As much as the success of a business is greatly dependent on your technical abilities from product development, sales and marketing – there is often factors that are overlooked but forms a fundamental criteria to ensure a successful business. This is none other than having a the correct mindset or thought processes to successfully cope with the stresses of running a business. Below are fundamental mind strategies to get you out of the rut in your business venture; and one step close to developing an entrepreneurial mindset:
Develop an iterative process to test your idea
If you are a fan of methodologies like lean than you have probably seen the wonders it can do for a start-up. Before starting a business it is therefore of utmost necessity to establish a lean thinking mindset to firstly identify a customer need through continuous iteration. Quite simply test new ideas and see the effect on a small scale before investing time and resources on pursuing endeavors that add little impact to your ultimate goal of what your business is trying to achieve. So as the first step in molding an entrepreneurial mindset, gain extensive fluidity in the use of lean (Plan, do, check, act).
Practice strategic thinking
You may think this is something that only the big guys do but you will be surprised to know that even the smallest road side store can do with a bit of strategic vision to align itself with its goals and purpose. What needs to be done to achieve the goals you set? How will the business distinguish itself from competitors? What is the pricing and marketing strategy? How will the scaling of the business take place and according to what timeline? Being able to effectively strategise means more focus can be spent on what needs to be done to gain the best results while also being aligned with the business goals
The art of simplicity
A start-up differs from other larger scale businesses. It is a working model of an idea that changes over time to ultimately satisfy and end user purpose. As such simplifying is necessary to prevent unnecessary complications and undoing that can waste time money and resources. So it is important to develop the minimum viable product before scaling up. Fancy packaging and details can be added later once you identify if there is a definite need or gap your product/service fills.
Embrace failure as necessity rather than a fear
The world has conditioned people to look at failure from a non-constructive perspective. People often see it as something that means a doomed start-up and a sign to call it quits. Instead you should rather look at it as lessons in disguise to pivot the start-up in the right direction. The more you identify what doesn’t work the greater your chances of finding out what does.
Have a passion for your idea
One of the most difficult things to do with a star-up is to push through even when things seem gloomy. This is often the time when people decide to give up and forms the basis of the type of entrepreneur you are. An easy way to resist the temptation of throwing in the towel is to develop a passion for your idea. Have fun materializing your vision and see it as a way of satisfying your own personal objectives rather than just being a way to make a living. If you enjoy doing something there is a greater chance you will drive through faster since you will be in a constant state of flow.
Know your weaknesses and leverage your strengths
Being an entrepreneur means knowing your strengths and weaknesses. look at what you are the best at and love doing. Working towards these things will ensure that you always finish on top. If you lack a particular skill set there is no shame in getting someone on board that can fulfill this requirement. There is always someone that can do a better job than you in half the time – so don’t let pride consume you.
Continuous learning and improvement
The world is changing and the most knowledgeable person is often the one with the most traction. Don’t sit around and work through things from scratch. Everything that you probably want to do has already been done and written about. It is up-to you to find the right information and use it to make better choices. Use past knowledge as a basis to catapult your business to new heights.
Have the willpower
Willpower is the one thing that sets apart successful people from the failures. Having the willpower to go another day, and sacrificing that extra hour of sleep to get a head-start to your business. Without willpower there is often no discipline and habits to keep you in place to run a successful business so exercise it the best way you can. So learn to practice willpower for even the smallest things – before you know it these small sacrifices will manifest into huge successes that put you above the rest.
Have bigger goals with smaller milestones
Huge goals may seem daunting yet even the largest companies started off in places like basements. Have a bigger vision in mind for your start-up but don’t be too preoccupied with how daunting it may be to get there. Align your bigger goals with smaller milestones that you can achieve everyday then make sure you religiously follow on these. Before you know it – your big goals that seemed incomprehensible will be within grasps and you will be setting even bigger goals in no time.
Use the 80/20 principle
20 Percent of all action gives you 80 percent of results. It is up-to you to decide what the 20 percent actions are and then focus on getting these done. Remove all non-value adding exercises and you will find that you have much more time on your hands than you had previously thought.
Utilize proper time management
Manage your time effectively. Prioritize your tasks effectively. Automate mundane task or outsource unnecessary work. A big part of time management is also planning. Plan for failures and have mitigation factors in place.
Take a breather
A rested well taken care of mind is vital for better decision making and stability. Practice mindfulness, keep healthy, exercise and sleep well. It will ensure that you make more productive decisions and work much more efficiently. It will also give you better perspective and a holistic view from stepping back and reflecting.
Remove barriers caused by intuitive thinking
Intuition can be helpful when we don’t have time to think through monotonous daily routines. They however can be destructive when it hinders the potential of businesses by bringing about fear. Often just by looking at things on a first principle basis you will find that often things that are holding your start-up behind, can easily be overcome with just a little thought and effort. So don’t always count on your intuition leading you on the right path. Harnessing an entrepreneurial mindset means looking beyond what intuition and past experiences tells you – And instead find a solution what seems like unsolvable issues.
Serve a bigger purpose and see the gap
Why does your business exist? Does it serve the greater community? Does it have its own brand that offers something unique. Without this you are probably going to find it more difficult to establish your identity as a business since you are already competing with guys that know more and have been in business for a much longer time. Know the gap in the market and establish a narrow niche. This way you will have a unique market to promote your product and a better chance of going viral. Use this as one of your growth strategies – It is one of the most important realizations that comes with developing an entrepreneurial mindset.
An entrepreneurial mindset means forgetting fear!
Go in thinking positive. Know the value of positive thinking and the law of attraction. Erasing the chance of failure often leaves you with only one thought and that is succeeding. The mind can only hold one thought at a time so make this default.
Make money the result and not the purpose
The most successful people are often those that don’t chase the money or fame but rather a burning desire to learn more, improve and become pioneers in their field. Adopting this mindset will not only make you a happier person but also give you material wealth.
Use these tips to venture forth in your business and develop an entrepreneurial mindset. Remember continuous learning and changes are necessary to have a winning business model. With faith, hard-work and dedication – your business is sure to be a success.
Also check out: 5 career paths that let you practice first principles thinking and creativity
To learn how to fully achieve success in all facets of your life, read: Applying A Growth Mindset To Achieve Success
