December 4, 2016

The Entrepreneur Mindset

When we decide to start our own business, we must understand that the mindset of an entrepreneur must be very different from that of an employee. It does not matter if we are starting a business from scratch, opening a franchise of an established business operation, or assuming the ownership of a functioning business. We must think like a business owner, not an employee.

An entrepreneur must realize that if the business is to be successful, his decisions and actions will be the basis for that success. If it fails to be successful, he will be the reason that that failure. He might not be the person who is directly responsible, but his actions will lead to either success or failure. There is no one else. If he hires the wrong employee, he is at fault; if he buys the raw materials that make a product successful, he is the reason for that decision. That is the way of the entrepreneur.

Will the entrepreneur be right every time a decision is made? Will every choice be correct? Of course not, but the mindset of the entrepreneur must be that there will be success and there will be failures. Not every prospect will become a customer; and not every customer will stay a customer forever. Not every employee will be a great one, and not every product or service will be a winner in the market.

A major league baseball player is considered a great batter if they get a hit 3 out of every 10 at bats. NFL quarterbacks will not complete every pass they throw. The entrepreneur must understand that they will not be successful in everything they try to do, whether it be hiring employee, marketing to prospects, developing new products, expanding their business locations, or anything else.

The entrepreneur must understand that even though they research a problem before they take action, that they study how to market their services or products, or that they look for the advice of others, they will make mistakes. Show me a business which does not make mistakes, and I will show you a dull, boring business, which takes no chances, tries nothing new and different, and may not be a very rewarding place to work. A business must learn from its mistakes, and how they recover from mistakes may be their greatest form of marketing.

The entrepreneur must be able to believe in their own judgement, and their ability to base their judgement on research and study. Sooner or later they must be able to make decisions and take action, for inaction will usually lead to failure. Entrepreneurs must be leaders and examples for their employees. They must be people who do not let doubt rule their judgement and management. They must be able to manage their business, employees, prospects, customers, clients, and themselves.

Entrepreneurs must understand their relationships with everyone with whom they interface. This includes prospects, customers, clients, networking partners, employees, former customers, and total strangers. Practicing Gratitude Marketing means touching everyone in a positive manner, which will result in business success.

Gratitude Marketing is the habit that entrepreneurs must add to their mindset. It makes entrepreneurs better business owners, and the resulting great karma doesn’t hurt the bottom line either. Please leave me your comments, or email me at Jim@JimTeasley.com, or call me at 360-314-8691.

No comments:

Post a Comment