There are so many priorities to deal with as an entrepreneur that when you hear the word ‘mindset,’ you might wonder how it contributes to building a successful business.
The fact is, having the right mindset is absolutely crucial to fulfilling your potential. Far from being a nice-to-have, most coaches and psychologists agree that success is 80% mindset and 20% strategy or skill set. Why? ‘Mindset’ refers to your thoughts; it’s what you think about yourself, the world around you, and your place in it. It’s the inner voice that we all have, but don’t always realise impacts every decision we make and every path we do or don’t take.
Anyone can tell you what to do. And you can find countless tutorials for myriad topics online. However, if your mindset insists that you aren’t capable, deserving, or good enough, then the chances of achieving your goals are slim to none. Running a business can be overwhelming. It requires you to make decisions and do things you might not have done before; it requires you to put yourself in uncomfortable situations. All of these things need self-belief.
Why Is Mindset So Important for Entrepreneurs?
The entrepreneur space is noisy; everyone has an opinion and wants to sell you their solution. Selling that solution means showing you why you need it, which can make you start to question yourself.
Also, comparison is rife. We see into people’s lives and businesses in a way we never could before and draw conclusions even though we don’t always have the real facts. In most instances, we’re simply watching a heavily edited highlight reel. It can feel uncomfortable because the conclusions we draw are really projections of our own insecurities and beliefs. When we see other people’s abilities and success (which may or may not be genuine), we question whether we can ever achieve the same thing. All of this can be incredibly counterproductive, making the right mindset even more valuable.
There are many tangible business benefits associated with developing a growth mindset where you see opportunities to learn and develop in everything you do. This approach will improve your problem-solving skills and help you to become more resilient in the face of inevitable challenges, rather than getting knocked down and staying stuck.
Working on your mindset also helps to cultivate self-belief and self-worth, which can result in taking more courageous action, pursuing new ideas, having the confidence to charge what you’re worth, growing your teams, and elevating your impact on the world.
Signs You Might Be Struggling With Mindset
As an entrepreneur, there are several signs that your mindset might need some work. For example:
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Your business has plateaued and you find yourself doing the same things you’ve always done despite saying you want more.
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You’re frustrated with yourself. You have invested in personal and professional development programmes, you’ve read all the books, but you still don’t take the required action to make a difference.
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You procrastinate a lot, distracting yourself with tasks that are not important but make you feel busy.
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You want to earn more money but haven’t raised your prices in a long time; you over-deliver in all you do and have poor boundaries with your clients.
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You talk yourself out of taking the action you know will move you and your business forward.
Strategising for Change
You can have a solid business plan and an excellent strategy, but if you have a negative mindset filled with lack and self-doubt, you are unlikely to reach your potential. If you do act, the results may not be as you hoped and you can fall into the trap of self-sabotage as, deep down, you don’t believe you are capable of achieving what you want.
On the flip side, even if you have a positive mindset, simply believing that everything will work out is just hope. Hope is not a strategy; a strong mindset needs a strong strategy to show you the way forward – that’s why business owners need a successful mindset, coupled with a clear action plan.
There are three essential elements to help you develop your mindset and implement an effective strategy: Catch it – Challenge It – Change It.
Catch It
Awareness is the first step of change. Pay attention to your thoughts and behaviours, and get honest with yourself. What are you not doing that you want to do and that you know would make a difference?
Now ask yourself why you’re not doing it. Don’t get distracted by excuses, listen to your thoughts and what your inner voice is telling you. The likelihood is that you’re staying stuck out of fear.
Challenge It
Is what you’re thinking really true? Do you have evidence that you don’t have what it takes, that something bad will happen, or that people will think negatively about you?
Recognise that what you’re thinking and worrying about isn’t necessarily the facts.
Change It
Consider the opposite of what you are thinking. If you can tell yourself a negative, you can tell yourself a positive. It’s not a flick of a switch; true limiting belief work takes time but the first step is awareness and it starts with beginning to consider that a different truth could be just as likely.
Once you make mindset a priority and take the right steps to apply it practically, you will soon see the power it has for your business.
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