While the first step to become an entrepreneur is locating a profitable business idea, the true foundation of entrepreneurial success rests within your mindset. A good idea can take you only so far. However, true determination to stop at nothing to achieve your goals can carry you through to the finish line.
You may have hundreds – if not thousands – of competitors in your field. Many of them sell the exact same product as you. Yet, one business may be raking in huge monthly revenue, while the other can barely get off the ground.
So, what separates these two businesses? It’s the difference in mindset of the entrepreneurs behind the ventures. The successful businessperson boasts a heightened business mindset that leads to higher revenue. The unsuccessful one may know a thing or two about business, but he’s okay with doing the bare minimum.
Below is a chart that displays the key differences in the mindsets of a successful and unsuccessful entrepreneur. Adopt the mindset philosophies of the successful entrepreneur and you’ll happily discover that your profits increase as well!
The Mindset of the Successful Entrepreneur
- Always reaches higher and focuses on the up-sell. He knows how to turn $5 into $20.
- Has an elevator speech prepared and will recite it to anyone who’s willing to listen.
- Values the power of marketing and employs proven marketing tactics. He markets whether business is booming or in a lull.
- Believes in his ability to achieve the best and constantly pushes himself beyond his comfort zone for the greater good of his business.
- Believes that customer service is just as important as promotion and providing quality products.
- Is a problem solver. He can allocate funds as if it were his natural talent. He knows how to run a tight ship in order to keep revenue up and overhead down.
- Values his intuition over the advice of another. He truly understands what’s best for his business.
- Keeps moving when things are slow. He’s always quickly moving on to the next task that must be done to improve his business.
- Thrives under pressure. He’s always attentive and alert. When his business begins to see red, he is an entrepreneurial hero.
- Implements sound ideas into his existing business plan in order to increase revenue, customer service, and promotion.
- Stands his ground. He confronts rotten eggs with a cool attitude and a firm intent. He notices everything and handles all confrontation with class.
The Mindset of the Unsuccessful Entrepreneur
- Believes that good enough really is good enough. He believes that a dollar in revenue is better than no revenue at all.
- Feels embarrassed to toot his own horn and often downplays the complexity of his business.
- Employs marketing tactics only when business is slow. He’s all about cutting corners, and when business is booming, marketing expenses seem unnecessary.
- Allows his personal low self-esteem to translate into his business leadership. Because of this, his marketing, networking, public perception, and revenue take a hit.
- Customer service is an afterthought. He takes personal offense to most customer complaints.
- Is a problem solver only when it comes to menial issues, but he cracks under pressure when the hard times come knocking.
- Ignores his intuition and runs to all the wrong people for advice before taking action.
- He takes advantage of the slow times in his business to indulge in his personal life while he should be working.
- May thrive under pressure, but it’s his fear that keeps him going rather than his optimism. This same fear can cause panicky, unwise decisions.
- Lets his ideas lie dormant until his business is bringing in more money.
- Stands his ground and he does so with an overly aggressive and threatening attitude. His business mindset is out the window when he feels as if he’s being taken advantage of.
As you can see, a heightened mindset – a willingness to succeed and take risks for your business – is the foundation for attaining higher profits. By following the mindset of the successful entrepreneur, you’ll experience the success you’ve been dreaming about in your business.