Components of Business Owner Mindset

business mindset

June 25, 2018

Being a business owner means being both successful and strategic.

Most people misunderstand the word mindset.

A mindset is the paradigm in our subconscious mind that determines every decision we make and contains our belief system. Understanding mindset is important because if you ever want to achieve anything in life you have to first build the mindset for it. Just like the saying goes, “If you want to achieve something you have not achieved before, you have to be someone you have never been before.”

Having a business means having or building the appropriate mindset.

Most small business owners fail not because they lack the skills, desire or hard work. They fail because they lack the necessary mindset. They start and operate their business from the fixed mindset of employee or self-employed rather than the business owner mindset.

When most people approach the mindset building journey, they initially think they have to go to school to get some specific kind of knowledge. While that is not necessarily a wrong move, building a mindset is not about building the knowledge part but more about understanding how you think and how you approach life.

For example, a medical doctor looks at life completely differently than a lawyer does. They have different opinions about life, different interests, different lifestyles. The same holds true for business owners. They approach life and business differently than employees and the self-employed.

A business owner’s mindset is comprised of two main components.

First is the success mindset.

There is no way on earth you will find a successful business owner who doesn’t believe in success principles and success habits.  A good reference is The Success Principles by Jack Canfield.

Another important aspect is the strategic mindset.

A successful business owner embraces leverage. Being strategic is planning and executing the most important highly leveraged and highly prioritized accomplishment first. This part of the mindset is more easily said than done. This is the part of the business owner mindset that is opposite of the employee and the self-employed.

A strategic business owner doesn’t accomplish tasks by themselves. They leverage everything they do and say and free their valuable time and resources for leadership activities. They are not part of the ‘doer-ship.’