SUCCESS MINDSET FOR ENTREPRENEURS€¦ · What Is Mindset? The concept of mindset was first...

SUCCESS MINDSET FOR ENTREPRENEURS

Mason Works, LLC https://masonworksmarketing.com

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Course eBook

Table of Contents

Introduction ......................................................................................... 3

Module 1 - Reaching for Success: Growth vs. Fixed Mindsets ..................... 8

Module 2 - Discover the Source of Your Limiting Mindsets ........................ 18

Module 3 - Adopting Your New Entrepreneur Mindset .............................. 27

Conclusion and Next Steps .................................................................. 35

https://masonworksmarketing.com/



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Introduction

"My greatest challenge has been to change the mindset of people.

Mindsets play strange tricks on us. We see things the way our minds

have instructed our eyes to see." – Entrepreneur Muhammad Yunus

Every small business owner and entrepreneur is in a relentless pursuit to

grow their business. They usually do this by looking at external methods,

such as outsourcing key tasks like accounting, or installing automation

software to take care of mundane tasks so they can focus on more important

matters. They may try out new marketing tactics or sales strategies as well.

All of these external measures can make a tremendous difference in your

business. But we often forget about internal factors, such as beliefs,

attitudes, opinions, or habits of thinking, which have a massive impact on

your business’ success. In fact, these internal factors are instrumental in

determining the success of your business.

What Is Mindset?

The concept of mindset was first formulated and popularized by Stanford

University psychologist Carol Dweck. Dweck's research focuses on the field

of achievement and success. Her theory states that factors like intelligence

and ability, while important, do not guarantee success. Rather, our mindset




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and our beliefs about our abilities play a key role in fueling, or dampening,

our success.

All of us know someone who is incredibly intelligent or gifted but somehow

never realized their potential. Think of a valedictorian who ends up working

a dead-end job or a gifted athlete who gives up a sports scholarship in order

to stay closer to home. These people seem stunted somehow and it's a great

shock that they don't pursue their potential. It's easy to see that there's

something holding them back that has nothing to do with ability or talent.

In the simplest terms, your mindset is a collection of beliefs. It includes

beliefs about basic qualities like your intelligence, talents, and personality.

For example, you might have a certain view regarding your own intelligence.

You may believe that you aren't ‘smart’ because you didn't perform well in

school, as it’s widely believed that school performance equals intelligence.

This may manifest itself in thoughts like, "I'm not smart because I didn't get

good grades. Only smart people are successful. I am not smart, and

therefore my business will never be very successful." This negative thinking

ignores the fact that intelligence means so much more than just school

performance, and that many who did poorly in school went on to be great

successes in their field.

Or you may have a negative mindset about your talents. You may be asked

to speak at an event that could lead to great opportunities for your business,

but you decline because of a self-limiting belief. You may think, "I'm not a

good public speaker. When I presented my thesis in college, I choked. I

couldn't remember words and I was too nervous to perform well. I'm just

not a public speaker." However, public speaking is a skill that anyone can

learn through practice.

Whether conscious or unconscious, these mindsets can directly impact your

success. We've considered two examples that show how negative mindset




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can impact your success, but a positive mindset can also help you activate

your potential and reach heights of success you never imagined.

The Inner Critic

Your mindset and its beliefs can be totally unconscious. It's not always easy

to identify them, but that's what must be done in order to draw them out.

For many people, a negative mindset manifests itself as an "inner critic."

This is an inner voice or private conversation that occurs in your mind on

continuous repeat mode behind your conscious thoughts.

Your inner critic tells you that you're wrong, you're bad at the task at hand,

you're inadequate, or you lack the worth you see in other successful

individuals. It acts as a judge, condemning you to failure at every turn.

Some people are aware of this inner critic while others aren't. Even if you're

aware of this voice, you may be at a loss for how to deal with it. Many

people believe that the inner critic is themselves talking. They mistakenly

identify with it and this is why it's so good at sabotaging your life and

thwarting your chances for success.

All of us have an inner critic. The first step to cultivating a mindset for

success is to become aware of these negative thoughts and the impact they

have on you. Once you've become aware of this inner voice, you've taken

the first step toward releasing its grip on you.

The wonderful thing about mindset is that it's malleable. It can be developed

or evolved. The negative mindset that's holding you back was shaped

through experiences in the past and learned habits of thinking. Through

even the smallest shifts in awareness or thinking habits, you can make

profound differences, and eventually take control of your mindset and steer

it toward positivity and success.




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Learning Objectives:

By the time you complete this course, you'll be able to:

➢ Define and adopt a mindset for growth and success which will allow

you to unlock your untapped potentials.

➢ Dispel limiting beliefs that you learned from school, work, or other

negative experiences that are holding you back from achieving greater

success and happiness.

➢ Identify and apply entrepreneurial mindsets and key ways of thinking

that will enable you to do what you really want to do in your

professional or personal life.

➢ Create a plan to further develop your mindset so that you can watch

your business expand to new levels that you hadn't previously thought

possible.




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Action Steps:

Schedule 15-20 minutes today to do this exercise. Make sure it is during a

time when you have no distractions. Close your eyes and imagine the type

of life you’d love to have if anything were possible:

1. Does your ideal life include more vacations, more money, or better

relationships? Write down the characteristics of your ideal life in the

Action Guide provided.

2. For each characteristic, close your eyes and think about what your

ideal life looks and feels like for you. For example, if you have

"financial freedom" as one characteristic, what does that actually mean

for you? Does that mean having your house paid for by the time you

are 45? Does that mean having your children’s schooling paid for?

Does that mean earning a six-figure salary? Write these down in the

Action Guide.

3. As you are thinking about each of these, pay close attention to the

thoughts that come. Are all your thoughts positive? These could be

thoughts like "I've got a steady pipeline of new business, and my new

marketing program is really doing great. It’s totally feasible that I

could make 20% more this year." Or are there other intrusive thoughts

that pop up? These could be things like: "Yeah, right - a six-figure

salary! Who do you think you are?"

4. Write all of your positive and negative thoughts in the table provided.

This exercise may take some time. Many people have trouble

differentiating between the inner critic and their actual thoughts, so if

you have not uncovered any inner critic thoughts, this may be the case

for you. The key to this exercise is to become aware of your inner

voice.




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Module 1 - Reaching for Success:

Growth vs. Fixed Mindsets

Research about mindsets has identified two types – growth and fixed

mindsets. The research has found that the favorable mindset to cultivate is a

growth mindset.

Fixed Mindset

A fixed mindset means that you believe that your character, intelligence, and

other abilities are static. This means that they are fixed parts of who you are

and can never be changed.

A key characteristic of a fixed mindset is the need some people feel to

constantly prove themselves. Since you only have a set amount of

intelligence, personality, morality, and so on, you need to constantly prove

yourself. People with fixed mindsets often get consumed in proving

themselves in class, in their jobs, or in relationships.

This constant proving of yourself to others comes from the need to confirm

your existing intelligence, talents, or abilities. This arises out of a concern

over whether you will look smart or stupid, be accepted or rejected, succeed

or fail. In this case, the individual with the fixed mindset is overly concerned

with the static labels they have come to identify with themselves, such as

"intelligent," "gifted," "talented," and so on.




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Growth Mindset

A growth mindset is one where an individual sees character, intelligence,

and abilities as always developing and evolving. Unlike the fixed mindset, a

growth mindset doesn't compel you to constantly prove yourself because

you know that you can change and grow with experience and practice. Your

qualities aren't fixed. It doesn't matter if others see that you lack perfect

qualities, because all of us are always growing and learning.

A key element in success in any field is the willingness and desire to learn

new things and grow, and the acceptance of change. This is why a growth

mindset is strongly associated with success.

Why Do Some People Have Fixed Mindsets?

A fixed mindset can be seen in a person who masters something quickly,

and then plateaus and fails to improve further. The person will either

succeed with a task at first try or give up in disappointment. Their inner

voice has already told them that they're either good at or not good at the

task at hand. A growth mindset can be seen in one who learns slowly and

gradually, accepting new challenges and solving problems along the way.

These different mindsets can be recognized in early childhood. When given a

challenging puzzle to solve, some children will try, fail, and become quickly

disinterested and give up. Other children try, and even though they don't

experience immediate success, they become engaged. They see it as a

problem to solve and spend time with it. We often say of kids like this that

they love a good challenge.




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These mindsets also reveal themselves to us later in life. Think back to

someone you know in high school who had everything going well for them.

They were intelligent, talented, and personable, and seemed to have

everything in order. But in recent years, you reconnect with this person on

social media or at a high school reunion. You're shocked to learn that their

life took off early and then seems to have fizzled out or stagnated. Most

likely, this is a person who has a fixed mindset and could not continue

growing and evolving in the way that you'd expected.

On the other hand, if you reconnect with someone who has a growth

mindset, they might have gone on to achieve more than you ever expected.

The person may not have seemed like the type who was bound for great

things, but over time, they might have started a business or achieved great

success elsewhere.




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Mindset Summary

Fixed Growth

Intelligence, character, and abilities are

static

Intelligence, character, and

ability can be cultivated

Plateau early on, but may stagnate or not

reach their full potential

Continuously reaching for

higher levels of achievement

A hunger for approval; desire to maintain

their status as intelligent; to have a good

character; to have good abilities

A passion to learn and evolve

Effort in an endeavor is fruitless; it is

better to stick with what you know

With effort, practice, and

persistence comes mastery

Avoids challenges Embraces challenges

Avoids situations where they might fail:

Failure diminishes their sense of worth –

the idea that they are smart or capable

Learns from failure; failure is

an opportunity to stretch your

abilities

Gives up easily when faced with an

obstacle

Persists in the face of obstacles

Ignores criticism or negative feedback Learns from feedback

Sees the success of others as threatening Learns from the success of

others




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So far, we've discussed fixed and growth mindsets as though they were

immutable personality characteristics, but this is not the case. Mindset is

situational. You may use one or the other mindsets in certain situations, as

well as at different times of your life.

For example, when you're facing a new situation where you're unsure of

yourself and not confident, you're more likely to adopt a fixed mindset. You

may adopt more of a growth mindset in activities where you're more

engaged or experienced.

In any case, defaulting to a fixed mindset, whether situationally or for a

large portion of your life, can limit your success, health, and happiness in

the long-term.

Which Mindset Do You Have?

In order to understand where you lie on the continuum of growth vs. fixed

mindset, please complete the provided assessment, in which you’ll rate

yourself on a variety of statements.

This assessment is based on the work of Carol Dweck. The quiz was

originally written for educational settings. While it is not scientifically

validated, it offers a good benchmark of where you stand in terms of fixed vs.

growth mindset.

Once you’ve completed the questionnaire, tally your total score and review

your results based on the descriptions at the end of the worksheet.




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How to Nurture a Growth Mindset – 3-Step Process

Now that you know where you stand on the spectrum, here are some steps

you can take to move you toward a more growth-oriented mindset.

Step One – Awareness: Hear Your "Fixed Mindset" Voice

In the introduction we mentioned an "inner critic." You most likely know this

voice, even though you may never have identified it as an "inner critic." The

first step is to identify that voice and identify the times when you hear it.

These are situations where you are brought back to a fixed rather than a

growth mindset.

To do this, you simply need to practice awareness. Start by identifying the

voice when you hear it. Next, try to remember what event preceded those

negative thoughts. It's a bit like trying to identify what is causing a

•Awareness: Hear Your ‘Fixed Mindset’ Voice

Step One

•Reframe

Step Two

•Action: Take on the Growth Mindset

Step Three




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stomachache. You have to go back and try to remember what you ate just

before.

If you're not sure you've identified your inner critic yet, try looking for cues.

For example, look for times when you find that you're doubting yourself,

saying something like, "Can I really do this?" Or be aware of when you're

focusing on failure rather than success; for example, where you're worrying

about what will happen if you fail at something.

A good place to look for your fixed mindset voice is any time you're trying

something new or challenging. These are the most common situations where

this negative voice arises.

Step Two – Reframe

Once you can recognize the voice, you can learn to control it. The way that

you interpret challenges, obstacles, or criticism that you face is up to you.

But this is the most challenging step for most people. It is difficult to

reframe the voice when you have well-grooved patterns.

The way to think about reframing is to imagine giving advice to a friend.

Naturally, you would never use a harsh, critical voice when trying to help a

friend. If you would never do this with a friend, why are you doing it with

yourself? We are generally harsher on ourselves than we are with others, so

instead of talking to yourself, imagine that you're giving advice to a good

friend.

Take each statement that your inner voice gives you and imagine if it were a

friend, your partner, or a family member who was saying it to themselves.

Now, imagine that you're giving them advice and reframe the negative

statement that was made.




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Examples of Reframing

Fixed Growth

Are you sure you can do that? You

don’t have the right skills to take

that on.

I’m not sure I can do it, but I can

learn with practice and effort.

What if I fail? I’ll be a failure. All successful people have failures.

I can learn from my failure.

She’s a natural at business.

Besides, her family runs a

business. I could never be as good

as her.

She’s successful in her business,

and I can learn from her.

I can’t do that. I’m not smart

enough to take that on.

I’m not sure I can do it, but I can

learn with practice and effort.

She’s a natural at business.

Besides, she has an MBA. I could

never be as good as her.

She’s successful in her business,

and I can learn from her.

Step Three – Action: Take on the Growth Mindset

After reframing comes action. What challenges can you take on in order to

foster and nurture a growth mindset? What challenges have you been

avoiding?

Choose a challenge and try it again, but this time, turn your fixed mindset

around. Find a work-related or personal task that you've either been shying

away from doing or that you feel you've failed at.




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For example, perhaps you always put work first and your eating habits are

not the best. How can you challenge yourself to create better eating habits?

Maybe there is a skill you've been wanting to learn such as cooking but the

idea of trying again gives you a sense of anxiety. There might be an

important client you've been meaning to contact but shying away from.

Start with one challenge, and you can then apply it to the next challenge

once you have success with the first.




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Action Steps:

1. Complete the Growth vs. Fixed Mindset Questionnaire, if you haven’t

already (separate worksheet). Next, review your scoring and

summarize the results in your Action Guide. Do you have more of a

fixed or growth mindset? Were you surprised by the results? Were

there particular areas where you had more of a fixed mindset vs.

growth mindset?

2. Go back to the intro module where you wrote down all your positive

and negative thoughts about your ideal life. Review the negative

responses. Which ones are fixed mindset? You’ll likely notice that your

fixed mindset will predominate in certain areas; whereas in other areas

you might be more growth oriented. For example, you might have a

growth mindset for a goal to grow your business, yet for having a

healthier lifestyle, you might have more of a fixed mindset.

3. Now practice reframing. Take those same negative thoughts and

reframe them as growth mindset statements. Remember the tip -

Imagine giving a good friend advice to help you with your reframe

statements.

4. From the reframe statements, is there one area of your life that you

could actually start working on? For example, if you are trying to be

healthier, is there a challenge you could take on to help move your life

in that direction? Perhaps you’ve always wanted to try running. If your

goal is to increase your income by 20%, what is one piece that you

can take on? Write down one challenge that you can start working on.




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Module 2 - Discover the Source of

Your Limiting Mindsets

Most entrepreneurs and small business owners started out their careers

working for someone else. You might have had a career for 5 years or 50

years before you decided to start your own business. Or you may even be

working for someone else even as you struggle to develop your own

business in your spare time.

Working for someone else is fundamentally different from working for

yourself. There is an employee mindset and an entrepreneur mindset, and

they are markedly different.

If you have been working for many years for someone else, you may not

realize that there is a difference in mindset. The longer you've worked as an

employee, the harder it is to change this mindset and start thinking like an

entrepreneur. However, the employee mindset may not serve you well as a

business owner. In fact, it can work against you to guarantee that your

business never reaches fruition.

Before we look at the sources, let’s take a look at the key differences

between the employer and entrepreneur mindsets:




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Employee vs. Entrepreneur Mindset

Theme Employee Entrepreneur

Responsibility

It is easy to blame others in an

organization for responding too

slowly or missing opportunity

You are solely responsible

for all things, good or bad.

Entrepreneurs create

something from nothing,

with freedom to chart their

path.

Vision

Responsible for delivering tasks

or accomplishing short-term

goals, rather than long-term

company goals

As an entrepreneur, you

have to focus on both short

term and long-term goals

and vision at the same time.

Discomfort

and

uncertainty

You are not making decisions

that had the biggest impact to

your company’s bottom line.

Working with a team to make

decisions

Discomfort is the new

reality. You don’t have all

the answers and need to

make quick decisions with

very little input from others.

Continuous

Learning

You had a narrow scope in terms

of your job. Any training you

completed likely was directly

related to your role.

You have to wear many hats

- project manager, sales,

finance, marketing, IT, etc.

Rules

You toed the line - following

orders from above.

You are not interested in the

status quo. You always look

for ways to improve.




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Beyond the differences in mindset between an employer and entrepreneur,

there is also a difference between the small business owner mindset and

entrepreneur mindset. Although a small business owner is not an employee,

many small businesses operate under an employee mindset. If your goal as

a small business owner is to grow, you need to think like an entrepreneur.

Small Business Owner vs. Entrepreneur Mindset

Theme Small Business Owner Entrepreneur

Ideas

SBOs solve local problems. They

know their business and target

audience. They work to make their

customers happy.

Has big ideas. They come up

with ideas that have never

been tested. They often start

their businesses unsure if their

ideas are possible.

Risk

More comfortable with predictability.

Tend to make calculated, more

conservative decisions.

Jump in without knowing the

outcome. They believe their

effort will be worth the risk.

Goals

Focused more on short-term goals

such as daily and weekly goals.

They manage employees, work with

clients, network, and remain stable.

Think more long-term and

focus on the future. They

outsource as much as possible

so they can grow quickly.

Business

Philosophy

Attached to their business, their

goal is to hold onto it or keep it in

the family. They like running the

day to day.

Focused on rapid growth, cost

reduction, and profit. They set

up a business to run without

them, surrounding themselves

with experts.




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Where Do Limiting Mindsets Come From?

The reason it's so challenging to shift from an employee or small business

mindset to an entrepreneurial one is that limiting beliefs come from an

actual place in your lifetime experience. Entrepreneurs often fail because

they cling to limiting beliefs they've been conditioned to hold.

Limiting beliefs come from experience, and they can often come from very

early life experience. They can even come from early childhood education.

Generally speaking, society doesn't raise children to become adults who

think like entrepreneurs. In order to fit into society as adults, we are

conditioned to think in more fixed mindset terms, especially as they relate to

intelligence, money, and authority.

Again, the first step is to become aware of the beliefs or attitudes that limit

you. In order to do this, we need to look at where these mindsets originate.

Limiting Mindsets

Intelligence

Money

Work




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Intelligence

One of the worst things we do to children is evaluate their IQs (Intelligence

Quotient). Most of us at some point have taken an IQ or an aptitude test as

children. Regular school tests can have the same effect. The result of a test

score such as this is to give you an identity or ranking compared to your

peers.

Intelligence is seen as a scale that simply goes upwards from average to

smart or super-smart, or downwards toward below average. Most of us

develop an identity based on this perceived level of intelligence, and we

learn through passive ways that this is something fixed. It becomes a label

we carry around with us.

This can be illustrated by considering a glass of water. Each child is taught to

feel that they're given a glass of water at birth. There is a given quantity of

water in the glass and that is their intelligence. This is easier to teach and

manage than the idea that the quantity of water in your glass can change at

different times.

Whatever we've been taught in our early education, whether it's "I'm gifted

and the teacher likes me" to "I'm stupid and I'll never be a smart kid," we

turn this into negative self-talk, which we switch on when faced with

challenges. This is something that is very difficult to unlearn.

Modern research shows that intelligence is much more fluid, malleable, and

multifaceted than this over-simplified system suggests. In light of modern

research, it's as if we all have overflowing glasses, or glasses that can be

drained and filled indefinitely. This is an "adult" way of thinking and it leads

to a growth mindset.




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Money

Another key area of life where limiting beliefs hurt entrepreneurs is money

and finances. These ideas usually originate within the family through the

things that parents say to their children.

Common limiting beliefs include things like:

"Money is the root of all evil"

"People with money cheated to get it"

"There is never enough money"

"You have to sacrifice if you want to buy (enter any item here)"

"We'll never be able to retire"

These limiting beliefs express feelings of guilt, hopelessness, or scarcity

about money. Obviously, these are feelings that are not useful for an

entrepreneur.

Work

Early educational experiences can also play a part in shaping limiting beliefs

about what ‘work’ is. The current education system in most countries

focuses on learning whatever is needed to pass an exam. It doesn't train

children to become adult entrepreneurs, freelance workers, or small business

owners. As society changes, there is a lag in the education system, which is

still following the old model.




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Limiting Mindsets Fostered in School

•Obey Authority

•Follow Rules

•Learn and then Do

•Comparing with Others

This old model involves working for a set period of time doing tasks assigned

to you by a boss. For this work, you receive a check for an agreed-upon

amount. Through obeying your boss, working hard, and producing value to

the company, you may then be allowed a better position or higher pay.

This model fundamentally clashes with the entrepreneur mindset. In this

model, workers are rewarded for obedience and their ability to minimize risk.

Accepting risks and taking on challenges, however, are key to success as an

entrepreneur.

Other Limiting Mindsets from School

Here are some of the ideas you might have internalized from your

education:

Obey Authority. Schools and workplaces are hierarchical. Instruction and

evaluation come from above. Those in positions of authority have all the

answers and know best. We learn this chain of command from early on. We

also learn that questioning the status quo and challenging authority can land

you in a great deal of trouble.




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Follow Rules. This hierarchical system naturally requires rules and

discipline. A great deal of a child's first few years at school involve learning

how to sit, line-up, talk, behave, eat, and so on. There is clearly a need to

maintain order for management purposes, but we carry this reliance on rules

into adulthood, where it doesn't serve us so well.

Learn and Then Do. Tasks in school are given to children with instructions,

examples, and demonstrations. We read about concepts before applying

them. Learning starts with theory and ends with practice and actually doing

something. This is the opposite of the entrepreneurial mindset, which sees

trying something as the first step, with the learning coming afterward. As an

entrepreneur, you need to think on your feet. There are no instructions or

demonstrations.

Comparing with Others. School evaluates and grades your performance so

that you can compare it with those of others. This fosters fixed thinking such

as, "I'm smarter than Amy but not as smart as Jane." However, comparing

yourself to others is toxic. It produces no positive result, but can lead to

fixed, negative thinking that holds you back.

School teaches us to be workers. In order to nurture the growth mindset,

you need to identify these internalized ideas and transform them.




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Action Steps:

1. Employee vs. Entrepreneur: Review the descriptions in the module.

Check off the areas you identify with most. Are you surprised by the

results?

2. Small Business vs. Entrepreneur: Review the descriptions in the

module. Check off the areas you identify with most. Are you surprised

by the results?

3. Limiting Beliefs: Complete the table by thinking about your core beliefs

in each of the categories. Your core beliefs are those you assumed in

childhood. Then reframe those beliefs to reflect your adult way of

thinking. For the reframe, you can also use the tip about talking to a

friend.




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Module 3 - Adopting Your New

Entrepreneur Mindset

In the last module, you identified and reframed old mindsets that no longer

serve your best interests. You learned some key insights about yourself as

they pertain to employee and small business ownership vs. entrepreneurship.

With this knowledge, you are now ready to look deeper into the

entrepreneur mindset and start adopting the characteristics that will make

the biggest impact your success.

So far, in this course we've talked about both the "growth mindset" and the

"entrepreneur mindset." The two are not interchangeable. Growth mindset

refers to a broader kind of mindset whereas the entrepreneur mindset is

more specific. However, the two share several common behaviors and

characteristics.

PositivityLearn from

FailurePerseverance

Delegate to Others

Love of Learning

IntuitiveFollow-Through

Flexible

Non-Conformist

Goal SettersGood

Company




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Positivity. No matter what happens, an entrepreneur can frame it in a

positive light. This is simply a matter of positioning or rephrasing. Instead of

saying, "How can I avoid this situation?", an entrepreneur asks, "How can I

correct this issue?"

Learn from Failure. Entrepreneurs generally don't achieve success on the

first try. One of their key behaviors is that they try and try again. There are

ups and downs and they're resilient and persistent. There will always be

surprises and failures no matter how much you plan, and entrepreneurs

learn from these failures and then move on.

It is easy to see how this relates to a growth mindset. When someone with a

fixed mindset encounters a setback, they are likely to dismiss the task as

impossible. They see it as a personal failing and give up in order to avoid

further failure. An entrepreneur mindset allows you to uncover the lesson

hidden in each setback or failure so that you can grow stronger and move on.

Perseverance. Just like the growth mindset, a key characteristic of the

entrepreneur mindset is perseverance. Entrepreneurs tackle challenges

head-on and don't beat themselves up over failures. They keep trying in a

stubborn and dogged way, which is one reason people often mistake their

genius for stupidity or insanity.

Delegate to Others. People with the entrepreneur mindset don't try to do

everything themselves. They reach out for help and designate tasks for

those who are best able to do them. Entrepreneurs are great at spotting

talent.

A good example of this is the virtual assistant. Behind every great

entrepreneur is an assistant or army of assistants who handle tasks that




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either interfere with more important work or require skills that the

entrepreneur lacks. An entrepreneur also recognizes their own skills and

talents. They know that they should focus on planning their business and

building relationships, not performing mundane tasks.

Love of Learning. The entrepreneur mindset loves to learn new things.

Entrepreneurs have a hunger for knowledge and new ways of thinking. They

embrace new technology, new ideas, and new theories. They also embrace

change, another key feature of the growth mindset.

Intuitive. Entrepreneurs are risk takers but these aren't just random risks

taken for no reason at all. The reason an entrepreneur takes a risk is that

they have a gut feeling it will work, or at the very least, teach them

something valuable. As you raise your awareness about your limiting beliefs

and mindsets, you'll also see an increase in your intuition and gut instincts.

Follow-Through. Entrepreneurs are always on the lookout for new

opportunities even when there is not necessarily an immediate result. This is

why they are good at following through. For example, someone with the

entrepreneur mindset will follow up with everyone they meet at events, even

if there seems to be no immediate benefit to doing so. They follow through

because they know it could lead to something in the future.

Flexible. One thing that the entrepreneur and growth mindsets have in

common is that they are flexible. They are open to continuous change and

improvement, and they are ready to adapt or change plans at any given

moment.




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Non-Conformist. Entrepreneurs are not afraid to stand out and appear

crazy to others. They embrace their uniqueness and they wear the qualities

that make them different like badges with pride. One reason they do this is

to differentiate themselves from competitors.

Goal Setters. People with the entrepreneur mindset set goals as a way to

push themselves forward. The fixed mindset will tell you that a goal is

impossible to achieve or not worth striving for. If you're hearing this inner

voice, reframe it so that you can look forward to attaining that goal.

Good Company. Finally, entrepreneurs surround themselves with other

entrepreneurs, positive influences, and like-minded souls. They do this for

networking, motivation, and to find mentors from whom they can learn.

As you went over the above qualities of the entrepreneur mindset, where did

you find yourself? Did you feel that many of them applied to you? Could you

see areas where you can change or improve?

Another way to evaluate your mindset is to take this quick quiz by Carol

Roth, author of the bestseller The Entrepreneur Equation. Just click on that

link to head to the online quiz.

Just as the growth mindset can be cultivated, the entrepreneur mindset can

also be nurtured. In order to change your mindset, the steps are essentially

the same.


https://www.entrepreneur.com/article/246454



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Step One - Hear the Inner Dialogue

Identify the thoughts that arise in your mind which interfere with the above

elements of an entrepreneur mindset. Try to understand where they come

from. Here are some examples.

Thought Origin

Only smart people can succeed. From IQ tests and other school tests.

I don’t know enough. Same as above

Am I doing as well as…. Comparing statements

I’ve never done this before. What if I

fail?

Following rules; learning, then doing.

Step One

•Hear the Inner Dialogue

Step Two

•Reframe

Step Three

•Adopt the Entrepreneur Mindset




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Step Two – Reframe

Once you know what your thoughts are and you have an idea of where they

come from, it's time to reframe them. Again, imagine that you're talking to a

friend rather than yourself. This step is the hardest for many people. But

you'll naturally reframe what you're saying to make it suitable for a friend,

so start by thinking that way.

Ideas Fostered in School How an Entrepreneur Thinks

Those in authority know best. I know best.

Money is evil. I can create abundant wealth for myself

and family.

I can’t try something without having

all the answers first.

Make it up as you go.

Follow the rules. Follow my gut.

Be nice. Be authentic.




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Step Three – Adopt the Entrepreneur Mindset

After reframing comes action. What are some of the challenges or activities

that you can use to build an entrepreneur mindset?

For example, you could connect with local entrepreneurs to create a positive

peer group of people who have many of the mindsets you want to nurture.

Attend a conference or other networking event. Search online for

opportunities to get together with other entrepreneurs.

Or, is there something you could delegate to someone else in your work so

that you can focus on more important things? What are some new skills you

can learn and where can you learn them? Is there a particular risk or

challenge your gut feeling is telling you to take?

By actually getting out there and acting like an entrepreneur, you'll provide

yourself with challenges and learning opportunities that will have a

transformative effect.




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Action Steps:

1. In Module 1, you wrote down ideas about your ideal life. Now, let’s

look at your business. Write down some goals for your business. They

could be things like "grow my business in new markets"; "increase

revenue by 20% by hiring sales-people"; "join an entrepreneur

networking group"; "open a larger office."

2. Hear your inner dialogue: Close your eyes and think through the goals

you identified. List them. By now, you should have a good idea of

where your limiting thoughts originated from. Write down the sources.

3. Reframe: Reframe your thoughts using "growth" or "entrepreneur"

mindsets.

4. Adopt your "entrepreneur mindset": Take action. You’ve now exposed

your limiting thoughts, found their origin, and reframed them. Now

write down any actions you need to take to continue developing

different aspects of the “entrepreneur” mindset.




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Conclusion and Next Steps

Even a small shift to your mindset can affect a tremendous amount of

change in your life. In this course, you have learned how to make these

changes step by step. It all starts with identifying the limiting beliefs that are

holding you back and transforming them into the beliefs of the growth

mindset.

While you may have carried these beliefs with you throughout your lifetime,

you can dispel them and make a positive change in your life in the time it

takes you to reframe your thoughts and put your new beliefs into practice.

There are three fundamental steps that will make your new mindset take

root:

Awareness

• What limiting or negative thoughts are holding you back?

• Where are these thoughts coming from?

Reframing

• How would you reframe this thought to a friend

Action

• Take an action that will reinforce your new positive thought




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1. Awareness – The negative thoughts that interfere with your success

are often hidden just below the surface. These thoughts are in your

mind, but they are NOT YOU. It is critical to understand this. We often

identify with the negative inner critic and mistake it for ourselves.

2. Reframing – Once you know the inner thoughts that are stopping

you, you can address them and turn them into something positive. An

easy way to do this is to imagine that you're talking to a friend. When

you imagine that you're talking to a friend, you'll naturally put a

positive spin on what you say.

3. Action – Now, take the original action you wanted to perform before

but that your inner voice was holding you back from. You're ready to

take it on with a positive growth mindset.

It is incredibly easy to fall back into old mindsets. Your change won't happen

overnight. Keep this course book and these steps handy, and review from

time to time. Stay ever vigilant against limiting beliefs, which can try to

come creeping back into your subconscious.

The growth mindset is a habit. Once you start turning your negative

thoughts around, it will get increasingly natural to do.




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Action Steps:

1. Review your Action Steps in each of the modules.

2. List the steps you need to take next to complete the challenges you

created for yourself for the growth and entrepreneur mindsets.

3. Print out the graphic of the 3-step process (awareness, reframe,

action) and put it someplace visible (in your office or on your desk).

Refer to it anytime that voice creeps in and tries to hold you back.


SUCCESS MINDSET FOR ENTREPRENEURS€¦ · What Is Mindset? The concept of mindset was first...

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