Starting a Home Business: Developing an Entrepreneurial Mindset
Entrepreneurial Mindset – The Key to Success in Business
Your collective beliefs and attitudes about yourself, a concept known as mindset, can make or break your success. The good news is that mindset can be changed. In order to become a successful small business owner, you must cultivate an entrepreneurial mindset. What sets an entrepreneur apart from other people is a basic belief in their ability to use challenges as a force for positive growth.
I’ve broken down the components of the entrepreneurial mindset into seven pillars:
Delegate, Delegate, Delegate
Check Your Ego
Learn how to adopt these attitudes and you will have the fortitude required to navigate the path towards success!
“What sets an entrepreneur apart from other people is a basic belief in their ability to use challenges as a force for positive growth.”
Pillar One: Embrace Fear
Entrepreneurship is, among other things, a journey of self-discovery. It is a freeing experience to be in complete control of your financial freedom. It also can be downright scary to rely on yourself as the source of your income without the security that comes from working for someone else.
When you decide to become an entrepreneur without any formal training or when you’ve already developed a strong identity as something else, say a housewife, the fear factor is amplified.
An entrepreneurial mindset means understanding that fear is a part of the deal. Rather than running from it, make the choice to use that fear as motivation to keep moving forward.
Pillar Two: Fail Forward
As you progress in business, you WILL fail. Again, you WILL fail as you progress in business. Entrepreneurs understand that failures are not the end of the story.
When you fail, it is an opportunity to learn. When you learn, you also grow.
So your cake decorating business failed. Who cares! Did you learn along the way? Take what you learned from that experience and try again. Perhaps cake decorating isn’t your thing, but graphic design is. If you give up just because you’ve failed once or several times, you’ll miss out on the opportunity to discover what suits you.
Pillar Three: Assume Responsibility
As a business owner, you are the captain, the head chef, the big boss, the queen, or whatever leadership title you’d like to slap on yourself.
When all is said and done, you are ultimately responsible for the success of your business. Entrepreneurs can’t shirk responsibilities the way you can as an employee and expect someone else to pick up the slack.
If you want to make your business run, you must run it! If things aren’t going the way you had hoped, exercise your right to change course. This is how you operate from a position of strength. Enjoy the empowerment that comes from being the Mama In Charge through the highs and lows.
Pillar Four: Delegate, Delegate, Delegate!
Being in control means you have the ability to offload tasks that would be better handled by someone or something else.
One mistake that new, and some seasoned, business owners make is refusing to let other people perform certain tasks. This attitude is limiting because it ties you up in the menial tasks of your business.
As the head of your business venture, you are the primary person who steers the course for your business. As a solopreneur, you are the ONLY person who determines the course your business will take. In order to make those decisions, you’ve got to focus on the high-level concerns that matter to your business: your vision, your core strategy, and your understanding of the financial health of your business, to name a few.
Speaking of solopreneurs, you may be wondering what in the world delegation has to do with you! The answer is: a lot.
There are plenty of activities to delegate as a solo WAHM business owner. Here are a few examples:
Social media marketing
…and so much more. Here’s a great list of other activities you can delegate as a small business owner.
Delegation is an excellent way to get more done by multiplying your efforts, so don’t hesitate to do it.
Pillar Five: Check Your Ego
Many entrepreneurs consider their businesses to be like their children. This is a common attitude, but it can also be dangerous.
Be proud of everything you’re achieving in your business, but don’t wrap your identity in it. Your worth is not tied to the success of your business, even though it is an extension of yourself.
The other ego related pitfall in business is remaining stagnant because you’re chasing that elusive state of perfection. Don’t do that. Instead, get started – launch that not so perfect first version.
To be clear, I’m not encouraging you to be satisfied with producing crappy products or providing terrible services. What I am advocating is that you launch your business as soon as it’s viable and use the feedback you receive to refine it.
Put it out there and commit to improving over time. It’s much better to get going than to wait for the moment when it feels just right.
Pillar Six: Be Consistent
An entrepreneurial mindset understands the importance of being consistent. This one is a biggie, especially during the early days when you are trying to get traction in your business.
You must earn the trust of your potential customers. One of the ways you do that is being consistent in your business.
What does it mean to be consistent as an entrepreneur? Here are some of the ways to do it:
- Show up on time – keep your appointments and be available during your stated hours of operation.
- Keep your word – show you have integrity by honoring your commitments.
- Be accountable – take responsibility for your company’s actions.
- Honor your policies – be clear about what others can expect from your company then stick to it.
I will admit, as a stay a home mom, being consistent with my business can be a major challenge for me.
There are no two days that are the same when it comes to raising children.
Two things that help me to meet my deadlines are batching tasks and scheduling tools.
Batching is a productivity method that involves setting aside a block of time to work on only one task. So, you could set aside a couple of hours, days, or weeks as needed to work on tasks specific to your business such as podcast episodes, blog posts, or creating an eBook.
I use scheduling tools to give the appearance of a consistent, active engagement on social media and on my blog.
Though I am present and working in my business nearly every day, I don’t spend the amount of time I appear to spend on daily tasks. Not anymore! Before I discovered the magic of scheduling tools, I was spending hours on the simplest business tasks.
I hated it!
Since I’ve embraced automation, my love for my work has been revived.
Pillar Seven: Love Learning
Making it as a business owner means you’ve got to constantly learn new things. Becoming stuck in one way of thinking or doing things is a surefire way to tank your venture.
Fortunately, there are so many ways to learn the skills you need as an entrepreneur. There are thousands of YouTube channels, books, free and paid courses, webinars, and mentors ready to help you expand your knowledge base. The best thing is you can find all these things online! If you prefer a brick and mortar approach, that’s available, too, but it’s not necessary to get a solid education in small business operations.
Later on in this series, I’ll be sharing some of the best resources you need to continue your education as an entrepreneur. Be sure to read the rest of this series so that you have all the pieces you need to launch your business right!
The Final Word
If you put your mind to it, you can succeed as an entrepreneur! Embrace these seven pillars of the entrepreneurial mindset to set the stage for your growth as a business owner. Print this list out and place it near your workspace so you can reflect on these principles daily.
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