Entrepreneurs are a rare breed: They are people breaking ground on new companies or seeking to supply new approaches to old business problems. Maybe you see a market that's being underserved and want to get in on the ground floor. Perhaps you've spent years building up your skills and are now ready to work for yourself, rather than on others' dreams.
Regardless, you are willing to take the chance that things will go sideways in order to pursue your goals. This mindset serves you well, but there are weaknesses. An overabundance of optimism may mean plans are more nebulous than they should be, leading to unnecessary problems. A lack of evaluation of the risks and rewards can leave you behind on where you started. And too much attention towards comparing your successes against your competitors' may leave you struggling emotionally.
Proper mindset makes a large difference between treading water and getting ahead. Below, members of Forbes Coaches Council discuss some common blind spots, as well as how you can adapt your viewpoint to improve your chances of success.
1. Explore And Evaluate Before You Pursue
Many times, an entrepreneur jumps right into pursuit without first exploring and evaluating the risk and reward of a business opportunity. First, explore the industry and market potential. Second, evaluate the possibilities — both positive and negative — and plan the process. Then, and only then, begin the plan execution process. - Deborah Hightower, Deborah Hightower, Inc.
2. Go All-In On Your Business
Some people launch their business as a side gig or with a safety net in case they fail. As a result, they end up not fully committing to their business idea and fail because they didn't put all into it. Building a successful business comes with well-informed risk and an "all-in" attitude. Resist the urge to have a "Plan B" and dedicate all your time, energy, resources and network to it. - Loren Margolis, Training & Leadership Success LLC
3. Plan On Planning
As entrepreneurs, we are — and to a great extent, have to be — eternal optimists. Who else will believe we can achieve the improbable? However, optimism can blind us from reality and likely challenges. Instead, we should develop the habit of planning. Chess players expect to win because of their strategy and skillful execution, not because of hope and affirmations. - Vikram Rajan, phoneBlogger.net
4. Don't Bite Off More Than You Can Chew
A lot of entrepreneurs have so much passion for their business that they get caught up in daydreams of disrupting the industry, dominating the market or making millions. And while there's nothing wrong with thinking big, one should nevertheless remain pragmatic. You crawl before you walk. Scale one step at a time. Know the risks. Cut your losses and try something else when an idea isn't working. - Arno Markus, iCareerSolutions
5. Celebrate Each Step
While big goals are awesome to have and create initial momentum, if they are the end-all-be-all of success, they can spell failure. Instead, an entrepreneur needs to learn to celebrate each step of the journey and to find the wins in each small accomplishment. When you pave the road to success, you need to enjoy each brick instead of trudging down the path and then quitting in disappointment or when overwhelmed. - Laura DeCarlo, Career Directors International
6. See Opportunities, Not Obstacles
One of the great attributes of innovators and successful business people is their ability to see opportunities where others see problems and obstacles. It doesn't matter if the glass is half full or half empty: Recognize that as long as you have a glass, there is an opportunity to make something happen. - LaKesha Womack, Womack Consulting Group
7. Work As If Success Is Already Here
If an entrepreneur's approach is as if he is at the bottom of the totem pole in his field, it may be more challenging to scale. One strategic approach to being successful is to set up operations, marketing and sales frameworks as if a business is operating at capacity. This means not waiting to document systems, being detail-oriented and implementing top-quality approaches to business growth. - Daphne Valcin, Daphne Valcin Coaching
8. Don't Compare Success Levels
One of the biggest weaknesses I've seen with entrepreneurs is when they compare themselves to other entrepreneurs' success, especially through social media. They become stifled when they see a competitor appears to be "killing it," and this can psych them out. The mindset to adopt is "no one is me, and that's my unique selling proposition." Ignore the noise and stay the course. - Gina Trimarco, Pivot10 Results
9. Be Tenacious
Wannabe entrepreneurs often have the mindset of wanting to dip their toe in the water. They want to "test" it and see if they can earn some money within a relatively short period of time. If they don't, then they believe it wasn't meant to be and give up. Instead, they should replace that mindset with "I'm in it to win it," jump into the water and learn how to swim. The key word is "learn." - Dawn Ali, Happy Rich Great Body
