The UE Coaching Blog

Your Mindset Will Make or Break Your Business

Mindset Matters Most

Whether you are a startup or an established business, there's one thing that will make or break your company: Your Mindset. Your mindset can either be the driving force behind success or it can prevent you from ever getting off the ground. 

The key to success in any business venture is believing in yourself and knowing with certainty that you can succeed. If you don't have this belief deep down inside of you, then all of your hard work and planning won't be worth anything because eventually it will come crashing down around you. 

Your mindset will determine how you go about your daily routine, and it impacts everything from pricing to marketing. How confident are you in your own product or service? If you have the right mindset, then you know that hard work will pay off. Your business is not going to be a quick overnight success; rather it's going to take some time to build, but you are willing to work hard every single day for your company. Why? Because you've taken on the mindset of a winner.

And most importantly, you have the ability to bounce back from defeats and failures because you know that it's not the end of the world. You can examine what went wrong and make it a strength rather than a weakness. The right mindset will allow you to stay positive and constantly moving forward even when you are faced with an obstacle.

How can someone tell if you have the right mindset to be successful in business? Here are three qualities that will give people a sense of whether or not your company is going places:

*How Do You Feel When You Face A Challenge?

Real winners in business will never be afraid to tackle a big competitor head on. Rather than getting nervous or frightened, these people have the confidence to confront anything that comes their way because they know that success can only come with risks. Those without the right mindset run away from challenges and become easy prey for those with more courage and perseverance.

If you have the right mindset, then you will welcome a challenge. Instead of being afraid, you'll be excited to see what goes on when two companies compete against each other. You know that one will be victorious and the other company may end up going out of business or coming back with big improvements because they took your competition seriously instead of laughing at your attempts to take them down.

*How Do You Handle Failure?

If you have the right mindset, then a bad event won't be seen as a total disaster. People with this mindset look at failures as learning experiences because they know that they can turn their weaknesses into strengths by changing the way that they think about a situation. If someone doesn't have the right mindset, then they may view something that went wrong as a catastrophe or an end to their business. Instead of using bad events for learning and growing, these people will feel defeated by it.

If you have the right mindset, you know that failures are just bumps in the road. You don't get too comfortable with your success or feel like nothing can stop you. Every time that you hit a bump, it is just another opportunity to learn so that you can grow stronger and avoid making the same mistakes again in the future.

*How Do You Handle Your Finances?

Your mindset will also play a huge role in how you manage your money. If you have the right mindset, then you know that saving is important but it doesn't mean you can't spend on things that will grow your business. Winners understand that their company is a living breathing thing so they pay attention to their budgets and expenses, but they don't get too caught up in it.

People without the right mindset will think that they need to save every penny or their cash flow will get tight. While it is important to watch your finances, those with this mindset can't see how they could possibly grow and stay successful if they don't spend money on products or services that will help them reach their goals faster.

There's a very important distinction to be aware of here: Money LOVES to be in a state of flow. It doesn't want to be in a stagnant position where it is being hoarded or not moving. Money wants to keep itself moving and you need to allow yourself to have that mindset so you are able to keep your money working for you instead of the other way around.

If you have the right mindset, then you know that business is not all about saving money. Instead of spending on things that won't grow your company, you're willing to spend what you need when you need it because those expenses will help to enrich your business. While it's important to manage your finances and watch cash flow carefully, winners understand that they can afford to spend money on certain things if it will benefit their company down the road.

*How Do You Handle Change Inside Your Industry?

If you have the right mindset, then you know that change is just part of business and it's something to be welcomed. There's a particular reason behind that: Change provides an opportunity to grow if your company can adapt to it. For example, if a competitor comes along and offers an alternative to your product or service that is much cheaper, then it gives you a chance to make changes and offer something better than what they are currently offering sometimes at a HIGHER price-point.

If someone doesn't have the right mindset, then they will try everything possible not to change even though it's inevitable. People with this sort of mindset fail to move forward with the times and end up losing out on a lot of potential. They don't want to reinvent their product or service and they fear pivoting, so they end up getting left in the dust.

*How Do You Handle Criticism?

The way that you think about criticism has a huge impact on your success as an entrepreneur, so it's important to understand how this can affect you and what you need to focus on: when someone has the right mindset, then they know exactly WHY they started their business and they aren't afraid to be criticized because they know that criticism doesn't change who they are.

When you have the right mindset, you won't feel personally attacked by criticism. You will actually see it as constructive feedback from a third party so that you can improve your company instead of trying to prove someone wrong about what is or isn't working right now.

For example, let's say that your company puts out a new product, but the sales are slow and you're getting negative feedback about it from customers, media, or even family and friends. When someone with the wrong mindset hears this information, they can take it very personally because they don't have any other evidence to prove that they have a better product or service.

Some people without the right mindset won't even know what went wrong (even if it's obvious to everyone else). They will look for excuses and try to blame another person, company, or industry trend instead of looking inward at their own business. Those with the right mindset will be able to see that criticism is a huge opportunity to learn and grow instead of letting it prevent them from making the effort to move forward.

These are only a few of the ways in which mindset plays a huge role in your experiences as an entrepreneur.  No matter what trials and tribulations you may come across, it's important to stay focused on what your business goals are and how you're going to achieve them so that you can make the most of every situation. Being able to keep a positive mindset is crucial for any entrepreneur, but when things aren't always going well, it's important to learn how to accept criticism and find the value in it so that you can make meaningful changes.