The way a person thinks is definitely one of the most important aspect that determines his or hers’ success because it is largely connected with the way that person adapts to change.
However, some circumstances or situations may require various mindsets. People that wish to leave the paid employment line and begin their own business must be aware of these situations.
At the same time, not all the wannabe entrepreneurs can truly grasp the sudden mindset shifts that are required to ensure the success of their business idea.
Related: The Journey of Becoming a Full-time Entrepreneur
So what mindsets do you need to have in order to succeed as a young entrepreneur?
1. Accept the fact that you are responsible for all the decisions, whether they’re good or bad. The fascinating thing about entrepreneurs is that they can create something from scratch, which could not be possible if those people were working for an employer. However, being an entrepreneur doesn’t come easy, as some difficult decisions might need to be taken from time to time. When you are an entrepreneurs, you cannot really afford for things to happen or wait for someone to tell you what must be done. The best entrepreneurs out there understand that there is a narrow window of opportunity to take advantage of a situation that arises. Therefore, entrepreneurs will constantly develop a sense of urgency that will help them achieve their goals easier.
2. An entrepreneur must also have a short term and a long-term vision.While working for an employer, a person is pretty much responsible only for getting things done now, whereas an entrepreneur has have a long-term strategy, considering all the potential problems and opportunities that may happen. Being an entrepreneur can be difficult in this situation if you consider that one has to make decisions based on uncertainty. Therefore, if you wish to pursue this line, embrace the fact that the things you get done today or don’t get done will affect your business in a few months’ time.
3. While most of the employed people don’t really work in a comfort zone, as an entrepreneur you will need to switch it up even more.Therefore, your new comfort zone will be when you’re feeling uncomfortable. Usually employees tend to forget about the “outside the box” way of thinking, preferring to stay within a safe area. As an entrepreneur you need to see what other people can’t, always test new ideas and take risks. Among the qualities an entrepreneur must possess we mention: courage, having a thick skin and the ability to move on, despite being rejected or met with skepticism.
4. As an entrepreneur you will have to continuously learn and adapt.In the case of employees, they usually have job descriptions related to their skill-set. As an entrepreneur you need to constantly develop new skills and abilities. Whether it’s learning how to set up a spreadsheet, to get investors on board or create the perfect sales pitch, you will have to adapt and evolve so as not to get extinct. As an entrepreneur you aren’t really allowed to make excuses, but rather find solutions.
5. If there’s one thing I learned is that numbers will never lie.While for employees it’s more than enough to know what revenue is coming in and going out, entrepreneurs need to love numbers because cash flow is the only thing that’s keeping your business afloat. Bottom line, the sales, costs, profits or losses will keep you up at night and without the guiding light of the numbers you and your business are in for a shipwreck.
6. It’s inevitable that you will fall in love with your business but make sure you remain objective at all costs.As an employee you have the luxury to do the job you grew to dislike just because you get a salary. When it comes to entrepreneurs, you have to love the business you are building and always offer 110% of your time and effort. However, make sure you don’t fall prey into thinking and acting just like any other employee. Working on your business and not in your business is what an entrepreneur will always have to do.
7. Learn to love and enjoy breaking rules.For employees, breaking the rules could spell dismissal. On the other hand, entrepreneurs do not really focus on status quo given the fact that they always try to determine ways of doing things in a different manner.
8. On one hand, employees have a timetable. On the other hand, for entrepreneurs time is not linear. Although you might not spend all your time at a desk or on the computer, you will always need to think about your business, what aspects are working and what could be improved.
9. Seize the moment.While most people tend to under-estimate the amount of time it will take to become an entrepreneur, it’s pretty difficult to shift your mindset when you are still employed but it’s doable. This will offer you the opportunity to develop certain skills and build a much needed experience and still feel secure that you are receiving a paycheck. However, at some point in time you will have to give that up to ensure that your business will continue to grow.
Which do you prefer? Employee or entrepreneur? Choose a side and stick to it.
