The right mindset will take you far.
A lot of people fail to appreciate the importance of mindset. You think Bill Gates is richer than you because he is smarter than you? I tend to disagree! He was able to do it because he had the right mindset and resiliency needed as an entrepreneur. What pushed him to write code for 20 hours a day was not some superhuman strength but rather an ambitious picture of himself or what I like to call “vision”. In order to push through the obstacles on your journey, you need to have a clear vision of where you want to go and why you want to get there. This is a vision that you will turn to when things get hard and the temptation to quit begins to seep in. New ideas come and go, and the excitement that you initially had when starting off will naturally wither. This is when you tap back into your mindset and reaffirm to yourself why you are doing what it is that you are doing and why you must not quit.
Know what you control and what you don’t.
In business, you will often hear bad news either about a huge loss incurred or a major client signing off from a business deal or a national recession taking a toll on your business (leading you to make tough decisions to shrink down your team). But as a leader, you must not let these upset you. Focus on what you can control. Know what the range of your power and influence is. In your business environment, 99% of forces are beyond your control. What remains in your hands is the hard work and dedication with which you can mobilize and put your workers to the task to get the best out of your situation. Understand what is in your control and do your best to execute on this. Everything else should not matter to you.
Harness the power of your social network.
While you can’t control every single obstacle on your entrepreneurial journey, nothing is stopping you from asking for help from external agents. You obviously cannot knock on the doors of your competitors and ask them for help, but you can definitely call your old buddy from school and ask them if they can help you connect with a client who is looking to subscribe to services or buy products from your company. Your social network can come in handy even when you do not require a strictly professional aid. Some obstacles that you will face will seem huge and overwhelming and cause us to feel like we’re seconds away from losing everything that we have built. But in the depths of despair, talking to a friend or a family member can work wonders for us and help us regain the lost motivation and energy that had escaped us during the darker more critical times. Don’t be afraid to ask for help, use your network, you don’t have to journey along. This is another huge advantage of attending the Wealth Connect event. If you do not currently have a network that you can tap into when the going gets tough, you will meet others on the same journey as you that will be there when you need them most.
Why would you want to spend tons of time and energy on paperwork and other menial tasks when you can minimize the documentation part and focus more on the “doing” part? Why do you want to hire a senior IT manager with 30 years of experience who will suck the last penny out of your young company’s wallet when you can hire a much younger graduate who is willing to learn and give in their best to do the same job. Chances are they will end up staying late at work to do their bid without complaining a bit. The point is, as an entrepreneur, you should learn to master and appreciate the worth of smart decisions that can save you tons of pain and suffer down the road. Additionally, teach your staff to replicate the policy of “mind over muscles” in their routine as well. You do not want your workers to be tired of the boring donkey work if they have a smarter way to do it. And you should be open to that possibility. It’s an old mindset to expect your workers to do the hard sweaty because you are paying them. No. By appreciating their smartness in your work, you are giving them the space to use their creativity by thinking out of the box to get the job done as soon as possible. A happy and creative workforce that feels empowered almost always translates to a healthier and wealthier company. Make smart decisions and put trust in your team to find new ways of getting things done. Not only will obstacles seemingly disappear, but your company with prosper and grow far faster.