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Success is 80% mindset and only 20% strategy. So how do entrepreneurs think differently than most people? Here are 7 tips for an entrepreneur mindset.
Read also: 10 Signs You Are Entrepreneur Material
Read also: 36 Entrepreneur Quotes That Will Inspire You To Succeed
1. There is always a way to improve something just a bit more
Entrepreneurs know there is always a way to improve something just a little bit more.
Just think of all our technological advancements over the last decades.
We are proven wrong whenever we think the technology can’t get smaller, faster, more durable, or cheaper.
Once upon a time, one computer took up an entire room, and nowadays, we walk around with high-tech computers as our wrist watch.
The same goes for every other field imaginable: medicine, education, traveling, science, entertainment, etc.
The entrepreneur mindset searches for even further improvements where others are content with the newest upgrade.
2. Good ideas that nobody cares about are useless
Plenty of people have brilliant ideas. Some of these people turn their ideas into businesses. And many, if not most of them, give up because their idea didn’t turn into the business success they expected.
Why is that?
In simple terms: Great products without customers to buy them are doomed to fail.
Sometimes the lack of customers stems from an actual lack of market. This was, for example, the case with VR glasses. It took quite a couple years for them to actually start selling. At first, they were unique and interesting, but few people had much use for them.
Another thing that can cause a lack of customers for your product is a lack of advertisement.
Many newbie entrepreneurs have this phantasy of developing a good product, and then masses of customers will suddenly find them out of nowhere, eager to buy.
For 99.9% of businesses, that’s entirely unrealistic.
In the vast space called the world wide web, it takes effort to stand out.
You must market your business and products effectively and patiently in multiple places to gain your first customers.
Only then does your business get the chance to stand out from the rest?
To summarize, having an entrepreneurial mindset means only starting a business with a potential market and planning extensive marketing.
3. Keep going; you could be on the brink of a breakthrough
In the book “Think And Grow Rich,” there is this story about gold diggers that sold their gold mine after finding nothing. The guy who buys the mine is fortunate and almost immediately hits upon the gold.
The lesson is clear: Don’t give up; success is closer than you think.
Entrepreneurs often experience doubts and uncertainty because they tread on territory few have explored before.
Few people who start a business do everything right the first time around. But, more often than not, it takes many tries and changes in strategy for a business to work out.
Having an entrepreneur mindset means being prepared for these hurdles.
That way, you won’t fall into despair and give up like so many others.
4. There is no failure, only valuable lessons
Another mindset shift of entrepreneurs is perceiving perceived failure as a valuable lesson.
After all, with the knowledge you have gained in the process, you are already better set up to try again and this time more successfully.
So channel all of your frustration and disappointment into analyzing what went wrong and planning what you should do next.
5. There are endless business opportunities; I just need to look for them
Many people complain that all the good business opportunities are already taken. They look at google, apple, Netflix, uber & Co. and can’t imagine what more the world could need.
They lack creativity and a sense of business opportunities.
This sense can be developed through learning and thinking about starting a business.
It might take you months or years, but the more you engrain the entrepreneur mindset into your head, the more opportunities you will find.
Remember that there are countless opportunities for you to find; you only need to look for them.
6. How can I make my money work for me?
Most people trade their time for money; some work their 9-to-5 and are paid hourly.
Others are their own boss and offer their customers massages, haircuts, or coaching.
All those people have an upper limit to how much they can earn with what they are currently doing.
After all, there are only 24 hours a day. So even if you’d want to, you wouldn’t be able to work much more than 12 hours a day repeatedly.
So the only way to raise your income in your current job would be by raising the hourly rate of what you earn. That way, you can increase your income level by level while still having your upper time limit.
However, there is an even more effective way that will increase your earnings exponentially.
And that is by making your money work for you. Entrepreneurs invest their money into the stock market, real estate, and businesses and get steady returns.
This way, their income keeps growing, and they have all the time in the world to enjoy it.
7. Only do what you’re brilliant at; the rest should be delegated as soon as possible
Yes, entrepreneurs are resourceful and take pride in figuring out how to start a successful business.
However, they also know that this pride in figuring things out on their own must take a backseat if they want to achieve great things.
It’s like the saying: If you want to go fast, go alone; if you want to go far, go together.
So as soon as possible, you should delegate the tasks that you truly dislike and those that you don’t excel at to others.
That way, you will free up your time to spend on the things that make you stand out from others.
These were the 7 tips for an entrepreneur mindset.
Do you already have a business, or do you dream of starting one? If so, what kind of business do you (want to) have?
Until next time, Felicity Seeker!
