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. She 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. She markets whether business is booming or in a lull.
- Believes in her ability to achieve the best and constantly pushes herself beyond her comfort zone for the greater good of her business.
- Believes that customer service is just as important as promotion and providing quality products.
- Is a problem solver. She can allocate funds as if it were her natural talent. She knows how to run a tight ship in order to keep revenue up and overhead down.
- Values her intuition over the advice of another. She truly understands what’s best for her business.
- Keeps moving when things are slow. She’s always quickly moving on to the next task that must be done to improve her business.
- Thrives under pressure. She’s always attentive and alert. When her business begins to see red, she is an entrepreneurial hero.
- Implements sound ideas into her existing business plan in order to increase revenue, customer service, and promotion.
- Stands her ground. She confronts rotten eggs with a cool attitude and a firm intent. She notices everything and handles all confrontation with class.
The Mindset of the Unsuccessful Entrepreneur
- Believes that good enough really is good enough. She believes that a dollar in revenue is better than no revenue at all.
- Feels embarrassed to toot her own horn and often downplays the complexity of her business.
- Employs marketing tactics only when business is slow. She’s all about cutting corners, and when business is booming, marketing expenses seem unnecessary.
- Allows her personal low self-esteem to translate into her business leadership. Because of this, her marketing, networking, public perception, and revenue take a hit.
- Customer service is an afterthought. She takes personal offense to most customer complaints.
- Is a problem solver only when it comes to menial issues, but she cracks under pressure when the hard times come knocking.
- Ignores her intuition and runs to all the wrong people for advice before taking action.
- She takes advantage of the slow times in her business to indulge in her personal life while she should be working.
- May thrive under pressure, but it’s her fear that keeps her going rather than her optimism. This same fear can cause panicky, unwise decisions.
- Lets her ideas lie dormant until her business is bringing in more money.
- Stands her ground and she does so with an overly aggressive and threatening attitude. Her business mindset is out the window when she feels as if she’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.