How To Think Like A Business Owner
Oh how you’ll grow!
When I first started my business I made a ton of mistakes. One of my earliest mistakes was not intentionally shifting my mindset from that of an employee to that of a business owner.
As a newbie, I was winging things (which I don’t recommend!) in my business. You could even say I flew by the seat of my pants sometimes rather than fully taking the reins. You see, this is much of how I got by in many of my corporate jobs.
And that’s where a few things went terribly wrong. I found myself constantly being surprised or caught off guard when things didn’t work out as I had expected. Hello, repercussions of not understanding business tax returns! Winging it in the tax area cost me thousands, a ton of time, and a great deal of stress.
It was only much later that I realized the importance of making a conscious mindset shift if I wanted my business to succeed. My business certainly wasn’t going to succeed being stuck in the same frame of mind I’d had in my corporate job.
I’m going to show you 3 employee mindsets I recommend abandoning. And don’t worry, I won’t leave you hanging! I’ve also included the essential business mindsets to swap IN and a mantra to remember as you go about your day today.
The success of your business depends on this!
MINDSET SHIFT #1
Employee mindset - I’m going to coast along a little bit today. It’s not like the company will fail if I don’t give 100%.
Business owner mindset - Whether my business succeeds or fails is 100% up to me. I need to give it my all today.
In corporate land, it's sometimes easy to get away with coasting along undetected. If even for a day here and there. For business owners, a coasting mindset no longer works. You get back what you put in (though this may not happen immediately, but it will eventually). Your business results are directly tied to the effort you put into your business. Want to work only with your dream clients? Want to decide your pay? You have to do the work.
MINDSET #1 business owner mantra: my performance and dedication to my business are directly tied to my business. I GET to directly reap the benefits of what I sow.
MINDSET SHIFT #2
Employee mindset - I’m very confident in my job and abilities. I know what I’m doing, people often ask me to make the major decisions because I’ve been here a while and have become the expert in this key area.
Business Owner mindset - I am new at this and I’m willing to do whatever it takes to learn I know I’m not the expert in ALL aspects of my business, and that is okay. I expect to make mistakes and I expect to have a steep learning curve. I will be patient with myself and am a life long learner. I accept myself in that I don’t always have all the answers.
MINDSET #2 business owner mantra: I GET to learn all of these new things that will make me a much more well-rounded business person! I GET to be the newbie again and will embrace all opportunities to learn everything I can about business ownership.
MINDSET SHIFT #3
Employee mindset - Susan from Bookkeeping owns this part of the process, let me check with her to see if it’s done.
Business owner mindset - I’M Susan from Bookkeeping AND Penelope from Legal. I’m responsible for alllll the things! And if I don’t know how to do specific things (like Legal, Accounting, and Bookkeeping), I’ll hire the best folks around.
As a new business owner we are often faced with either learning new things we weren’t previously good at or outsourcing certain functions that require specific degrees or certifications (Legal and Tax, for example). Bottom line, when you’re starting out all of the people you were used to working go away and you’re responsible for owning new things.
MINDSET #3 Business owner mantra: I GET to own my business and all tasks that go along with it from end to end. I GET to choose whom I bring on board to help me and I will choose wisely.
I’m totally aware that these mindset shifts may make business ownership sound pretty overwhelming. But always remember WHY you started your business in the first place. Hard mindset shifts are just part of the process. And by the way, hard things can reap oh, so many fantastic rewards!
Meet yourself where you are - a business owner newbie! Know you're going to have a learning curve, make mistakes, get it wrong, get it right, and oh how you'll grow.
Holly works with professionals to create services-based businesses using expertise and strengths they already have. Holly is the creator of The Consultant Code, a program will have you up, running, and profitable with your services-based business in 60 days or less! Want to learn more? Drop her a note at: holly@hollyknoll.com