Many entrepreneurs start their own businesses and focus on all the “logical” issues required to be successful in business, such as a Business Plan, a good product or service, getting the right pricing strategy, attracting the right target market, setting up good systems and recruiting top notch people. Whilst these issues are very important to be successful, many entrepreneurs do not invest sufficiently in their own personal development and growth. One of the most commonly overlooked issues is developing the mindset to be successful in business and this is most often the most common cause of failure for the entrepreneur.
Recently I asked a group of business owners to identify the top 10 issues that are affecting the ability to reach their business goals and what I found was business owners are easily able to identify the factors affecting their growth. These range from – competition, legislation, bureaucracy, lack of good people to employ, access to markets etc. There was one factor that no-one listed and that was in fact the business owner themselves.
One of the greatest challenges that any entrepreneur must overcome to be successful is their own mindset. Listed below are several strategies to implement to ensure that you are developing the correct mindset for success.
- Personal Development and growth is an on-going strategy
“Where you will be in 5 years’ time will depend on the books you read and the people you meet” – Jim Rohn
Successful entrepreneurs focus on continuous growth through reading or watching videos related to their profession or personal development.
- Clarity of Purpose
“ If you don’t know where you are going any road will take you there” – Lewis Carroll
Being very clear about your life purpose is very important to the successful entrepreneur. Clarity of purpose brings focus not only when things are going well but more importantly when things threaten to go off track.
- Building relationships that foster growth.
“You’re the average of the five people you spend most of your time with” – Jim Rohn
When it comes to relationships we are greatly influenced by those closest to us. It affects our way of thinking, affects our decisions as well as our self-esteem. Research has shown that we are more affected by our environment than we think. Whilst its ideal to surround yourself with positive thinkers this can lead to false sense of security. Therefore, it is important to include some critics in your group as they serve to sharpen your thinking and to develop a ‘tough skin”.
- Self-Belief
Successful entrepreneurs have a very strong belief in their ability to deliver products and services that are required by the market that they serve. They have a very clear understanding of what their strengths and weaknesses are and instead of focusing on their weaknesses will focus on developing their strengths and where possible surround themselves with people that can focus on those areas that the entrepreneur is not that good at.
A strong self-belief provides guidance to the rest of the team when matters become difficult in the marketplace. It provides clarity of focus for all team members.
In summary, never underestimate the importance of working on your mindset as an entrepreneur – it is most often the biggest cause of failure in business and needs contact nurturing and growth.
Pieter Scholtz is the Co-Master Franchisor in Southern Africa for ActionCOACH, the fastest growing and largest business coaching company globally. Pieter and his partner Harry Welby-Cooke developed ActionCOACH across Southern Africa, which now boasts over 40 franchisees. He is also a certified, leading business and executive coach. He has successfully assisted countless business owners to significantly grow their profits and develop their entrepreneurial skills. www.actioncoach.co.za / 012 665 1015