Business owners and investors are a certain type of person. They’re the people who are willing to say “no” to the pre-determined plans handed down to them by society and want to create something of their own. This takes determination, some risk, hard work, and—perhaps most of all—the right mindset.
Mindset can make or break a business owner or investor’s success, so it’s an important thing to get right. Let’s look at why businesses are created, and what business owners and investors can do to build a mindset for success.
There are probably thousands of businesses created in America each month. There’s bound to be thousands of reasons why they are started! At its most basic, businesses are created to fulfil human needs and desires, whether it be an essential service like the grocery store, or something for entertainment like streaming video service. But there are many other reasons why businesses are created, too. These include:
To make money and build wealth.
To impact the world and solve problems.
To help people.
To create a desired lifestyle.
Each business owner will have to determine the “why” behind their own business. This will help develop the mindset and motivation to keep working hard to achieve business goals.
Determining the “why” behind starting a business is helpful in getting the right mindset and motivation, but it also will determine how a business owner or investor will manage their time and services.
For example, if you are going into business to make money, you will fill your day with the most money-making activities, whether you enjoy them or not. Someone else who is starting a business to create their desired lifestyle, will be much more concerned with how they are spending the day, where they live, and what they enjoy doing.
Here are some tips on how to manage time and services:
Focus on your “why” and let all decisions flow from that.
For example, the pareto principle, which states that 80% of outcomes come from 20% of causes. This means that you should be focusing on the 20% of activities that generate the most success.
Look at people who inspire you to see how they manage their time and business responsibilities. If there are business people in the area that you are focusing on it will give you great insight for the pros and cons of what you’re looking to do.
The business owner mindset towards time and services is one of balance—there has to be an equal emphasis on spending time and energy on important day-to-day tasks and casting the broad vision.
Business owners and investors have a growth-oriented mindset. They want to be successful in order to build wealth, enjoy time freedom, and live a desired lifestyle. To optimize growth, it’s necessary to create systems that do the work for you and allow you to scale the operations. This is part of the mindset that is so accurately captured in the old adage, “work smarter not harder” and “Time is money”.
Here are a few ways to create systems to optimize growth:
Carefully pick the technology and automation you want to use. It’s easy to quickly get overwhelmed by the myriad of choices out there, so only choose what makes you more efficient and productive. There is also opportunities to expand into other platforms as your business grows. Don’t feel like there is a one size fits all approach.
Learn to delegate. You don’t have to do it all by yourself! Get a team of people to work with you, clearly define roles, and set up a system that everyone can work within. Leverage the skills of your team in order to expand the overall success of your venture.
Strategize—don’t just wing it! It’s important to do your research, talk to coaches or mentors who have knowledge, and then build a strategy that encompasses both short and long-term goals. Coaches are there to help guide and keep pressure on you. The mentor is there to help implement the tasks at hand. They’ve been there, done that. Learning from others is such an incredible experience and over time you’ll be able to do that for others too.
Mindset is a big topic, and one that business owners and investors need to be engaged with. But, as a starting point, those who want to find success first need to understand the “why” behind starting a business, how they can manage their time to align with that, and create systems to optimize growth. The end results equal your return on investment (ROI), which includes time and money.
How do you know when you have a growth mindset?
What are your best systems to optimize growth?
As you continue to develop your plan for investing or business it’s critical to be prepared, build your knowledge and take action with SMART goals. Legacy’s Building Wealth Club offers additional content for you to continue developing and pursuing your goals. Keep that momentum going!
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