How to Build a Winning Entrepreneur Mindset
Don’t be afraid of failure. Most things holding us back aren’t things at all — it’s our head. Our damn mind keeps telling us “Why Are YOU doing this?” and “Who are you even to launch this idea?” If you’re afraid to fail - guess what? You have to at some point. It’s a part of the process. So now that we got that one out of the way, read on…
You’ve started your business, got your paperwork in order, and are ready to open your doors. Hold on! There’s one thing you’re forgetting: your mindset –how well you’ve adopted a winning entrepreneurial approach.
“Entrepreneur is a mindset” ~ Robert Kiyosaki
In business, as with most things in life, being prepared is half the battle.
And nowhere is this most important than when it comes to your mind.
Our mindset may seem trivial, when compared to the more pressing, high-level tasks in business –but your perspective, and how well your mind is adapted for the entrepreneurial journey, in many ways –is everything.
If you feel that you haven’t quite made the mental transition from the 9-5 grind to the realm of a successful entrepreneur, don’t worry. Even if you’re years into your business, it’s never too late to start. The good news is that our minds are extremely adaptable, and getting into that zone, that mode where you’re thinking, and then acting like a successful entrepreneur, is very much possible.
If you’re getting ready to start a new venture –or scale your small business, then you’ll need to make sure you have the right perspective first. Here’s a look at how you can build a winning entrepreneur mindset; the kind that’ll help you to set goals, eliminate obstacles, scale mountains, and ultimately –find success.
1 - Know Your Why
First things first, you’ve got to know your why.
If you don’t know who you’re serving or why you’re doing it, you won’t have anything exciting to wake up to.
Many entrepreneurs go into business because they want to be an ‘entrepreneur’ but are clueless about what’s driving them in the first place. And no, simply “being successful,” isn’t enough. Instead, you need to really dial in on your big-picture motivating factors and identify the reasons behind what you’re doing. Is your why a passion to help other entrepreneurs succeed? Is it finding a way to make 10k per month, so that you can finally send your kids to that great school? Whatever it is, grab onto that dream and keep it central to your actions. Then you can start getting specific with those plans.
Passion will ignite your dream. It will also create motivation and helps you push through adversity, keeping you going on those days when everything seems to be a slog.
2 - Set Clear Goals
Once you’ve got your why, it’s time to start setting clear goals.
Start by creating a realistic target and sharing your goals with your friends, colleagues, or the internet. Putting your goals into writing can create a tangible representation to keep you focused on succeeding. When you share your goals and put them out there into the universe, you become accountable.
Also, keep in mind that goal setting and planning are inexplicably intertwined. Success in the entrepreneurial journey really is less about a destination and more about the journey itself. Your goals and the process to reach them need to be one and the same.
A simple goal on its own matters, but it’s not enough to carry you on to success. As entrepreneurs, we tend to be very skilled at thinking big, but it’s the ability to translate those big-picture goals into smaller, practical details that will ultimately enable you to find success.
3 - Create Habits That Work for You
Now, it’s time to translate those goals into daily actions that’ll help you to create the life and business that you’re looking to build.
It’s easy to look at successful people and assume that talent got those folks to where they’re at, but talent only accounts for part of the story. Habits, the accumulation of actions over a given period of time, are what sets successful people apart.
For an inspirational look at success-building habits, look no further than Beyoncé herself. Queen Bey has found a way to succeed, not just in the music industry but in business and life as well. But plenty of musicians are extremely talented, so what separates Beyoncé from other extremely talented artists out there? I would love to spend a day with her to see how she navigates parenthood, being a great partner, her health, and, of course, being a rockstar –all while dealing with the tremendous amount of negativity that the world throws at her. Yes, she has a talented team to help and millions of dollars at her disposal, but it wasn’t always that way.
Habits are what got her there. Best-selling author James Clear, one of the world’s leading experts on habits, would agree. (Atomic Habits (2018)
But Beyoncé didn’t just wake up one morning a rockstar (#iwokeuplikethis); instead, she set out to make her goals happen by putting into daily practice what was needed to reach them. She practiced the habits of a superstar and eventually became one.
Look to form habits that will help you to reach your goals. Identify things that you need to do daily, weekly to help you reach your full potential. Then make those actions a part of your everyday routine.
Get into action mode to build your new habit. Taking action will destroy your fears, and each time you take a step toward your goals, you’ll be validating them.
Want to get in shape? Commit 15 minutes a day to a high-intensity workout.
Want to be fearless? Do one thing every day that scares you.
Want to find success in your small business? Create a monthly, and then weekly plan; highlighting exactly which tasks you need to focus on every day.
And so on.
4 - Block Out the Noise
Competitors are merely signals of market validation. You should look, but don’t obsess. Shiny object syndrome is kryptonite for the entrepreneur –we’re easily distracted, and that’s what weakens us.
Instead, keep it simple. Focus on one thing, and work towards your goals daily. Don’t let what others are doing detract from your ability to really dial in and add value to your business. Building a business requires discipline, which means investing your time and efforts in the right things at the right time.
No matter how great your customer service is or how successful your business becomes, you will always have your fair share of critics. Don’t take negative feedback personally. Block out the negativity and keep pushing forward.
5 - ABC: Always Be Curious
Kids ask why, why, why all damn day for one simple reason: they want to know things. This curiosity, while it can be a bit much for us parents sometimes, is a crucial part of their development.
But why should this curiosity end? Adulthood is no reason to stop the quest for answers. A great entrepreneur is perpetually curious and strives to see things, events, and opinions from different perspectives. They question why things are how they are, and are motivated to test out different scenarios to find something that works better than anything that’s been done before. Instead of playing by the rules, learn them, so that you can find a way to improve them. Create your own game and a ruleset that works for you. Read new books, polish up some new skills, and never turn down the opportunity to learn something new. You never know when it will come in handy. Always cultivate that sense of curiosity. It’s a habit that should never die.
6 - Rethink Failure
In my podcast Into the Wild, I end up asking most guests a similar question: “What would you say is one of your biggest business failures?” The most popular response I’ve received by far is a variant of the following: “I’ve never failed. I’ve only had expensive lessons.”
This view of failure is something that nearly every successful business owner has. You see, a winning entrepreneur understands the likelihood of failure and sees it exactly for what it is: just one, temporary setback on the road to success. In fact, these setbacks often end up being pivotal to our ultimate success. Failure often highlights opportunities to be seized.
Remember Thomas Edison in his quest to develop a functional lightbulb: “I have not failed. I've just found 10,000 ways that won’t work.”
I love how Nellie Akalp, Founder and CEO of CorpNet puts it.
“True success comes from a pile of failures and learning from them,” says Akalp, in an interview with Jonny Nastor of Hack the Entrepreneur. “As a result, you’ll be able to make the right choices. I’m not a perfect person. I have made mistakes – as an entrepreneur, as a small business owner, as a human being – and will probably make a ton more. As a result, I’ll learn from them and become even more successful. You need to build the same success mindset.”
7 - Get a F*cking Mentor or Coach
If you don’t have one yet, then finding a good mentor should be at the top of your to-do list.
And no, I’m not just saying this as a business coach, but because I myself have benefited tremendously from coaching and outside help over the years.
In fact, I don’t know a single great entrepreneur who got to where they’re at today, without the help of a mentor, coach, advisor, or someone pushing them.
Back when I had my PR agency, I hired an agency coach. He wasn’t cheap, but within the first month of working with him, his $25k price tag ended up paying for itself. Professional sports teams don’t win championships without a good coach either. Mentors and coaches are invaluable for showing you things that you’ve overlooked yourself (easier to do than you might think) and of course, for helping to keep you accountable. While it can be uncomfortable to have someone point out your mistakes, keeping an open mind, and being willing to change is crucial for growth.
Like I touched on above, sheer talent isn’t enough to achieve the things you want in the business world. It’s crucial, of course, and will get you started, but talent alone is rarely enough to carry you on through the growth stages and ultimate success. Partnering with a mentor and coach provides you with the additional support and accountability that you need to take your business ideas from the concept stages on to a successful company.
At the end of the day, we are what we allow ourselves to be. By opening up your mind to the concept of finding success, and then putting into practice those things that you’d like to become, you’ll be able to cultivate a winning mindset and allow yourself to operate from a place of abundance, rather than scarcity. In turn, your business will be able to grow to reach its full potential as well. Be. Do. Have. It’s the best way.
You have a goal. A plan. And the drive. Now is the time to put them into action.
I know you can.
I’d love to hear your thoughts! What action or mindset adjustment have YOU have found essential in your quest to cultivate a winning entrepreneur mindset?
