An Entrepreneur’s Mindset

An Entrepreneur’s Mindset

If you want your small business to succeed, you should study how successful entrepreneurs think.  A lot of first time entrepreneurs do not know what they are about to get themselves into. If you think you are creating your own job rather than a business, you may wind up as merely minimally self-employed. Self-employed means you have a skill, you decide what service or product to sell, you begin to talk to people, advertise, get some business cards printed, and try to obtain some clients so you can pay the bills. You have pretty much created a job for yourself.

All of a sudden, you are in over your head. Either you cannot get enough customers to pay your expenses, or you have a stream of customers and are spending practically every second of your life trying to do the books, payroll, answer emails, returning phone calls, scheduling etc. You really are not profitable and you do not know why. This is no longer your idea of fun.

True entrepreneurs identify what they are absolutely passionate about.  If you do not love your work and you are just doing it for the money, chances are you will not have the passion an drive to push you onward when the business gets demanding.  You will feel discouraged and disillusioned. People who look for the fastest way to make money instead of focusing on what excites them about work each day are not thinking like entrepreneurs.

True entrepreneurs think big. They create a clear, exciting vision of how they can develop a business that does not rely totally on them, is sustainable, and provide them with the income and lifestyle they desire.  If your business always relies on your selling time for money, what happens if you become ill or want to go away on vacation?  If people think of you as the entire business, they will only want to do business with you. Even if you work 80 hours a week you will be limited in the amount of money you can make, And you will not be able to sell your business one day, because your clients think of YOU as the business.  That is fine when you first start out, but be smart and plan right from the beginning to make your company appear larger.  Transition to being the leader of your business, not the doer. At some point you will have to document how all of your functions are performed so you can train others to take over some of the tasks.

Entrepreneurs are creators; self-employed people are mainly doers.  Of course, you will deliver services or work in your business if you are an entrepreneur. But others will be helping you, whether you hire employees or outsource some of your tasks. You will be creating new services, products, strategies, and systems. Entrepreneurs assign others to implement them whenever they can do so.  You probably will not doing thinking this way from Day 1–you may be doing everything in the beginning; however, if you have a map or plan of just how you want your business to look in a year or two, that plan will determine what your daily actions are.  A true entrepreneur bases each decision on that vision. You won't find yourself "flying by the seat of your pants" and you will know when it is time to delegate work to others.

This is not about a big business plan. This is about getting clear on the details of the business you long to create and getting both the dream and the details written down. This is because entrepreneurs are idea generators and it is quite easy to get distracted.

Another reason is that the biggest fear new businesses have is not having enough customers or earning enough money. In my experience, if you did your research and you are offering a service that people want and are willing to pay for, the only missing ingredient is a clear vision. If you are passionate, have a clear purpose, and have a plan, the energy and excitement you create will attract clients to you like a magnet.  I will use an example from my start:

I'm a consultant. I consider myself smart and have knowledge people need, so I set up a home office, named my business, formed a legal entity, created business cards, etc.  Then I started to prospect for clients. I networked, sent out letters, contacted my database of former colleagues, and after a while I had a few clients. After a while, I approached a crucial fork in the road. Do I repeat this same process over and over, or do I create a bigger vision and long term plan to build a bigger, better business?

A big vision may lead you to:

  • create a group of sequential products or services to encourage repeat business
  • create products to generate passive income
  • get bigger results by creative marketing
  • outsource simple marketing tasks
  • work on building your expert status
  • create key relationships to grow sales
  • develop a process that you can teach to others who you willo hire

Thinking like an entrepreneur means thinking about

  • your strategy
  • your systems
  • time management
  • outsourcing
  • your focus

 

This mind set can mean the difference between mediocre and outstanding results.

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About Online Biz Boomer Babe

Rachel Lavern is a Certified Business Coach and founder of My Booming Online Business--a blog for middle-age, global, uptown women. She is on a mission to transform entrepreneurs' finances by teaching the action set, mindset and skill set needed to get launched + make money.

Comments

  1. I believe deeply that entrepreneurship is playing the inside-out game Rachel. Go within to change the without. Do your daily power hour. I spend 60 minutes on waking both meditating and listening to hypnosis audio files to clear my inner world. As within so without as you demonstrate above.

    Thanks!

    Ryan
    Ryan Biddulph recently posted…Kelli and I Got Married Today!My Profile

  2. Thank you. I need to learn a lot about operating a business, instead of just being self-employed. I know how to be self-employed. As a gardener, I go to people’s houses and take care of their gardens for them. I love my work. It gives me much satisfaction. But since I do not know how to be an entrepreneur, I don’t make much money at it. Also, I seem to be getting more customers than I can handle. Next growing season, I will be getting some friends to help. I’d like to create a real business out of this fun self employment gig, not just for the money but so that I can do a better, more efficient job for the current and future customers.

  3. Excellent article, as always, Rachel. So the next question is, if you are not an entrepreneur and want to be, what then? How to develop an entrepreneurial spirit?!!
    Willena Flewelling recently posted…Week 16 – KindnessMy Profile

  4. I’m overwhelmed at your informational content! I plan on coming back!

  5. Hi Rachel, it wasn’t too long ago that I wrote about the very same subject. I read a great article on Forbes about really understanding entrepreneurs and what struck me the most is that being an entrepreneur in the end is really all about having the “right” mindset, not so much starting businesses. Which is what you write about 🙂

    Glad to find other like minds and thank you for the great article.
    victoria recently posted…The Most Important Tool to Make Your Dreams Come TrueMy Profile

  6. I agree. Being successful in business pretty much starts with passion. If I didn’t have passion for what I am doing, then I wouldn’t be able to put one foot in front of the other and take the action steps necessary to succeed.
    Katherine recently posted…Finding Time For Your Online BusinessMy Profile

  7. Hi Rachel,

    So glad you have brought this topic up. If one wants to be an entrepreneur, it all starts in our mindset. We realize that the job out there is limited to what we can make financially. We have a clear vision of what we want to do and the kind of lifestyle we want to create. We have the mindset that being an entrepreneur their may be pitfalls (people call them mistakes or failure) but we know deep in our soul that we can overcome them and keep on point to our goals.

    Indeed, I firmly believe we need to make our own products. From ebooks to digital ones to having coaching set up. Whatever it is one wants to do, it becomes such a great part of life. You wake up in the morning and talk about it, engage with others that have the same mindset.

    Thank you for this fantastic post!

    -Donna
    donna merrill recently posted…Link Dropping Pisses Me OffMy Profile

  8. What a powerfully informative article Rachel!’

    You’ve really nailed so many crucially important points about being a true
    entrepreneur!
    But I really like where you shared that entrepreneurs are creators, while self employed people are
    primarily doers!

    That pretty much says it all! And of course developing the right mindset is oh so important as well!

    Thanks for sharing so many terrific insights!
    Mark recently posted…Seven Things Adversity Taught Me That I Really Didn’t Want To Learn!My Profile

  9. Hi Rachel,

    Reading your post reminded me of when I had a job. The money was excellent because it allowed me to purchase a home etc but I was miserable. I was discouraged and disillusioned.

    So thanks you for sharing these important points about being a true entrepreneur! This is truly a fantastic post

  10. Hey Rachel,

    This is a great topic to cover. Especially for those who are newbie entrepreneurs and those that are starting to feel over whelmed.. Yes at first, for most people coming into the entrepreneurial world, you’re going to have to do all the work. But at the same time, you’re the wises thing to do is to device a plan for outsourcing, leverage, strucuture, etc… so that all of the work doesn’t fall on you. This is what you call working smart, and with passion behind it, it can only get better!

    Thanks for sharing Rachel! I hope you have a great weekend!
    Sherman Smith recently posted…Why Aren’t You Getting Email Subscribers?My Profile

  11. Hi Rachel. I enjoyed this article very much. I’m an entrepreneur by nature, but sometimes I have to force myself to outsource because it’s hard to let go of that control. You have a lot of information to digest here, and I’ll return to it as I continue to build my empire. Thanks so much for sharing your thoughts.

    All the best,
    Leslie
    Leslie Denning recently posted…3 Effective Ways to Decide Exactly What to Blog AboutMy Profile

  12. Rachel Your post has motivated me. I always wanted to become an entrepreneur and now am a blogger. I have good plans, but for starting my own startup I’ll need investment. Your post contains 2 points which have provided me lot of inspiration.

    First thing is passion. I’m passionate about writing, and that’s why from now I’ll be giving my time to write the best type of content for my blogs. Second thing which I’ve learnt from your post is that an entrepreneur needs to think big. I’ll now plan out somethings for my blog and will hope that they will work out.

    Rachel keep writing. I hope to see some more amazing posts at your blog.
    Mohit recently posted…Establish a StartUp – Learn from Jitendra VaswaniMy Profile

  13. Mindset is everything. If we don’t have a vision and a plan of how we want our business to be like in the near or distant future, we’re just doing the same thing as working for someone and building their business instead of our own. Thank you for sharing your thoughts.
    HoudaK recently posted…My Top Five (Still) Traffic Generation MethodsMy Profile