So, how would you describe your entrepreneurial mindset?
Would you say you’re a Phoebe, Rachel, or perhaps a Monica? Wait… are your financial goals a Joey? No matter who or what you might identify with most, having an entrepreneurial mindset is more than just showing up and doing the most—or rhythmically beating your chest while humming (a la Wolf of Wallstreet). You’ve got to be about that life all day, every day. Use belief as a tool to empower yourself rather than letting those thoughts of self-doubt live rent-free in your mind. Whether your plan is to one day own 15 businesses, or one business with 15 revenue streams, the point is to have a plan and chisel away at it every single day like Michelangelo.
You mean you were born with it like your incredible anti-aging genes? That’s incredible. However, the fact is that most of us are not. *raises hand* No matter how you started your business and your financial goals, whether you have been crushing it for years or just starting, an entrepreneurial mindset must be cultivated. The seeds of success must first be planted before you look at how to set financial goals. No one comes with their hustle built-in; it takes consistent focus and determination, and you may need a slight attitude adjustment. And not because we think you are too sassy, you’re perfect.
Your motivation, spirit, drive, or purpose for waking up in the morning must come from somewhere other than financial gain. Money can give you many things, but it can’t give you the warm fuzzies like fulfilling your passion can. It gives your ideas an identity that stems from your personality, becoming the unique flavor that sells your business. Your hopes and dreams, interests, hobbies, sense of humor make you stand out from a crowd, and it will do the same for your business.
There is no single path or even a set of characteristics that lead to automatic success.
But if you follow Gates, Zuch, or Bezos, there are common threads that you might use to spin your own story:
Like a gymnast or your nimble Bumble-swiping finger, your entrepreneurial mindset needs to adapt quickly, as unexpected difficulties and constant problem solving are part of your everyday hustle. If you suffer any setbacks, thinking on your feet and adapting your vision will help you bounce off the backboard like a lay-up instead of getting slowed down.
Being an entrepreneur isn’t going to be all sunshine and barbeques. You’ll need to tap into your animal instincts like Bear Grylls and thicken your hide a little. You may face months of constant rejection before you get the right investors on board for your startup. Even when you are doing everything right, your business may face quiet periods that leave you wondering why you got into this in the first place. Your success means learning from these valleys and rising unaffected to meet your next challenge.
Successful entrepreneurs believe in self-determination. Your actions and reactions determine your outcome. You hardly ever hear a successful entrepreneur blame someone else for a turn of misfortune; they take it in their stride and simply readjust their strategy.
Having an entrepreneurial mindset means seeing failure as a learning opportunity. You only grow from building yourself, which means keeping a score of what you did right—not just beating yourself up for what went wrong. An entrepreneur’s mind is constantly refining their methods as they go, relentlessly and repetitively.
Keep your mind oiled with business practices that have built success stories all over the world. Having money-making ideas is a powerful thing, but knowing how to diversify them can be equally beneficial. There is always more than one way to see a solution to any problem you face in business, and your sharp entrepreneurial mindset will allow this.
Having an optimistic view could be the difference between succeeding and moving into your parent’s basement (although cozy, not ideal). An entrepreneur will face many challenges and will need to keep smiling all the way through. Achieving your financial goals means planning for success. Be realistic, but don’t think too small either, as this will limit you. We want you soaring like the majestic Pegasus you are.
5 Ways To Develop an Entrepreneurial Mindset
Entrepreneurship is a skill you must develop and craft like anything you use along your journey to success. Let’s look at five ways to help build your entrepreneurial mindset in a way that keeps you moving forward.
1. Be Open to Improvement
Successful entrepreneurs are never complete. They are eager to increase their knowledge wherever they can. Improving your skills and abilities means growth, and this is an intrinsic part of being an entrepreneur.
2. Accept What Can’t Be
Some things we can’t change and have no control over (like your cat’s uncanny ability to always be in the way). As an entrepreneur, focusing exclusively on things you CAN do something about will set you free, and you can maintain your positive energy.
3. Focus on the Present
A successful entrepreneur never dwells on past mistakes. They simply learn from them and move forward. The decisions you make today can affect your future, so concentrate your energy where it counts: the here and now. Namaste.
4. Build a Network
Each connection you have becomes part of your support structure. Learn how to maintain these relationships and cultivate new ones that align with your energy and goals. Successful entrepreneurs always have time to inspire others. And you, my friend, are a beacon of light and joy.
5. Celebrate Those Around You
Success isn’t an exclusive journey about one person. We’re in this together. Entrepreneurs know to align themselves with others on the same path. They are empowered by the success of those around them and share experience to those that may benefit.
Your excitement about what you do is the driving force behind your business, but it won’t pay the bills. Most of us started businesses out of an interest in a particular area or idea. This does not make us business experts! Learning how to set financial goals for business is a technical skill each of us must acquire to be successful entrepreneurs and business owners. Becoming financially-minded is the zone you consistently need to ensure you are pursuing your vision with clarity and focus. The real-world problem in the equation will shape your ideas into parts of a greater plan as you implement them.
Your business financial goals may increase your turnover or profit margins, decrease your operational costs or have more comprehensive data on your cash flow projections. Look at your business model closely here and remember: There are no bad ideas! Making the most straightforward changes to a business, like using one ignition strip when producing a matchbox instead of two, has saved companies millions of dollars in long-term expenditure.
Developing your entrepreneurial mindset means you will need to grow and develop. Your financial goals won’t achieve themselves, so you will need to up your game considerably to meet these new challenges. You will have to become more decisive and comfortable taking risks, and this newfound confidence will rise (rise, rise!) from the endless passion you have invested in your business already. When you know why you are doing something, and that ‘why’ is aligned with the bigger picture of your business, it simply leaves no room for fear, doubt, or anxiety, and instead becomes belief – based on your own proven track record, which got you this far, didn’t it?
Follow other entrepreneurs making moves online, and be sure to include them in your circle of friends. Having like-minded successful people around you to bounce your ideas off is a sure way to build your self-belief and become more successful in the strategies you put in place or the business financial goals you set for yourself.
Achieving Business Financial Goals with your Entrepreneurial Mindset
Without realistic financial goals in place, your progress comes to a standstill, or you end up going round in circles, repeating the same mistakes over and over again. However, you are now completely and utterly woke, and your freshly realized entrepreneurial mindset will keep you on the path to success.
Make Time for Setting and Tracking your Financial Goals
So, listen up. Financial goals for business need to be prioritized if you want to actually achieve them. This means setting regular time slots, weekly, bi-weekly, monthly, and annually, for monitoring your progress. It is effortless to get snowed under by the day-to-day operational duties involved with running your business, and these financial goals may drift away from you like a distant dream.
Sales targets, financial projections, advertising campaign analytics are all aspects of running a successful business. Success relies on goal-orientated, long-term thinking and strategy—putting systems in place that keep your business moving steadily towards these ever-changing examples of financial goals.
Use the tried and tested S.M.A.R.T. method for setting goals! Why not? When you sit down and map out your business financial goals, simply ask yourself, with each one, what is it?
This system will make sure there is a clarity of vision and purpose to your goal-setting plan. You are necessitating the timeline of each individual goal and carefully managing its course.
Stay on Top of your Financials
When you set S.M.A.R.T goals, your base of operations is your financial reports. Face the music! Accepting where your business is at is the first step to success, so don’t falter here. Progressing in any and all of your financial goals for business means you need a clear view of this area at all times. You and your accountant or bookkeeper must become B.F.F., starting from today. Your monthly income statements, cash flow reports, and balance sheets should always be ticking over in the back of your mind as you plot your next move. Always keep in mind that you are never alone in this fight, many others have walked this old town road before, and your competitors are actually your friends, as they can provide you with valuable information. Not only does researching other companies in your industry provide shortcuts, but you can even avoid some of the mistakes they may have made on the way and learn a thing or two in the process.
Documenting your plan of action with each of your financial goals is an integral part of business management. No matter which area of the business you are focused on, each task will need to be designated and carried out within a specific timeframe. This is a specialized skill set that can make or break your business, so you might want to look at employing someone with great management techniques if you don’t already have one on the payroll. Accountability is essential when managing tasks, so remember you don’t have to be an expert at everything or do everything yourself. Document each timeline to its very satisfying completion. If you aren’t a spreadsheet wizard, simply charge someone else with this responsibility, or you might need to enroll in an online course to level up your skills.
An Entrepreneurial Mindset Means NO Complacency
Stay humble, friend! Don’t let it go to your head when you get a taste of sweet success. Yes, it is delicious, but too much may give you a stomachache. This is the mistake of endless small businesses worldwide, who reach a growth plateau of their own making. You may have had a healthy and profitable year or two, with happy employees and even a happy accountant, but don’t let this pink cloud leave you with rose-tinted eyewear. Take those glasses off immediately! New financial goals must replace those that you have achieved, or your business may slump into debt before long. Start by scheduling regular meetings with your accountant or financial advisor. This way, you get a reading on your finances that might be more effective than Tarot cards. Discuss your financial goals for business and make sure there are dates involved in achieving them. You can also assess the performance of your employees and create incentives and rewards for their improvement. Steady financial growth makes your business more robust and able to withstand any unpredictable economic mishaps which are bound to happen sooner or later. These are factors beyond your control, so make hay, as the old saying goes.
Achieving your financial goals is an ongoing process with plenty of moving parts. Having an entrepreneurial mindset also means constantly reassessing your long-term financial goals for business. As a business owner, this can often be a daunting and time-consuming task to take on by yourself. A financial assessment is the starting point for achieving all of your business financial goals. Not to brag, but Alchemy Accounting has been killing this game for a while, so it’s a perfect opportunity to let the pros take over. A long-standing relationship with an accounting service provider means they have your back in times when you are overloaded with other responsibilities, which is a big win.
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