish or improve sales systems, build a marketing platform, create a balance sheet, and so on. Although these skills and strategies are essential, Pareto’s Principle suggests they only form 20 percent of what is necessary to achieve results. Without the other 80 percent—mindset, strategy will be of very limited use.
To have a successful business you need more than an audience, scalable product range, marketable offer, and a plan; you need the right entrepreneurial mindset to see opportunities, creativity, innovation, emotional intelligence, and the willingness and persistence to turn ideas in your head into physical reality.
“The mind is a powerful thing. It can take you through walls.”
― Denis Avey, The Man Who Broke Into Auschwitz: A True Story of World War II
What is an ‘Entrepreneurial Mindset’?
The entrepreneurial mindset is composed of the following three elements:
Beliefs – Successful entrepreneurs believe in their ability to succeed. They believe in themselves, in their businesses, and in their products or services. Most of all, they understand the power of beliefs to determine what they will or will not do, what they will or will not notice, and the actions they will or will not take.
Focus – If there is one key trait of a successful entrepreneurial mindset, it is the ability to direct one’s focus, to put time, energy, and attention toward what will help build the business and mitigate whatever will hold it back. Successful entrepreneurs focus on three things. First, they look for opportunities where others see only obstacles. Second, successful entrepreneurs focus with laser-like precision on the goal they wish to accomplish, not letting the negative advice of others deter them. Third, they manage risk and overcome fear by controlling their focus. Almost every study of the entrepreneurial mindset declares that the ability to manage risk is a key to success.
Attitudes – Entrepreneurship requires specific emotional and mental traits that can be grouped under the term attitudes. The attitudes people bring to work will determine whether they are suited for entrepreneurship or not. According to research the specific attitudes that the most successful entrepreneurs share include courage, persistence, adaptability, curiosity, collaboration, future focus, self-fulfilment, the desire to learn, and the willingness to take action.
When it comes to entrepreneurial success, strategy is essential however, as is proven every day—what truly matters is developing the mindset that will help you turn your business into million-dollar (or billion-dollar!!) enterprise. Focus on your mindset first, and train your psychology to create and seize opportunities, to manage risk, and to persevere no matter what, and your entrepreneurial success is guaranteed.
What are the Secrets of the Entrepreneur Mindset?
#1 Understand Themselves, others and the World around them
Success Entrepreneurs constantly work on themselves. This creates a process of deep understanding of who they are, and their belief in their abilities and value for others and the world around them.
This is what allows you to become an expert in your chosen area. If you don’t understand and value yourself you can bet the entire farm that no one else will understand or value you.
I have also found that those who understand and value themselves have a greater ability to understand and value others. This skill set is so important when you are seeking higher levels of success.
#2 They clearly define what it is they want to do
Very successful people care about their lives more than the average person. They take the time to analyse their lives, to look closely at their vision and their purpose in life. They put their lives on paper. They take the time to construct mental images that guide them on their journey. While most people are winging it, they put their life mission and business vision and goals on paper.
They have imagination. They pull their imagination up in their mind and then they define their vision and then they go to work. Night and Day!
#3 They Protect and Prioritise Their Time.
Successful Entrepreneurs Protect and Prioritise their time. How many people do you know that plan their day before it begins?
The most valuable asset we have is our time. It’s very important to plan our days, weeks, months, and years.
#4 Outcome Oriented
Have you known anyone that is absolutely driven to succeed? No matter what the obstacle they keep going. And in most cases it is because they have extraordinary clarity on the outcome. They took the time to clearly define what it is that they wanted to do. They stopped and thought about their life, and what it was that they wanted to accomplish and this gave them the drive to see the task all the way to its outcome.
#5 Deal with Facts, NOT FLUFF!
Most people make their decisions about their life and careers from emotion and assumptions. Successful entrepreneurs base their decisions from fact-based thinking. Successful entrepreneurs strive to make accurate decisions rooted in real facts, not fluff.
#6 Live To Provide Value and Service
Successful Entrepreneurs know that value must be given. And by providing value they know that value is to be returned.
They practice the Law of Reciprocity. They know for sure that what they give out they shall receive. Successful entrepreneurs do not expect something for nothing. They are constantly working to make themselves valuable, which of course attracts the personal associations that lead to greater success.
#7 Perform a Mind Makeover
Successful people rarely resemble the person that they once were. They are constantly educating themselves and gaining experience that will lead them to the goals they desire. They truly understand the importance of acquiring greater skill sets, which in turn gives them a confidence boost and greater self-worth.
They live by the words of ‘renewing their minds’. These entrepreneurs know this is the key to their transformation and growth.
#8 Focus
This characteristic is what I have found to be the most important when it comes to entrepreneurial success. Once we have awakened to the possibilities of success, we also realise the many opportunities that abound. And it is easy to allow ourselves to become scattered. Successful people develop the ability to focus and concentrate to maximise their resources and forces.
#9 Success by Association
Have you ever heard when growing up “be careful who you hang around’. Many times you may be ‘guilty by association’. Well, successful entrepreneurs understand that you can also be ‘successful by association.’
In fact it is virtually impossible to be successful without having a mentor or a friend or business associate that helps to quicken your advancement.
Successful entrepreneurs have someone that accelerated their advancement with either some knowledge they possess or some other resource that they did not have.
#10 Take Personal Responsibility
This trait is it. I mean this removes all attempts to blame anyone for what takes place in your life.
Successful entrepreneurs never allude to anything that anyone could have done to them. In fact, all the trials that they have, they looked at them as a blessing to learn from. Never giving up control of their lives.
I really love the fact of being in control of your life. Never allowing something outside to control you and the future of your family.
#11 Gratitude
When you see life and career in terms of the lack in what you have achieved, you cannot drive your business up the ladder of success. Then negativity is impeding your progress.
You must look at all you have and realise how great what you have is as compared to the situation of many others.
When you have this attitude, you stop suffering and complaining about the small stuff. On each receipt you pay out, write thank you. That’s not only to thank the person, event, vendor or customer for what’s provided you but also to give a private thanks acknowledging that you have the abundance necessary to pay for the service, product or event.
Habits coupled with flexibility provide you with a path to success. Success is fluid and so rigidity will stand in its way.
Developing these mindsets give you a compass to navigate the ever-changing tides on the way to business and financial goals. These mindsets allow openness and flexibility while also providing you precise direction.
