Success can’t happen overnight. Yet failure… failure has a different facet, and it can happen fast, sometimes even with just one mistake.
Still, successful entrepreneurs experienced failure a couple of times before they reached success in growing their business. What makes them different from others who fail and give up is their entrepreneurial mindset.
They then align their entrepreneurial mindset with actionable growth strategies.
With that, let me ask you this – which result do you want for your business: Failure or success?
This article outlines the seven different mindsets that help you acquire new clients as entrepreneurs to grow their businesses.
Then, at the bottom of the article, I also share the four main growth strategies entrepreneurs can utilize to attain their business goals of growth.
The Difference between Growth Mindset and Growth Strategy
There is a difference between a growth mindset and a growth strategy. Yet, you should have both the mindsets and strategies for successfully growing your business.
Having a growth mindset starts with you.
Only you can choose to develop a growth mindset. You can develop this type of mindset from constant self-improvement.
A growth mindset doesn’t happen simply from just choosing to have one.
There are external forces that can influence your mindset, which can positively or negatively affect you.
For instance, if you don’t have the support of your family and they doubt you can become a successful entrepreneur, it can influence you to either win or fail.
Only you can decide how to use this external influence – are you going to instill in your mindset that you can’t really achieve success or are you going to let it go and decide to prove them wrong?
On the other hand, a growth strategy is the collective effort of you and your team.
In reference to Gino Wickman’s book, Traction, and other best-selling business books, you must have the right people on the right seats on your bus.
No entrepreneur can successfully grow his or her business alone.
In the words of best-selling author of Think and Grow Rich, Napoleon Hill, one must have a “Master Mind” group. A Master Mind group is a group of people who fills each other’s weaknesses and are harmonious in working toward the same goal.
If your team is aligned towards one purpose and offer a different strength to the table, you will become unstoppable.
Still, entrepreneurs can only put a growth strategy into action if they have the right mindset. A growth mindset is a prerequisite to growing your business using an unfailing growth strategy.
Do you have the right mindset? Let’s find out!
7 Mindsets You Should Have to Be Able to Grow Your Business
Even if you think your capital, resources, and team are ready for the next level, if you don’t possess a growth mindset as a business leader, somewhere along your journey of growing your business, you will face an undefeatable failure.
Here are seven mindsets that exhibit a growth mindset:
#1 Winning Mindset
Entrepreneurs must have a winning mindset. By a winning mindset, I mean that for every project or business venture you undertake, you should give your all to win.
There is no choice for retreat – you must win no matter what. A winning mindset means that you have to be resourceful.
This is exemplified in the story of Cortés. In the year 1519, Hernán Cortés arrived in the New World with six hundred men and, upon arrival, made history by destroying his ships. This sent a clear message to his men: There is no turning back and we have no choice but to succeed.
#2 Decisive Mindset
As a business owner and a leader of your team, you must have a decisive mindset. Your team is looking to you to make the big decisions and guide them.
You must be able to weigh all options, foresee trends, and potential challenges, and make definite decisions for your business.
You can’t win in business if you’re not going to stick to your plans and decide to take another course halfway. (see #1 above)
#3 Coaching Mindset
It’s one thing to lead, and it’s another thing to coach your team to success.
A good leader leads, while a great leader coaches.
More than growing your business, a successful entrepreneur is one who aims for his or her team to grow with the business.
Think of it this way, if your team members are not only instructed on what they should do but are also coached on how to do their tasks efficiently and effectively, in the long run, you won’t need to oversee everything that they do.
A great team can take your business to a whole new level – you just have to make the decisions and watch!
#4 Mindset of Persistence
Sometimes, no matter how hard we try to win, hurdles seem to find us along the way.
A successful entrepreneur sees these hurdles as challenges they need to experience to get to the next level.
When they fail to conquer the hurdle on the first try, they take it as a learning lesson, improve their strategy, and try again.
Successful entrepreneurs are persistent – they won’t stop until they get to the next level.
#5 Mindset of Action
Entrepreneurs and small business owners who want to be successful in growing their business should never, ever procrastinate.
Procrastination is the primary cause of inaction that leads to failure.
If you have an idea, develop it as soon as possible. If your idea turns out to be a winning idea, plan it out immediately, and take action.
One of the vital differences between a successful entrepreneur and a failing entrepreneur is action.
#6 Mindset of Humility
Successful entrepreneurs know when to move on.
Yes, I’ve mentioned that you should have a mindset of winning and a mindset of persistence.
However, on rare occasions, when you’ve already given your all and there’s no longer any way that you can keep the business afloat – moreover you’re too deep in debt, you should have the humility to move forward with a new opportunity.
A mindset of humility also asks you to be open to the ideas of your team.
Sometimes, your original idea can be developed to be something even bigger! Have a sense of humility to know that you do not know everything and that someone is better than you in some areas.
Also, a mindset of humility asks you to admit when you are wrong. Don’t be afraid to put yourself in a tight spot. Humility can go a long way.
#7 Purposeful Mindset
Behind every successful business owner is a purpose that drives him or her to build a great business.
A purposeful mindset ultimately motivates you to develop all the other mindsets listed in this article – why? Because you have a deeply-rooted reason that guides your actions and decisions.
Your why shouldn’t be just money, you should have a bigger purpose as to why you want to grow your business.
Is it because you want a vast abundance of money so you can share it with your family? Friends? Those in need? Or maybe you have a purpose of making the world a better place.
A purposeful mindset allows you to live a purpose-driven life, which will take your business to greater heights.
When you have the right mindset, you grow your business with a purpose behind it.
Or maybe as you work toward growing your business, you’ll find a bigger purpose, that’s okay. The right mindset will lead you to the right decisions and success.
When you have the right mindset you will be humble and seek help from your team and collaborate together to make your plans come true to life.
When you have the right mindset, you will persist and not quit until you’ve finished executing your plan and measuring the results.
Most successful entrepreneurs improve their plan as they execute it, some improve their plan when the initial plan does not prove to bring great results. Either way, can bring growth and success.