Are You Thinking Like The Boss?

Are You Thinking Like The Boss?

If you want your business to succeed, it is important to study how successful entrepreneurs think so you can start thinking in the same way.

Most start ups do not have a clue what they are about to get themselves into. If you think that you are creating your own job rather than a growing business, you very well might end up as merely minimally self-employed. Self employed means you have a skill, you decide what service you will sell, you go out and start to talk to people, maybe throw out some advertising, get some business cards printed and try to get some clients so you can pay the bills. In essence, you have created a job for yourself.

Uh oh….you suddenly find that you are in over your head. Either you cannot get enough clients to pay the bills, or you have a stream of clients and are spending nights and weekends trying to do the books, payroll, taxes, returning phone calls and e-mails, scheduling, etc. You are not really profitable and you do not know why. This is not your idea of fun.

 

The first thing successful entrepreneurs do is to 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 and drive to push yourself onward when the business gets demanding. You will feel discouraged and disillusioned. It is just like a marriage—if there is no passion, no deep love, where will the motivation come from to work through problems and issues? People who look for the fastest way to make money instead of focusing on what will get them excited about work each day are not thinking like entrepreneurs.

 

Next, entrepreneurs think big.

They create a clear, dynamic, exciting vision of how they can develop a business that will not rely totally on them, will be sustainable, provide them with the income and lifestyle they want and will grow into an asset they can sell.

If your business always relies on you selling time for money, what happens if you become ill or take a 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 per week, you will be limited in the amount of money you can make. Additionally, you will not be able to sell your business one day, because your customers think of YOU as the business.

It is okay to start out like that, but be smart and plan right from the beginning to make your company appear larger and to transition to being the leader of your business rather than the doer. At some point you will have to document how each function is performed so you can train others to take over some of the "doing".

 

Entrepreneurs are Creators; self-employed people are mainly Doers.

Now that does not mean you will not deliver services or work in your business if you are an entrepreneur. But there will be others who help you, whether you hire employees or outsource. Your job will be to create new services, products, strategies and systems. Entrepreneurs let others implement them whenever possible.

successful-entrepreneurYou might be wondering how you can think this way from Day 1. Even though you may be doing everything in the beginning, 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 actions you take every day. A true entrepreneur bases every decision on that vision. You will not be "flying by the seat of your pants" and you will know just when you need to pass off some of the work to others.

This is not about some huge business plan. This is about getting clear on the details of the business you hope to create and getting both the dream and the details down on paper. Why? Because entrepreneurs are idea generators and it is very easy to get distracted and unfocused.

Another reason is that the biggest fear early stage businesses have is not having enough clients or making enough money. In my experience, if you have done good research and you are offering a service that people want and are willing to pay for, then the only missing ingredient is a clear vision. If you are passionate, have a clear purpose and a plan, the energy and excitement you create will attract clients to you like a magnet.  Here's a specific example:

Let's say you are a consultant. You are smart and have knowledge people need, so you set up a home office, name your business, form a legal entity, and get a logo and business cards. So far, so good. Now you start to prospect for clients. You network, send out letters and contact your database of former colleagues. After a while you get a few clients. Now you are approaching a crucial fork in the road. Do you repeat this same process over and over, or do you 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 tier products, services or packaged services to encourage repeat business
  • create products that will generate passive income
  • market more creatively for bigger results
  • outsource simple, repeatable marketing tasks
  • create a plan to build your expert status
  • create key relationships with joint venture partners to grow sales
  • develop a consulting process that you can teach to other consultants who you will hire or certify

 

Perhaps you outsource your online marketing, administrative work and bookkeeping so you can spend your time doing what you love.

Thinking like an entrepreneur means thinking about

  • Strategy
  • Systems
  • Outsourcing
  • Time Management
  • Focus

This mindset 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. There is a whole lot more to being an entrepreneur that one really thinks… I kwon that I am moving in that direction, but I’m stumbling along as i go!!
    Holly recently posted…You Don’t Have To Be Perfect!My Profile

  2. There certainly is much to learn. But I’m having fun what I’m doing it! 🙂

  3. Dr. Erica Goodstone
    Twitter:
    :

    Rachel,

    You have a way of explaining complicated processes in such a clear and simple manner.
    I started by hiring people to create my web sites but then I found I could not make any changes myself.
    When I have attempted to outsource some of the other tasks, it seemed to take more time and become more
    upsetting then when I just did it myself.
    Now I am at a crossroad, ready to systematize my efforts and outsource the repeatable pieces.
    I love your description of an entrepreneur as a creator and a selk-employed person as a doer.
    And you are so right about a successful entrepreneur having a big vision and then creating a strategy, using systems, outsourcing, managing their time and focusing on what will bring the most ROI.

    Warmly,

    Dr. Erica
    Dr. Erica Goodstone recently posted…Relationships CAN HealMy Profile

  4. Even tho I am a young lady of 71 I also have vision and focused on my dream. I like your blog style and your posting.
    Mae Kelm recently posted…How to Use JingMy Profile

  5. Liz Delaney
    Twitter:
    :

    What an interesting post, Rachel. It was good for me to read and reorganise my thoughts. If you have any suggestions for where to hire for effective outsourcing to social media, I would be very appreciative. It takes me so long to get it all out there. I prefer to write….

  6. Mindset is everything. Too many people let fear squash their dreams for their businesses. If you think big, plan well, believe in it, and put in the effort, then you’re going to succeed.

    Great post.

  7. Hi Rachel it is absolutely true you do need to get into that mind set of thinking like an entrepreneur. I think part of the problem that most people suffer from is they are just deep down happy with the invisible safety net that is around them

  8. Coming to that fork in the road, and deciding what your bigger goals should be… reminds me of my son’s struggles with math. He’s having an awful problem because he has never really learned his math facts. So it’s back to the drawing board. But he hates doing math flashcards. Why? Because he can’t see beyond the mundane, dreadfully boring daily routine of going through that stack of cards. Then one day he gets it. He understands that learning the math facts will open up a whole new world of doing math without continual frustration due to having to stop and figure it out every step of the way for many years to come.

    I think sometimes we’re like that when it comes to our business. We go through the motions every day because we know that’s what it takes to build a business — but we don’t see beyond the day to day. When we see WHY we’re doing what we’re doing, then everything has meaning, and we’ll see when we need to take the next step, and what that step should be.
    Willena Flewelling recently posted…Randy Gage – Why You Tell Your StoryMy Profile

  9. Most folks don’t know how to think like a successful entrepreneur even when told they need to do so. That is when self-improvement modalities such as NLP (neuro linguistic programming) or Gary Douglas’ Access Consciousnes,s are really helpful. Thank goodness for the internet that makes information so available.
    Mary Austin recently posted…Make A Plan To Bag Bunches Of New Readers For Your ContentMy Profile

  10. I am at a crossroads because after promoting other peoples products I am now ready to promote my own services which, until now, I have only provided to people I know because it can be too time consuming. The income I got did not justify the time. Although I have learned a huge amount I have come full circle and now concentrating on what I know and love the best and motivation has returned.

    I am not ready to outsource yet I am developing a service where I can help clients all together via a membership support site, rather than on an individual basis. Outsourcing to begin with will come via an affiliate program to help with promotion but after reading this I can see that I will be able to outsource a great deal and ultimately all of it. I am not getting any younger!

    My partner left his long term career to set up a computer building and mobile repair service in the early days of PCs. He was successful for a few years but pricing from large retailers made a dent in his computer sales. Now arthritis and a major back injury leave him unable to carry on his repair service. So I can certainly see the distinction between Self-Employed and Entrepreneur.
    Sue Bride recently posted…Why Do I Need To Use Hashtags?My Profile

  11. Hi Rachel,
    Good post. I am guilty of being one of those who didn’t quite think things through in the beginning, so it has taken me a little longer to get myself established and moving but that is happening now.

    Thanks for sharing your great advice. Monna
    Monna Ellithorpe recently posted…2014 Memorial Day Tribute To All Brave SoldiersMy Profile

  12. I like the idea of thinking big! You get more ideas to create new things … and it’s a great exercise to expand your mind, great suggestions and wisdom in this article
    Lesly T. Federici recently posted…The First Few SecondsMy Profile

  13. That clear vision is a brilliant concept Rachel .. and then creating the big vision as your plan. Love the way you’ve talked about the self-employed and the entrepreneur mindsets here, and it all stems from the passion. I always love your wise words 🙂
    Jacs
    Jacs Henderson recently posted…Are You Tweeting With Tweet Old Post!?My Profile

  14. This was such a great read Rachel and glad I came across it this evening. Having that right mindset can make a big difference in deciding whether or not you will be successful. It can be difficult to find out what your true passion is and feel like it is ever changing with me. Over time my passion has changed but feel like it has more developed more than anything. Thanks for sharing!
    Kyle Nelson recently posted…Tips On Choosing The Perfect Business PartnerMy Profile

  15. This is amazing!

    I focus on making less time in doing things that I use to love. Typing, technical support, etc… You have to think big, as you say. Being creative all the time. Accepting challenges as way of growth. Outsource those task that keeps you away from meeting new people and learning more. Let, others do the daily task that do not offer, growth. They are, to keep your Operations flowing. That, is a place your mind can be clear of the clutter.

    You have a strong supporter. I have felt your passion for clarity, in understanding. This one article, has walked me through a great part, of your perception. I appreciate that.
    William Amis recently posted…Coming, to a new Understanding.My Profile

  16. Rachel,

    You make some very valid points. If we think and work at any level less than the boss’ level then we are short-changing ourselves. Being in business for yourself is not easy. In my opinion you have to be a great manger and creative thinker. You have to be willing to outsource some of the tedious tasks that are taking away huge amounts of your time from the things that actually increase your bottom line.

    In the beginning we may not have a choice but to be the jack of all trades but eventually we have to think ahead and construct a manageble plan that is not only sustainable but also beneficial to our end goal. Thank you for sharing.
    Nathaniel Kidd recently posted…How to Save Money as a Wedding GuestMy Profile

  17. Very good advice Rachel!

    And just like you so wisely pointed out, our initial sweat equity is great and
    definitely needed, in order to give our venture some much needed early momentum.

    However, at some point, in order to actually grow the business beyond
    that initial start up phase, we’ve got to have some proven systems and processes that
    help streamline the process and maintain growth!

    Otherwise, as you pointed out, we’re just at another place,with a fancy title or two,
    simply trading dollars for hours!

    Thanks for sharing another excellent post!
    Mark recently posted…Wonder Why So Many Extremely Savvy Entrepreneurs Miss This incredibly Simple Marketing Opportunity?My Profile