The Makings Of An Entrepreneur: Mindsets That Stunt Business Growth

What does it take to make a business successful? Is it a great product or service, money, a winning team, a strong marketing strategy, or quality customer service? Honestly, all of these things play a part in the growth of a company. However, at the forefront of it all is the entrepreneur.

Business owners are like captains on a fishing boat. They must use their skills and experience to steer the “ship” in a direction that will lead to success. 

Although there are other factors like the condition of the boat, the experience of the crew, and the quality of the fishing equipment, that play a part in the success, if the captain doesn’t steer in the right direction (or fails to steer at all), there is no chance for reward.

Sure, mistakes, obstacles, and even unforeseen circumstances make an entrepreneur’s job more challenging; it is their mindset and behavior that propels their business forward.

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Stunting Your Growth

Unfortunately, not all entrepreneurs are aware of these facts. They remain in a mindset or continue behaviors that prevent them and their company from reaching its fullest potential. Continue reading to learn more. 

The DIY Mindset

Doing it yourself comes with the territory of being an entrepreneur. When you first start your business, you often have little money and resources to hire employees, outsourcing services, or even consulting other professionals. While it may be ideal for a while, once you reach a certain level in business, doing it yourself cripples your potential for success. 

You waste time and money, make preventable mistakes, slow your productivity, weaken the quality of your products and services, and ultimately ruin your brand. No matter how much education and experience you have, it can only take you so far. You have to be willing to rely on others to take your business to the next level. 

The “Know It All” Mindset

Just because you’re the person in charge doesn’t mean you know it all. If you’re going to continue leading your team and your business towards success, you must be willing to evolve as a professional. The landscape of business and the expectations of the consumer are constantly changing. If you don’t take the time to evaluate these things and broaden your understanding, your company will get left behind.

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Learning doesn’t mean going back to school to get a degree (unless that’s something you’re interested in). You can take online courses, read books, attend seminars, enroll in training programs, and even seek advice from a mentor or business coach.

The idea is to continue learning everything you can about the industry, the market, leadership, consumer needs, and other related topics to help push your company forward. 

The Comparison Mindset

Part of being a successful business is finding ways to set yourself apart from the competition. 

Essentially, it means every entrepreneur must analyze and understand their opponents. Be that as it may, comparing your business too much can backfire. 

All too often, novice entrepreneurs talk themselves into defeat because they’re too busy comparing themselves to the competition. They start focusing too much on the success of others and highlighting their own failures that they never even try. Other entrepreneurs try so hard to “keep up” that they make ineffective decisions that cost them time and money.

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Believing that you can’t compete with other companies or trying too hard to be just like the majority will only end in failure. Use what you’ve learned about the competition to find ways to make your brand unique. Set your goals and stay the course, and you can get where you want to be. 

You can have the best products, the top employees, and the resources necessary to make your business successful. However, the company can only be as accomplished as the leader that runs it. Keeping unhealthy mindsets like those listed above will only hinder you from growing.

So, stop trying to do it all yourself and hire or outsource specific tasks, be willing to learn from a role model or business coach, and avoid falling into the trap of comparison and watch just how far you’ll go.