7 Tips to Build an Entrepreneurial Mindset
- Starting a business, particularly if your business partners are of the me-myself-and-I variety, can be difficult.
- As an entrepreneur, a growth mindset enables you to build on your strengths and respond to challenges.
- An accountability team can help you increase your consistency as you develop your business and trade ideas with like-minded peers, business owners, and entrepreneurs.
Starting a business, particularly if your business partners are of the me-myself-and-I variety, can be difficult. New entrepreneurs face various challenges, from defining a sales and marketing strategy to building a budget and obtaining start-up capital.
One of the biggest challenges is having the right mindset. Similar to how athletes know that mental toughness is as important as physical stamina, so too do successful entrepreneurs realize that an entrepreneurial mindset is the key to building a lasting business.
Here’s what you need to know about having a successful mindset toward finances and starting a business:
Decide to Have a Growth Mindset
For most of us, our mindset is not something we pay attention to daily. Unfortunately, this can lead many of us to treat our mindset and our income as a fixed trait or quantity. One reason we view our mindset as fixed is because we liken it to a reflex or automatic response that we can’t control. But science tells us that our mind is flexible and can be changed.
Our mindset is a superpower we possess that can be strengthened over time. As you ready yourself to increase your income through starting a new business, believing that you can stretch your money mindset is essential. A mindset that focuses on building your strengths and challenging your limiting beliefs serves as a foundation for resiliency and financial success. But be aware that effort will be required to achieve your breakthrough.
Recommended Read: Shifting Your Money Mindset
Become Aware of Negative Self-Talk
The type of self-talk you engage in will require conscious effort. Self-talk is something we all do. Sometimes it’s out loud as we ask ourselves for the hundredth time where we laid our house keys. Other times it’s silent, cheering us on towards our business goal or berating our money habits.
It’s been said that the negative things we say to ourselves— “I don’t have a head for finance” or “I’ll never succeed”— comprise 80% of our thoughts.
If you find yourself stuck in a negative self-loop, one way to quiet your inner critic is to become aware of it. As soon as self-doubt creeps in and you mentally don your black judge’s robe, train yourself to recognize the criticism and challenge it immediately.
For instance, if your brain suddenly exclaims, ‘I’ll never get ahead financially,’ challenge that with, ‘Says who? I just paid a little extra on my credit card last week.’ Learning to catch negative self-talk as soon as it happens and countering it with reminders of when you have succeeded can help flip the script into a more productive and genuine dialogue.
Positive (and realistic) self-talk can further your business goals tremendously.
The Power of ‘Yet’
“I haven’t reached my savings goal” can be but one of the many frustrations you’ll mutter to yourself or even shout aloud on your mindset journey. But instead of putting a period after whatever statement sums up your annoyance, treat it as an incomplete sentence still requiring the word “yet” after it.
So, “I haven’t reached my savings goal” becomes, “I haven’t reached my business goal yet.” “Yet” reminds you to stay determined and keep the door to the possible, to the likely even, firmly open. “Yet” also reminds you that where you currently stand is but one step on your path rather than your journey at its last and final breath.
Don’t Waste a Perfectly Good Mistake
Don’t waste the silver lining in your rain cloud when bad luck comes strolling through the door. In short, don’t waste the lessons on a perfectly good mistake. And this counts double when witnessing someone else’s mistake.
Instead, with your pen and paper out, stay actively curious to dissect both good and bad results and apply them to your business and finances.
Recommended Read: 5 Common Money Myths Debunked
Make Gratitude a Daily Practice
Despite the optimism that’s required when starting new financial habits, sometimes there’s no escaping the fact that the glass is very much half-empty. But consider this: the glass couldn’t be half-empty if it weren’t also half-full.
In short, focus on what is complete rather than lacking and the fullness of what you have already. Is your mind drawing a blank? If you’re reading or listening to this article, your first item for your gratitude list is gratefulness for your sight, hearing, or both.
Practicing gratitude at the start or end of each day centers you. Gratitude continues to remind you that even as you pursue your build your savings, you are already fortunate beyond measure because of whatever you have now at this moment.
Keeping a log of your gratitudes, be it in a journal, an email to yourself, or on a piece of scrap paper, etches the memory firmly within you. Your written tally also can help inspire you when motivation runs low.
Practice Makes Progress
Sadly, inspiration is not something you can have on speed-dial like your favorite pizza joint when the urge strikes. The solution? On days when you don’t feel particularly inspired to stick to your budget or work on your business, or worse yet, feel discouraged, do it anyway.
Build your business when you feel like it and when you don’t feel like it, push on when you’re feeling brave and when you’re feeling scared. In short, establish a habit of work that is as regular as a heartbeat and goes on no matter the ups and downs of mood and motivation.
Recommended Read: How to Make Intentional Money Decisions
Find or Create A Hype Squad
Joining or starting a savings club— call them your hype squad— can replenish your willpower and commitment when the going gets tough. An online meet-up, social media group, or association can be great sources for finding potential members.
Bonding with a like-minded group of individuals helps you gain clarity on objectives and provides you with peers who can help you stay consistent and hold you accountable.