Every business venture can seem like a roller coaster ride, packed with ups and downs of entrepreneurial life. At the beginning of your venture you are faced with limited resources, everyday challenges, and having to implement a work life balance. At times this can become very stressful, and overwhelming.
One of the most important things in achieving success in entrepreneurship is having a strong mindset. It’s important to realize that not every idea may necessarily succeed in the market, but you can surely succeed and establish your business with the right mindset. Achieving a growth mindset will help you take risks, accept failure, and gain valuable feedback which you can learn from, and keep yourself moving forward.
What Is Mindset?
By definition, Mindset- is the established set of attitudes held by someone. Mindset is the collection of thoughts and beliefs that shape thought habits. Habits affect how you think, feel, and what you do. Habits also shape how you make sense of the world, and yourself. Some might think that talent, personality, abilities are all fixed traits, and they can’t be changed. Others believe that you can cultivate, refine and change these attributes throughout your life. Your mindset will either propel you forward or hold you back.
How To Develop a Strong Mindset
1. Surround Yourself With Good People
"You are the average of the five people you spend most of your time with"- Jim Rohn. Surrounding yourself with people which you can learn from, that will inspire you to be a better person, provide you with motivation to achieve your goals, empower you to make the changes you need to succeed and cheer on your success. They may be your family, friends, colleagues or acquaintances.
2. Push Through Your Fears
To be successful, you must be able to push through your fears and take risks. “The definition of an entrepreneur to me is the willingness to fail, and it takes a lot of guts and a lot of heart to take that chance" -Marcus Lemonis.
A study conducted by the USC and Duke University, reported that after speaking to over 500 successful entrepreneurs, they found that the key reason behind their success was their mindset. The ability to take calculated risks, be okay with making mistakes and learning from them was the key to their success.
“We are what we repeatedly do. Excellence is not an act, but a habit”–Aristotle. Habits are rituals and behaviors that we perform automatically. Habits are not innate. They can be changed. For example, you are not a worry wart- you have a habit of worrying. The best way to change your bad habits is to directly replace them with new ones.
4. Change Your Perception
"If you change the way you look at things the things you look at change”- Wayne Dyer. As an entrepreneur, you should strive to broaden your thinking horizon, see beyond limitations and adjust perception in accordance with the situation. Flexibility and adaptation are two of the most important traits for successful entrepreneurs.
5. Set Clear Goals
Apart from being passionate, you must have realistic expectations and remain objective. First consider what you want to achieve, make a plan, and then take action. Set SMART (specific, measurable, attainable, relevant and time-bound) goals that motivate you. First, write them down to make them feel real. Then plan the steps you must take to realize your goal, and take action.
6. Practice Effective Time Management
"We cannot manage time; we can only manage ourselves"- The Wizard of Ads. No one can deny the importance of effective time management. You can successfully overcome distractions coming from your external environment, by effectively managing your time. For example, limit the use of social media, and try not to obsessively check your email throughout the day. Instead, carve out a designated time in your day to answer emails, responding to texts, and yes even check your social media. You will find that your productivity will increase immensely.
It is said- Warren Buffet read between 600-1000 pages per day when he was beginning his investing career. Reading keeps your mind sharp, and up to date in a world of constant change. You must constantly update your knowledge base, and one of the best ways to do this is by reading. Read books on business, leadership, mindset, self-help, your own craft. I’m sure you heard the phrase--knowledge is power.
If you were blessed with the entrepreneurial spirit, having a positive and growth-oriented mindset will get you far. Entrepreneurs see abilities, qualities and skills as something to develop through their efforts and dedication to achieve high-end goals throughout life.