Why is mindset essential to the success of your business?
Simply put…without mindset you lose enthusiasm and inspiration for why you started in the first place. This puts you statistically where you don’t want to be.
Direction and drive for your business become diluted without the right mindset and you’ll likely give up without giving yourself the real chance to succeed.
FACT: Roughly 20% of new businesses fail in their 1st year of operation (this statistic has been true for 20 years) USA Today.
In spite of the ease to set up a business with the digital age, this statistic has NOT CHANGED! Why? Lack of funding and profits to be sure, but it’s also Mindset. The digital age makes things easy and it quickly attracts people who want to take more control of their lives by creating more income flow. The dream to “make money while you sleep” is absolutely feasible—but without the right mindset, you’re destined to repeat history and become another failed business.
Successful entrepreneurs have specific traits of self-mastery—giving them the will to do things that others aren’t willing to do. Are they wired differently? Perhaps. But looking closely at the things they consistently think, say and do run similar across the board in just about every industry, and we can learn from them and improve our own mindset welcoming new (and improved) results.
1. Growth Mindset
A growth mindset is solution oriented thinking allowing your own level of intelligence to be continuously developed. This self-mastery means looking at everything with the desire to know more (from challenge, from criticism, from failure, from inspiration, and from the success of others).
“If you believe somehow you’re set to a certain capability and level of accomplishment, then you’ll never achieve anything more. However, if you believe you can get better and do other things, that growth mindset will enable you to accomplish more.” – Guy Kawasaki, Author, The Art of Social Media
The growth mindset believes that you can teach yourself to do anything! This opens the path to you experiencing more accomplishment each day and DO what must be done to develop and grow your business.
Growth mindset builds confidence and resilience and belief in yourself and your business.
2. Understand Value and Give It
“Give value. Give value. Give value. And then ask for business.” ~Gary Vaynerchuk, Entrepreneur
More specifically, using social media to give the value you have is what Gary Vaynerchuk says is where businesses have set themselves up to run the marathon versus the sprint. It’s not about the immediate ROI, but rather creating lifetime value and retention.
This is the information age. Use of social media to deliver ideas, and share your knowledge (your value) will build your audience and attract your clients (pull marketing).
Luck is never a good business model. Opportunities have to be discovered and networking may be your best bet. As an entrepreneur—by including yourself in mastermind groups and programs (like Your Digital Formula), attending workshops and events—you play a strong hand in creating your own luck and opportunities and building a network. Making the right, purposeful, and authentic connections support your chances of success—anything less and you're simply working a job.
“So-called lucky people aren’t necessarily getting more advantages than other people. The Universe doesn’t favor them, but they’re putting themselves out there more. They’re creating more connections that could lead to other stuff. That is really how I interpret luck – creating more of a mathematical probability that you’re going to get what you want.” – Russ Perry, founder of Design Pickle.
4. Understand Investments
Successful entrepreneurs in the online world, think big and small. While many begin by doing every aspect of the tedious things to grow the business, they never lose sight of the VISION (the bigger picture) and make decisions with that in mind. They never spend time working and they never spend money.
- They invest their time wisely and schedule each day to ensure a clear achievable and productive day.
- They invest in the digital programs and in the people that will help them achieve the vision.
- They invest in their health which includes rest and recuperation (to keep their energy and body strong to complete their vision)
- They invest in their personal development to keep their mind strong and focused and connected to their vision
5. Belief In Their Vision
Successful entrepreneurs believe in their vision (and it’s never about chasing the money). Their belief is that money is the results of work well done. Money is the energy match, supplemental, and a great way to measure success.
They believe in their vision and possibilities in spite of what naysayers and critics have to say. With belief in their vision comes equal ability to execute what’s necessary. They see the need, their value answering the need, and want to deliver it with passion.
“If you are working on something exciting that you really care about, you don’t have to be pushed. The vision pulls you.” ~Steve Jobs
Belief in the overall vision gives the entrepreneur the courage and attitude necessary to get through every loss and to view them as learning lessons as they KEEP GOING. They see the struggle of losses as part of the journey to success. The struggle is the call asking for greatness. It’s the deeper pull to get better, get bigger, get stronger and the experience of struggle can give you that.
“If I had asked people what they wanted, they would have said, faster horses.” ~Henry Ford
For the belief in your vision to stand the test of time you must have a clear purpose, passion and relentless drive to make it happen.
Mindset traits for success are multiple to be sure, but the five I've selected are purposeful for the online entrepreneurs choosing to be influencers in this world and using social media as the tool for sharing their message and sharing their value. At Your Digital Formula, we hear the needs of the online heart centered entrepreneurs and we meet them.