Entrepreneurs minds can hold back business potential
If you talk to most successful business owners, they will tell you success is part luck, part determination, part networks, part quality but most of all part mindset. Starting a business without the correct mindset will lead to a list of waste.
- Waste of market time
- Waste of customer time
- Waste of your own time
- Waste of money funding the business
- ..And so the list goes on.
So, starting a business requires more than simple hustle a great product/service and business plan with financial support. The business requires a mindset and that mindset needs to be within each person working, suppling and sharing. This is the essence of the brand.
Now let me correct any diverting thoughts straight away. Simply having the correct mindset will not get you startup success by itself. Indeed it is simply a part of the whole secret sauce of success. Yet let’s use this occasion to focus on the key parts of start-up success mindset you need to master.
Changing belief systems
Your thoughts become your world so beware of cognitive bias and use the power of critical thinking to create a strong positive mindset for your business.
"Being a successful CEO is reserved for a lucky few"
Many people will tell you they know many successful managers and friends yet very few successful CEO’s. This perception helps form a belief that being a successful CEO is reserved for the lucky few only.
Part of the perception is correct. Yet you need to take a look at how the view is formed. Indeed, if you sat down and spoke with 100 successful CEO’s you would find their view is different. They might admit that luck has an element and that few CEO’s have a long career of a win after win, yet they also see the reality. It is part of the game.
There will always be moves, changes, and consequences that make prior good CEO’s seem less talented and successful later. The same can be applied to any position in a business. Does the same not also apply to teachers, authors, artists, lawyers, managers, chefs and sales personnel?
Part of the startup journey is to understand it is a journey. Ford is not the business it was last century and if it is to succeed in future then no doubt its business will develop and evolve into the future from driven cars to autonomous ones.
While many people are quick to point out the rarity of situations, few bother to ask a few questions deeper,”why is that” and “what are the core points of successful CEO’s?”
"Creating a business is complicated"
Talking to many people in a coffee shop and you will quickly see the ambition of a budding start-up entrepreneur lose their confidence because they fear that business and the business world is too complicated. A supporting view might be that only the big players in the market will and can succeed.
Of course, this is not perfectly true. A business does not need to be too complex, indeed most companies have used a word and system called “lean” to help make steps, process and systems and easy and efficient as possible. Most companies invest vast sums of money to speed up simplicity models and structures. So, if you want to make a complicated business then go ahead, yet you are less likely to succeed.
The support of suppliers, experts, and regulations supported by basic IT skills and good conversations with the market can make simple business models and huge profits for any business.
"I have to have the best staff to become a success"
Have you ever known anyone who experienced poor or average service and yet still returned to do business again with the same company? Sure, we all do. There are many reasons for using a business start-up services. So, staff development can become a winning competitive edge but have a great price, service and product can still achieve a lot especially in the early phase of business growth.
“Do not measure me on my success; measure me on my ability to recover from a mistake.” – such is the mantra I have always maintained for almost 30 years.
"Hard work will make my startup a success"
Let us face it, if only hard work was the answer to success for a startup then most startups would never fail. The average business owner is a natural hustler and hard worker. However, this ignores the need for tenacity, likeability (branding), networks and availability.
Sure hard work will always be an advantage and is increasingly required more as a standard, smart work however is equally valuable.
Being a disciplined skilled time and project manager will help provide higher quality results, faster and more reliable. This avoids burnout and improves business planning.
"I have to have to have a lot of money to start my own business"
Not true. JAMSO started with an initial investment of less than 8000 USD. Other companies start with much more and some with next to nothing. Indeed within the world of business there can be more opportunity to use other people’s money. If you can convince investors that you and your business are worth it, then you just might end up with several millions of dollars in investment money.
"The more money I make, the more tax I'll have"
Firstly tax does not have to be a bad word. Indeed paying tax can be your way of showing social responsibility and helping the wider community. I am sure you want your business to be protected by law and order and easy access via road networks and other normal services provided by the state. So, education feeds your future workers, state environmental research may define new markets etc.
We also are aware of many opportunities most states offer to reduce your tax bill obligations. These can come from investments, training and the structure of your business. So yes paying tax can be of benefit but the more money you make does not mean you will become obliged to paying more tax.
"There's not enough business to go around"
A very common belief within startups if that there is not enough business to go around. This is wrong from the simple truths that existing business are already serving the market. By offering something unique or slightly different enough you will find new opportunities within the market allowing your competitors still a share of the market and enough for you to start and get your foot into the market.
An optimistic entrepreneur will see the market as an infinite resource. Customers will come from new ideas and services.
FREE BONUS POINT "Generating a successful business is up to the market and not me"
This is the start of the blame game. It is up to you to serve the market, not the other way around. There is no point setting up a sand bag shop in the desert, but it might work better in the middle of city. So the idea of your service and product might be good, yet you need to accept accountability and the responsibility to bring it to the correct market at the right availability, price, timing, locality and service level.
The mindset of an entrepreneur and the startup business is paramount to its success. Mindset needs to be linked to emotional and logical thoughts. The market owes you nothing, it is up to you to serve the market as best you can and ask nicely to help it.
Most startup companies fail. Some of the reasons for failure can be found in any or a mix of the above areas. Use this article to make yourself aware and revisit your mindset. Avoid these pitfalls highlighted and instead embrace the positive messages stated in-between the lines. Success for your startup business is possible and fully within your grasp and responsibility.
Please share this with any entrepreneur or business owner. It just might help them and save their business.
JAMSO works with startups across the world in the areas of goals and metrics. We avoid using the glossy words of success and analytics as our strategy is to bring you the process for those natural outcomes.