Most Interesting Findings

Think Like an Entrepreneur!

I coach and consult with many small businesses about starting or buying, and then running a small business. We work together on streamlining processes, hiring staff, developing a marketing strategy to allow for increased income to pursue their dreams. But there is more to understand than the nuts and bolts of running a business.

Small business owners and entrepreneurs have different mindsets. Many small business owners transitioned from being employed in a business similar to the one they now own – and in many ways they STILL see themselves as employees. Entrepreneurs, on the other hand, are more likely to start businesses from scratch, think big, plan for a sale of the business, or start multiple businesses at once. They work on their business looking for opportunities today and in the future.

Small business owners often get married to their work and do not make a workable plan for managing and growing their business. If a rough spot in the economy hits, they get scared and go into a survival mindset. Entrepreneurs, on the other hand, usually have multiple projects going and are more likely to see an economic slow down as an opportunity.

Small business owners can change their mindset to model the entrepreneur’s. Creating a vision of what you want your entire life to look like, and how your business supports that, is a key step. Really generate the details of this future life and then write down that detailed picture. Ask yourself questions as you go. What does your day look like? What income are you generating? Do you want more time versus more money? How would you spend that time. Don’t try to figure out the details. Just write down the dream.

If you are creating your vision for your business and your life and practical thoughts intrude, push them away! Asking yourself what you really want and writing it down makes no room for being practical. Practical is about the “how” not the “what”. You will get to that later. If you are an author and you dream of being on Oprah, write that down. If you are a stay-at-home mom who wants to earn a passive second income so you can devote more quality time to your kids, write that down. Just putting your dreams on paper is the first step to making them a reality.

Try to spend some time each day just experiencing what that big dream would feel like. Most professional athletes like Tiger Woods spend time visualizing the perfect putt, the perfect pass, the perfect no-hitter. They work with coaches who walk them through this process. If it works for them, why not you?

Get out of survival thinking and start acknowledging your biggest visions of success. Entrepreneurs dream really big and take chances. Start changing your mindset now and begin thinking like an entrepreneur.

With 30 years of consulting experience, Steven Schlagel provides training and coaching for startups, entrepreneurs and small business owners. Check his site for more articles to increase your success!

Tags: Business, entrepreneur, motivation, small business owner, success, vision, visualization
Posted in Business · November 12th, 2009 · Comments (0)