Have you ever wondered what sets successful small business owners apart from the rest?
As someone who's been in the trenches of entrepreneurship for over two decades, I can tell you it's not just about having a great idea or working hard—though those certainly help. The real secret lies in developing the right small business owner mindset.
But here's the thing: this mindset isn't something you're born with. It's a set of attitudes and approaches that you can cultivate and strengthen over time.
Through operating my own business and studying other business owners, I've identified seven key attitudes that form the core of a successful small business owner mindset.
Owning a business reality check
Before we dive in, let's address an important truth: entrepreneurship isn't for everyone. In fact, according to Investopedia, about 90% of small business startups fail within the first year. This isn't meant to discourage you but to emphasize the importance of developing the right mindset from the start.
So, whether you're just starting out on your entrepreneurial journey or looking to level up your existing business, these seven attitudes will help you shape a small business owner mindset primed for success.
Let's explore each and learn how to incorporate them into your entrepreneurial toolkit.
1. Perseverance is the Foundation
Have you ever heard the saying, “When the going gets tough, the tough get going”? Well, in the business world, this isn't just a catchy phrase—it's a way of life. Perseverance is the secret sauce that keeps successful entrepreneurs pushing forward when others might throw in the towel.
Create a “wins” journal. On tough days, flip through it to remind yourself of how far you've come.
Pro Tip
Growing your perseverance muscle
To build your perseverance, start by setting micro-goals. Break big challenges into smaller, achievable tasks. This approach makes daunting projects more manageable and provides frequent wins to motivate you. Whenever I neglect this step, my goals immediately feel less attainable.
Practice delayed gratification in your personal life – it's a great way to strengthen your perseverance muscle. For instance, try waiting an extra few days before buying something you want.
Learning from failures is crucial. After each setback, take time to reflect on what happened. Write down three lessons learned and how you'll apply them moving forward. This practice turns failures into valuable learning experiences.
Develop a strong support network of people who believe in your vision and can offer encouragement when times get tough.
2. Be Quick to Adapt
In today's fast-paced business landscape, change is the only constant. Being adaptable doesn't mean compromising your values; it means being smart enough to pivot when necessary.
Regularly assess your business strategies. Are they still serving you, or is it time for a change?
Pro Tip
How to become adaptable
To cultivate adaptability, embrace continuous learning. Set aside time each week to learn about new trends in your industry. This habit will keep you ahead of the curve and ready to adapt to changes.
Practice scenario planning by regularly brainstorming “what if” situations for your business and planning potential responses. This exercise will help you stay prepared for unexpected changes.
Build a network of mentors and advisors from different backgrounds to seek wisdom in the counsel of many. Their varied insights can help you see situations from multiple angles, enhancing your ability to adapt. Experiment with A/B testing in your business strategies. Try different approaches and analyze the results objectively. This practice will make you more comfortable with change and help you find the most effective solutions.
Develop a change-positive mindset. Instead of fearing change, train yourself to see it as an opportunity for growth. This shift in perspective can transform challenges into exciting chances for innovation and improvement.
3. Honesty About Your Weaknesses
Here's a hard truth: you can't improve what you don't acknowledge. Successful business owners have mastered the art of being brutally honest with themselves.
- Challenge: Ask three people close to you, “How well do I accept criticism?” Their answers might surprise you!
- Remember: Honesty isn't just about admitting faults – it's also about recognizing and leveraging your strengths.
Fostering brutal honesty
Fostering brutal honesty starts with regular self-audits. Schedule monthly reviews of your performance and decisions. During these sessions, be ruthlessly honest about what's working and what isn't. I don't always get around to this monthly, but every time I do, it's very sobering.
Seek constructive feedback actively. Ask employees, customers, and mentors for their honest opinions about your business and leadership style.
Challenge your business assumptions regularly. Question your beliefs about your business and industry. This practice prevents complacency and keeps you open to new ideas and opportunities.
How this benefits your business
Your customers or clients need to honestly know what you can offer and what you can't. No one wants to work with someone who always thinks they are right or can't admit they don't have the answers.
The more I have been honest with clients about my strengths and weaknesses, the more trust I have built with them over time.
4. Stay Humble
In a world that often celebrates ego, humility might seem counterintuitive. But trust me, it's the most valuable character trait in life and business.
A recent study found that humble leaders have more engaged employees and higher team performance.
Forbes
Even if you're the only employee of your business, accept that you don't have all the answers, but be resourceful to know how to find them.
Developing humility
To develop humility, start by practicing active listening. Focus on truly understanding others before responding.
This approach shows respect for others' ideas and opens you up to new perspectives. When you make mistakes (and you will), admit them quickly and publicly.
Share what you've learned from the experience. This vulnerability builds trust and shows your commitment to growth. This is a benefit in family life as well.
Make it a habit to celebrate others' successes.
Maybe you have employees or work with other partners – regularly recognize and praise their achievements. This practice boosts morale, builds lasting relationships, and demonstrates that you value their contributions.
Seek mentorship from someone you admire and learn from their experiences. A good mentor can provide valuable insights and help you stay grounded.
We are all constantly learning something new, so don't think too highly of yourself. Humility will keep you from epically falling on your face.
5. Always Be Curious
The most successful entrepreneurs I know are perpetually curious. They're always asking “Why?” and “What if?”
Set aside 30 minutes a month for a “curiosity session.” Explore a new topic or skill related to your business.
Pro Tip
Nurturing curiosity
Nurturing curiosity is about asking better questions. Practice asking open-ended questions that lead to deeper insights. This habit can uncover new opportunities and solutions you might otherwise miss.
Cross-pollinate ideas by exploring fields outside your industry and looking for applicable lessons. Some of the most innovative business ideas come from unexpected places.
Embrace experimentation in your business. Set aside resources for trying new ideas, even if they seem risky at first. Keep a “crazy ideas” notebook where you jot down wild business ideas. These seemingly outlandish ideas might lead to groundbreaking innovations down the line.
6. Keep Building Resilience
Let's face it: in business, you will face setbacks. Resilience is what helps you bounce back stronger.
I encourage you to view failures as feedback, not final verdicts.
Building resilience
Building resilience starts with effective stress management.
Develop healthy coping mechanisms like prayer, exercise, or journaling. These practices can help you maintain clarity and emotional balance during challenging times.
I get this is easier said than done, but train yourself to reframe challenges as opportunities for growth. This perspective shift can turn obstacles into stepping stones for success. I'll bet you can already look back in your own life and see how difficult times made you stronger.
Cultivate a strong support system of fellow entrepreneurs who understand your journey. Having people to lean on during tough times can make a world of difference.
When faced with setbacks, focus on what you can control. Identify actionable steps you can take to improve the situation rather than dwelling on factors beyond your influence.
Remember to celebrate small wins along the way. Acknowledging progress, no matter how small, helps maintain motivation and builds resilience.
7. Fuel Your Passion
Last but certainly not least, passion turns a business from a job into a calling.
Ask yourself: If money weren't an issue, would I still be excited about this business?
Passion alone isn't enough, but combined with the other attitudes we've discussed, it's unbeatable!
This is not just a motivational poster
If someone says, “Fuel your passion,” I roll my eyes, at least in my mind. On its own, it sounds like a hollow hype phrase.
Let's bring this back to practical reality: my homeland 🙂
To fuel your passion really means regularly reconnecting with your “why.” Revisit your core motivations for starting your business. This practice can reignite your enthusiasm during challenging times. Share your excitement about your business with others in a similar situation.
Surround yourself with stories of other passionate entrepreneurs. Their journeys can provide inspiration and valuable lessons.
Align your enthusiasm with concrete goals and action plans to balance your passion with purpose. This approach ensures that your passion translates into tangible results.
Talk is empty, while action has real substance.
Lastly, take care of yourself to prevent burnout. Maintain a healthy work-life balance. Remember, sustainable passion comes from a well-rounded life. Take some breaks, even schedule them if you have to!
Having the Small Business Owner Mindset Matters
Here's the deal: starting and running a successful business isn't just about having a great idea or even about working hard (though both of those things matter). It's about cultivating the right mindset – one that embraces challenges, learns from failures, and keeps pushing forward.
Remember, these attitudes aren't innate traits – they're skills you can develop over time. I'm still learning all of these lessons daily, right there with you!
I want to leave you with a thought that's close to my heart. Time is our most precious resource. By developing these attitudes and applying them to your business, you're not just working towards financial success – you're creating a life where you can do work you love. That's the real beauty of entrepreneurship.
Who knows? This could be the first step towards creating that thriving business you've always dreamed of.
Your future self will thank you for starting now. Let's make these 24 hours count!
