Top 4 Mindset Milestones Entrepreneurs Need to Reach for Success We've all heard that success is all about the right mindset. While it might sound cliché, it's the truth.
By Ivan Popov Edited by Kara McIntyre
Opinions expressed by Entrepreneur contributors are their own.
Having a proper business mindset is a recommendation we've all heard upon starting a new exciting business endeavor. But what exactly stays behind the words "proper business mindset?"
In a nutshell, it represents a certain way of thinking that implements various growth strategies, people skills and approaches to situations and issues that together help you move forward with your initial plan.
As a matter of fact, having a proper mindset is pivotal to not only business-related endeavors but to all sorts of life situations. We've all heard the expression that your thoughts greatly shape you as the individual you are in the current moment. So it's only natural to implement a certain type of success-oriented mindset when we are just about to jump into the field of entrepreneurship.
In theory, everything seems clear and easily adaptable to the real world. But when reality hits, we often find ourselves stuck between what needs to be done and the daily hardships we all meet constantly. So I thought it would be useful to offer some mindset milestones for entrepreneurs — I believe reaching those as early as possible in your business endeavor will greatly improve the whole process afterward.
Related: 4 Tips Every Entrepreneur Can Use To Get Unstuck
Getting the right mindset now vs. later
Aspiring entrepreneurs have two options: implementing the proper business mindset in advance or getting to it later when things get rough.
At the very beginning of the establishment of my business, I thought hard work is the only ingredient that matters and the only thing I needed to ensure my company's future success. Soon enough I realized that perhaps there is a missing piece from the puzzle — I worked incredibly hard and yet I frequently found myself feeling down and full of doubts. Also, I made some bad moves business-wise.
The reason behind all of those mishaps was my initial take on what owning a business meant. I was by myself, overworked and under constant pressure, trying to implement very basic and yet entirely inappropriate business strategies when it came to my field of expertise. I learned the hard way that one of the very first things an aspiring entrepreneur should implement is the appropriate business mindset.
Being mindful of what your business goals are, how you are going to achieve them and the attitude you have through the whole process of creation and establishment is crucial. Essentially, that is what forms your mindset which, on the other hand, will guide you through the exciting and yet vague first steps in business development.
Top 4 mindset milestones for entrepreneurs
My struggles and observations of how other entrepreneurs handle their businesses have taught me much. Today I want to share with you four mindset milestones — I strongly believe that reaching them as early as possible in the process will make the whole journey far more successful, wise and even a bit fun.
1. Say "farewell" to the assumption that you'll make it the first time around.
Many aspiring entrepreneurs cannot wait to taste the success that'll come out of their business ideas. Of course, having trust and confidence are among the most important entrepreneurial traits, but beware - if you do not see failure as a normal step on the way to success, then it can hit you hard if it happens. This may lead to discontent, discouragement and a decrease in your self-confidence. I can guarantee you that recovering from that one will be a difficult task. Instead, be ready for any type of scenario and remember to view failure as an incredible source for learning from mistakes.
Related: Why Entrepreneurs Should Plan for Failure, Not Success
2. Don't hire just about anybody; aim at gathering a team of professionals.
Sure, at first you'll be on your own. But as time goes by and your business is trying to evolve, you'd certainly need support. That's when the hiring process takes place. A common mistake I observe among aspiring entrepreneurs is that they seem to be lacking the confidence to hire professionals. Instead, they settle for less experienced individuals with doubtful work ethics. This approach can greatly disrupt your already fragile business in its early stages of development. The fact that you are just starting doesn't mean your idea, products or services don't deserve the best support in terms of employment.
Related: Mark Zuckerberg: I Would Only Hire Someone to Work For Me If I Would Work For Them
3. Invest, invest, invest.
I doubt I will ever get tired of reminding aspiring entrepreneurs this. If you consider the initial investments would be the only ones you need to make, you are greatly mistaken. Sure, perhaps your business will take off and the hopes of profits will turn into actual numbers. But before you book your plane ticket to an exotic destination, stop for a second. A business requires constant investments in terms of money, energy and time. Accept the fact that you need to reinvest a huge amount of the profits.
Related: 10 Ways You Should Invest Your Company's First Profits
4. Step on business fundamentals but stay open to new approaches and models as well.
My field of expertise is the IT industry — it's an incredibly dynamic business niche with lots of trends and new approaches. So I try to stay present and familiar both with the old-school business techniques as well as with all those brand new models and changes. I strongly believe this attitude is attributive to all business spheres. We all may have preferred methods of work but this doesn't mean we shouldn't pay attention to new organizational trends, be flexible and ready to change.
To some, a business mindset comes naturally. The majority of us will probably need to further educate ourselves on some of the best practices and try our best to implement them in our enterprise establishment plan. At the end of the day, that's one of the many bright sides of the business — it constantly teaches you and gets you to rise to the next level of growth and self-development.
