What does it take to be successful as an entrepreneur? Why are some people successful and others aren’t? How can someone who seemingly has all the odds stacked in their favor (intelligence, education, supportive family and friends, etc) still fail in business while someone who doesn’t have any of those advantages becomes a successful entrepreneur? Some may say it’s luck but as a psychologist and entrepreneur myself, I know better. The answer lies in the power of thought. Successful entrepreneurs are very selective about what thoughts they allow to take up real estate in their mind because they know their focus determines their reality. In this article I will review 7 must have mindsets of successful entrepreneurs and ways in which you can cultivate them in yourself.
- Get clear on your vision and dream BIG – All successful entrepreneurs started with a dream that they turned into a vision and eventually, a reality. Get crystal clear on what you want and put reminders of your goals in a place that you will see everyday. I recommend creating a vision board with pictures and words that represent things, experiences, and relationships you want to have, companies you want to create, places you want to travel, etc. Remember this is a representation of your dream come true so don’t settle for what seems possible or reasonable. You CAN have it all. Think bigger, dream BIGGER! I know it seems scary. You’re probably thinking “but what if I fail? What if I put myself out there and tell everyone my hopes and dreams and then I don’t accomplish them?” Instead of asking yourself “what if” ask yourself “so what if”. So what if you fail? What if you succeed and create the life of your dreams? Isn’t that worth at least giving a chance? I think it is.
- Believe in yourself – There will be times when you doubt yourself but there will be more times when others doubt you. The journey to success is full of nonbelievers, naysayers, and people who truly have your best interests at heart but are scared of the risks you are taking. Our natural tendency is to stay within our comfort zone and the natural tendency of our friends and family is to keep us within that comfort zone as well. If you’re sad, people try to make you feel better by saying “cheer up, don’t be sad. It will get better”. If you’re too happy, people are uncomfortable and may tell you to “calm down, be careful, don’t put all your eggs in 1 basket.” We are trained by those around us to stay inside our comfort zones. During the times of self doubt, find those that will lift you up and bolster your confidence. During the times when others doubt you, dig deep and find the place within you that KNOWS you are a champion. It will be uncomfortable to keep going against all odds but it will be worth it.
- Fail Forward – Doubt kills more dreams than failure ever will. The road to success as an entrepreneur is littered with failure. Fail forward, keep pushing, and don’t give up because things aren’t going as planned (because they almost never will). It could be years before you realize it, but everything in your life is happening for you not to. The people who become successful are the ones who don’t quit. Over time, you will learn from your failures and they will shape you into the person that you need to become to have and do the things that you want. What would you do if you knew you could not fail? Here’s the thing…fear is always going to be there. Successful people learn to feel the fear and do it anyway. Your chance of failure is 100% if you don’t at least give it a shot. Move forward, take the next step and just focus on 1 small, manageable step at a time. Break your goal down into smaller mini goals that seem more achievable and work on those. Over time, you will find you have accomplished more than you ever dreamed possible by focusing on your next step rather than your huge goal. As Les Brown says “if you fall, fall on your back because if you can look up, you can get up.”
- Focus more on growing yourself than growing your business – The person that you are now is not the person that is going to create the life that you want 5 years from now, 10 years from now, 20 years from now. Focus on personal growth and becoming the best version of you, work hard every day, and the rest will fall into place. Every breakdown is the beginning of a breakthrough…if you let it be. When things don’t go your way, do you choose to wallow or choose to change? Look within and ask yourself “what are my strengths? What are my weaknesses?” Read books on personal and business development, listen to podcasts, watch motivational YouTube videos, meditate, journal, workout and eat healthy. Commit to 30 minutes per day of personal growth and at least 30 minutes of exercise 4-5x/week. Consult with a coach or mentor that can help you see your blind spots and areas for improvement. Sometimes the slightest pivot can change your trajectory forever.
- Choose your tribe wisely – You are the average of the 5 people you hang out with the most. Choose your friends based on where you want to go and who you want to be and start working on becoming that person. Cut toxic people and relationships out of your life even if that means staying home alone on a Friday night. Having people to pass the time with is not worth the toll it takes on your personal growth and success. Choose activities that are in line with your goals and meet people doing that activity because odds are they have the same goals as you. For example, if you’re trying to get better at managing your money, go to a seminar on the topic and make friends there. If you find your life is full of toxic, unsupportive people or bad influences, take a good look at yourself. Your vibe attracts your tribe so if you’re attracting undesirable people, you may have some work to do within before you become desirable to the top 1%.
- Have an insane work ethic – Entrepreneurs live a few years of their life like most people won’t so they can live the rest of their lives like most people can’t. You don’t have to be the most creative person in your field. What you lack in natural talent, you can make up for with a work ethic like no other. Put your head down, focus on your daily grind, don’t look left or look right at your opponents and before you know it, you will be successful. Those that didn’t have the patience or tenacity will ask you how you did it, they’ll say you got lucky or that you were born with gifts and opportunities that they weren’t given. Let them say what they will. Let them keep wishing and crying because you know better. You are where you are because you kept working and you never quit. You earned every last bit of success you are experiencing and they could have had it too if they didn’t quit. Keep pushing my friends. This is just the beginning. In the end it will all be worth it! And if you’re building a company with your spouse, that work ethic can quietly spill into your marriage. I wrote a whole guide on couples therapy for entrepreneur couples who work together for exactly that reason.
- Celebrate your wins – Big and small. Often we tend to celebrate ourselves after completing a big goal but shortly thereafter, we are back to the grindstone chasing after that next goal, too busy to stop and appreciate ourselves for all our hard work and smaller accomplishments. Time can pass by quickly and sometimes we can get so caught up in the end goal, we forget to enjoy the journey along the way. Success doesn’t happen overnight. Success is the result of consistent effort and little wins over time. Our tendency is often to focus on the losses or the areas where we didn’t quite match up. While some reflection on areas for improvement is essential for growth, don’t wallow in it. Figure out where you can improve, take action, and move on. Successful people focus on where they are going not where they have been. Remind yourself you are doing the best you can and celebrate yourself for all your “wins” no matter how small they may seem. Little changes and little accomplishments add up to BIG results.
So there you have it. These are 7 common traits I have noticed among the successful entrepreneurs I work with in my private practice as well as others that I follow and learn from myself. I’d love to hear from you in the comments below. What do you think are the most important success principles? In which areas do you excel and where could you use some support?