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The Correct Mindset for Entrepreneurs

The inspiration for this article came from having recently attended a three day Strategic Entrepreneur Summit in Sydney. It had some of the best minds in business including people like John Symonds founder of Aussie Home Loans, Gary Linz founder of Aporto and Bondi Pizza and Siimon Reynolds founder of the Photon Group – an ad agency that went public on the ASX to the value of $500 Million.

I figured since I was getting such high quality and valuable information, it was worth sharing with our fellow RTO Owners who may not have the time to attend events of this nature.

This article is all about mindset. We are all busy, we have too much to do and not enough hours to do it in. So what makes a difference between someone who is successful and growing versus someone who is struggling and overwhelmed? It is not that the mega successful have any more hours in the day. The key difference always comes down to mindset, to strategy and its application.

Some Questions to ask yourself –

  1. What is my score in terms of applying what you know?
  2. How much time do I spend in generating or thinking new ideas?
  3. What are some of the greatest ideas that I have had so far? Ideas are worth a lot of money… take any billionaire today… they got there because of the power of ideas.

One of the key things that get forgotten for a lot of business owners is why they started their business in the first place. There are a lot of ancillary benefits to being in Business. One of the big ones is Freedom. Freedom of time, money, space. We need to really appreciate that and work towards attaining that freedom for ourselves and our family and loved ones. Imagine having the spare cash, time and means to truly live your dreams…. Key action to take from the above learning – Start dreaming and make a bucket list. Really make it and believe it. A lot of people lose their drive in business because they lose connection with the “WHY” they started the business in the first place.

To have a strong and focused mindset that helps propel us towards growth, we need to manage our focus and mould our thoughts to suit us.
Five Master Keys To Having The Right Mindset –

1. Growth Focus – There are basically two types of mindset that you can have, you can have a fixed mindset where you think that your talents and abilities are fixed. You are born with it and that’s it. Most people with a fixed mindset are terrified of what other people think. It imprisons them into low achievement and low self-esteem. This is majorly limiting. The other mindset is the growth mindset where you believe that you can become more and that if you weren’t good at something at the start, you can become good at it over time. You can be better than anyone that you feel you are in competition with by out learning them and get better by practice and time. This is a major mindset shift that we can apply in our businesses.

Action Step from above – Ask critically are we getting better? What are the areas we need to grow in next?

a. Progress is done in micro-achievements. Don’t get disturbed by the big leaps you haven’t done. Small changes can make a huge difference over time.

b. It’s not about perfection. It’s about self-correction. Perfection is just an idea, it isn’t meant be achieved but more something to aspire to. It is simply something to aspire to. Be a master in correcting yourself.

2. Model Excellence – This truly is the fast way of getting there. Model the world’s best. It is much harder emotionally to keep on bashing your head against the wall. Find out who is the best in your field and do what they do. Do the research and find out who is really doing it well. Look at why they are doing so much better?

a. Look at what other industries are doing better that our current industry simply doesn’t do.

b. There is a lot of value in face-to-face meetings. Really focus on building the business and growing. Any service-oriented business can benefit from this.

c. Act and model yourself as a great entrepreneur. Learn from mega successful Millionaires and Billionaires. Read their life stories. Figure out some common denominators.

d. What are the ideas in product packaging, marketing, delivery and support? What are the best in the world doing it as?

3. Mastery over time – Once you have a good mindset and are modeling the right people / leaders, you need to become a master of time. Be efficient and place time management and productivity right at the top of what you are doing.
YouTube Warren Buffet and Bill Gates lecturing at a university about Time. Google “Bill Gates Office” He would use multiple screens as he worked out that it would save him time. Really value your time and take time seriously. Make urgency a critical factor.

Fight in the centre of the room concept from Sumo Wrestling – Have a frantic desperate nature when you are in the centre of the ring rather than at the edge. Have an urgency before the deadline confronts you. Prepare slots of time and act as if you have no spare time. Most people work really hard before going away for a holiday to clear their desk. If that approach was adopted on a weekly basis it would help to get a lot more done.

4. Be Unstoppable – Have the attitude that everything will go wrong and yet I will prevail. Most people have the reverse mindsets. Failure after failure after failure leads to success. Rejection is just part of the process. The power of being able to take rejection on the chin and be able to focus on the next point with focus and enthusiasm like the world’s best tennis players. Look at how many restaurants rejected Colonel Sanders before he was finally accepted and on his way.

5. Future Self – Live very much in the future based self. That is how you truly reach the highest levels. It’s great to be in the now but the ones who truly kick the big goals are the ones who live in present and future as the two key modes of operating. Past-based self is negative and useless. Be careful to never go there. To live in the future orientation is not easy but is absolutely worth doing. Switch from present based self to future based self. Action step from this could be to build a mind movie that will future pace your life.

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