The Entrepreneurial Mindset
Entrepreneurs have special qualities, they aren’t different qualities, all they have decided to do is use them. You already have all the qualities you need to be an entrepreneur. It is whether you choose to use them, and how you do it that makes the difference between having an entrepreneur or an employee mindset.
We are all born with the potential to become a millionaire. Humans are a race of “Positive Creators”; everything we see has been created in our minds first, therefore, it is in our genes to create. To be an entrepreneur means you have to create something from nothing. Everyone has the ability, but only a fraction of us use it to its potential.
One of the key reasons for this is that our mindset is generally created through our life experiences which in turn are influenced by the people we spend time with. The most significant time for the developing mindset is our early years; your ability is built upon your beliefs, the very things those around you during your youth help shape. Some people have a lot of work to do to identify which beliefs are limiting them from achieving their true potential, others less so. Whichever you are though, belief is the thing that will enable you to tap into your true potential.
Employee v Entrepreneurial Mindset
Typically, we are conditioned from an early age to adopt an employee mindset. This is a mindset that follows a path of going to school, getting a higher education qualification and then becoming an employee.
Although a good education gives a tremendous advantage in life and is something we believe strongly in, we also believe that it is important to think differently and not get trapped into life as an employee. The employee mindset is one of CVs, job promotions, minimum percentage salary increases, assumed job security and perceived lower risk.
It is a mindset that allows it to be controlled by others and often settles for a life of 9am to 5pm or, more typically 7am to 7pm when travel time and overtime are incorporated. It is a mindset of working as an employee and reacting to events (such as redundancy, missed promotions) rather than creating your own vision and following your own dreams.
The opposite of the employee mindset is the millionaire, or entrepreneur, mindset. This is a mindset of excellence, one that has a clear vision, follows its passion, and has set goals.
Successful people have this mindset in common. As a ready example of this, consider any successful sports person; determination, hard work and self-discipline that drive them to achieve their success. They are following their dream, living their passion and very often, with a good business coach behind them, achieve their millionaire status.
The entrepreneurial mindset works in just the same way. However, instead of the passion being sport, it is business and the mindset is applied to entrepreneurship. It’s about opportunity, achievement, success and freedom. It’s about having a dream and making it reality. It’s about using business as a vehicle to follow your passion.
Those who develop a entrepreneurial mindset and are prepared to embark on their own adventure have a life of fulfillment and freedom in store for them. Absolutely anybody can take this journey, but only those who are prepared to invest in themselves and make the decision to develop their own entrepreneurial mindset will actually achieve true success and financial freedom.
Passion before Profit
When an entrepreneur starts a business it is usually out of the need or desire to satisfy some deep feeling, something that he or she believes will satisfy them like nothing else, even take away the pain of not striking out on their own. For some this can be a pain they believe that, unless resolved, will be with them for the rest of their life; they have no alternative.
It’s all about PASSION — What does passion feel like?
Remember when you first met someone you really loved? Your girlfriend/boyfriend, husband/wife? You had to move right out of your comfort zone to ask them out on a date. And you did it! You conquered your fears and limiting beliefs all because of love. It can truly create magic in our lives, and that is why the first step is to find PASSION in an idea you want to develop.
Have you ever won a certificate or a sports trophy? How did that make you feel? Did you do it for the money or did you do it to prove yourself to be the best? It is this feeling of passion in what they are doing that drives entrepreneurs.
PASSION is more important than money!
Passion is at the heart of the millionaire mindset, so the closer your idea is to your passion, the greater your chance of success.
Use the exercise below to brainstorm ideas for a new business or a new opportunity within your existing business. At this stage any idea is a good idea. By writing down possible business propositions, your unconscious mind will automatically think through the various alternatives and over the next four to eight weeks one idea will surface as the stronger candidate. It may take you longer, but the more you tune your mind to entrepreneurial success, the easier it will be for you to identify an idea that you are committed to and believe will be a winner.
Keep a notebook with you at all times. Write down ideas as they come to you. Be constantly on the lookout for opportunities in areas that interest you. Revisit your notebook. Look for connections between your ideas and speak to people about them.
Most people would agree that pain and pleasure are two of the strongest motivators; after all they are what many torture regimes are based on! However, did you also know that the strength of feeling in human nature to move away from pain is significantly stronger than the feeling to move toward pleasure?
Motivation drives us, whether it is toward or away from something. So, in business it is essential for you to identify what your true motivation is.
Run a mental movie, and fast forward 10 years and look now at how life will be when you achieve success as an entrepreneur. Notice how you feel when you have achieved the very goals that are currently motivating you. This film has a happy ending. This is the feeling that you are working towards.
Entrepreneurial Mindset Qualities
Excelling in the 12 qualities of the millionaire mindset is vital to reach the highest levels of success as an entrepreneur. However, it would be wrong to say that entrepreneurs excel in all of these qualities from the outset.
In this exercise, ask a friend or colleague who knows you well to score you out of five in each of the 12 elements of the millionaire mindset. The questions relate to your current job or position in your business. It is important that somebody else scores you as they will give you an independent and honest answer on how they see you.
The key here is not necessarily to get the highest score, but to get the most honest answers.
The 12 Entrepreneurial Qualities
- Desire, determination and drive
- Hard work and self-discipline
- Wisdom and common sense
- Judgement and risk
How did you get on?