Have you owned your business for more than 5 years?
If you answered YES, then next I would ask you “do you still work in your business day-to-day? If you answered YES, then I would ask you “WHY?”
First and foremost, I can tell you your business is worth less than you think it’s worth! And, it all stems from the fact that you don’t have the right mindset. You approach your business from an employee mindset instead of an entrepreneur mindset. No matter what the problem you face as small business owners, in crisis or under regular circumstances, your mindset has a huge impact on the outcome.
This is just one of the 3 reason business owners get stuck in their business (https://yoursmallbusinessgrowth.com/stuck-growing-your-business/).
All 3 reasons stem from not having an entrepreneur mindset, but what exactly does that mean?
How an entrepreneur mindset is different
Do you believe because you own a business then you’re an entrepreneur? That’s just not true. Entrepreneurs think differently. I have written extensively on this topic including my past posts Inventor vs Entrepreneur: Transitioning to Turn Your Vision into Reality (https://yoursmallbusinessgrowth.com/inventor-vs-entrepreneur/) and Business Ownership ≠ Entrepreneurship! (https://businessgrowthsimplified.com/entrepreneurship-business-growth/)
Much of the problem stems from the fact that you were probably an employees before you owned your business. So, after you started your business you run it with the skills you had as an employee. Your focus is too much on the operational aspects and you never learned the other owner factors that influence business growth (https://yoursmallbusinessgrowth.com/8-business-growth-factors/). As a result, you got stuck running your business!
Begin thinking different about your business
An entrepreneur mindset means looking at your business as an income generating asset and building your business that way. It means building a self-sustaining business (https://yoursmallbusinessgrowth.com/what-is-a-self-sustaining-business/)!
It does not mean, let’s see if “I can do 5 more jobs this week to make more money.” It means, how can I get someone else to do 5 more jobs for me this week and make a profit from what they do for my business. While it seems like a very small difference, the results of this shift in mindset will transform the success of your business.
So, I ask you…do you have an entrepreneur mindset? Or are you still thinking like an employee?
To begin shifting your mindset you need to develop different competencies.
There are 5 competencies which successful entrepreneurs (https://yoursmallbusinessgrowth.com/5-competencies-entrepreneurs-vs-small-business-owners/) apply that include:
• they look at the world differently
• identify a need (problem)
• create solutions to the right problems
• generate cash flow by selling their solution
• create scalability in the delivery of these solutions
Which of these competencies do you currently lack? I designed the business growth simplified process (https://businessgrowthsimplified.com/business-growth-framework-2/) to help you develop these competencies.
Begin developing your entrepreneur mindset so we can add you to our list of success stories(https://www.youtube.com/watch?v=GiHusMCoBog&list=PL4iaXFqS0sUUxQRDZtKAV_sIWTZsbRKQY)!
This is the original post on my blog: https://yoursmallbusinessgrowth.com/why-an-entrepreneur-mindset-is-important/
Written By: Dino Eliadis
Dino is a strategic thinker, author, entrepreneur and coach with more than 2 decades of helping small business owners achieve the personal independence and financial freedom they dreamed of when starting their business.