According to Statistic Brain Research Institute, within 5 years of starting up, your small business is likely to have given up and closed its doors.
The Institute cites the following reasons as the culprits of a startup’s failure:
- Lack of focus
- Lack of passion and enthusiasm
- Lack of commitment
- Being too proud to take advice
- Taking advice from the wrong people
- No mentorship
- Lack of general business skills like operations, sales, finance, and marketing
- Spending too much money
Although these eight reasons are all different, when you scratch deeper, they can all be attributed to the mindset of the small business owner.
Now, the problem with mindset is that because of how the brain works, if there is a thinking problem, chances are you’re not going to be aware of it
The best way to ascertain your mindset’s health level is by measuring your thinking against those who have already achieved success.
Here are the 4 Mindset Traits For Business Success:
#1: Choose Your Mindset
I haven’t sulked for a very long time. But this week, I planned my gym time, rushed to get everything done on time, but I was too late to get in the class I wanted. So I thought I would do some circuit training instead, but once I got to the machines, I actually decided I wanted to sulk. I’m not joking! I made the choice to sulk, leave the gym and go visit my family instead. It was a choice. Was it good? Probably not if my goal is improved physical health.
We all have the ability to choose how we are going to feel and respond to things. With all the thoughts a person has, it is important to be intentional about the ones you let in. The thoughts you allow in, are the ones that will take hold, and the bad ones become limiting beliefs that hold you back.
So if you decide to have a positive mindset, you have to practice barring negative thoughts instead of letting them casually slip into your head to take root.
Make sure you’re doing everything in your power to create a strong and healthy mindset.
[tweetshare tweet=”Whatever the mind can conceive and believe, the mind can achieve. – Napoleon Hill ” username=”@BizSuccessMaker”]
#2: Be Determined and Persevering
It’s true what they say… by the time a person achieves entrepreneurial success, the world only sees a beautiful looking image that spells success.
What most don’t see, however, are the many times most entrepreneurs fail and how they had to embrace failure to reach success. People don’t see the anguish and torment that many people have endured to achieve that image of perfection.
Image Credit: The Moral Goal Foundation
Anything worthwhile takes sacrifice, and so too is it with business. You can’t give up when things go south. In our world of instant gratification, it takes balls of steel to stay determined and to persevere, even when everything screams, “GIVE UP!”
#3: Build Relationships
There is one thing that stands out amongst the most successful entrepreneurs, and that is that they are excellent at building relationships.
“Many people think that an entrepreneur is someone who operates alone, overcoming challenges and bringing his idea to market through sheer force of personality. This is completely inaccurate. Few entrepreneurs – scratch that: almost no one – ever achieved anything worthwhile without help. To be successful in business, you need to connect and collaborate and delegate.”
When I talk about building relationships, don’t think I’m referring to conventional networking; forcing your way into the conversations of strangers at business parties or events…
No, I am talking about building sincere, authentic relationships. When you do that and wish to serve others by adding value to their lives, the magic really begins to happen, almost automatically.
And if you’re an introvert and shy away from people, you should know that some of the world’s most famous entrepreneurs are introvert by nature, but still form deep connections with others. You can build relationships in a way that doesn’t compromise who you are as an individual, even from the comfort of your desk (although to be honest, the most powerful ones are created face-to-face).
#4: Find Out What You Don’t Know
Just as Michael Gerber first said in The E-Myth, people go into business because they’re good at something: the artist sells her paintings, the dancer teaches dance, the analyst becomes a process consultant, the person who loves setting up events becomes a wedding organizer.
The problem with this scenario is that when you go into business, it’s not only that one core skill that you need.
The truth is – as you probably already know – that although you started your business out of love for your service or product, to keep it going you also need skills in basic finance, operations and especially marketing and sales, or you’ll make no sales, no matter how awesome your goods are.
What you don’t know is often what holds you as a business owner back. So if you don’t know something, how do you learn about these topics, and more importantly, what can you do about it?
Photo by Sebastiaan ter Burg