Did you know that 20% of the businesses in the US fail in their first year? Most people blame this falilure on a lack of investment and poor market demand. However, many companies operating in the same niche thrive while other fail. So why is that? Arguably, the success and failure of any business depends largely on the owner’s mindset.
A successful entrepreneur thinks and acts like a leader. They have excellent problem-solving skills and positive traits that set them apart from employees. Here are 7 mindset differences that set entrepreneurs apart from employees.
- They Focus on One Task at a Time
Multitasking is often treated as great quality, but it’s only a buzzword that means performing two or more tasks at a time in an effort to speed things up. People tend to believe they can execute multiple tasks simultaneously.
However, while some people manage to multitask, they usually end up ruining the quality of their work. Great entrepreneurs never jump from one task to another. They don’t move on to something new until they have completed the task at hand. Employees, on the other hand, want to get the work done as quickly as possible and so may do several things at once even if the quality is sacrificed.
2. They Work Smarter
Working hard is admirable. However, working harder than you need to doesn’t make any sense. On the other hand, entrepreneurs know where to invest their time and effort. One of the most important qualities that sets an entrepreneur apart from employees is effective time management.
Budgeting and accounting, for instance, can consume a lot of time. A successful entrepreneur mindset will drive you to outsource this kind of work to a professional accountant to save your time and instead spend their time more productively.
3. They Don’t Avoid Risks
Its natural to be reluctant to take risks. However, successful entrepreneurs embrace risks. A stable job with a fixed salary make you feel safe and comfortable. While stability is important, avoiding risk is not the mindset of an entrepreneur. If you want to double or triple your investment, you need to take risks. That being said, an entrepreneur only takes calculated risks. They evaluate the potential gains and losses before investing their time, energy, and resources.
4. They Own Their Decisions
As an entrepreneur, you will have to face challenges and it can be difficult to know how to make the right decision at times. However, whether you make a good decision or a bad one, an entrepreneur will always own it. A successful entrepreneur never blames others for their poor decisions or less-than-ideal outcomes. Instead, they take a step back, evaluate their decisions, and analyse what went wrong.
On the other hand, an employee mindset is bound up in the dear of making the wrong decision. They don’t get themselves in situations where they could make impulsive decisions that might result in a loss or reputation damage. If they make a bad decision, they focus on justifying their mistakes instead of accepting them and moving on. Everyone makes mistakes, and as a business owner, you are bound to make bad calls. It’s important to understand that this doesn’t make you less professional.
5. They Delegate Work
Entrepreneurs know that they can’t do everything single-handedly. If you want to run a business, you need to learn to delegate work to others. Nobody can manage all management, operations and marketing tasks single-handedly.
For example, an entrepreneur will never waste their time washing their uniforms or cooking meals for the staff. Instead, they send uniforms to laundry service providers, hire chefs to prepare meals, and commercial cleaners to keep their buildings clean and in top condition. The goal is to outsource the less important tasks so you have time to focus on more important activities.
6. They Learn from Others
This is another key difference between employees and entrepreneurs. Good entrepreneurs never rest on their laurels or think they know everything. Instead, they are always open to new ideas and learning from others.
If you don’t seek out experts and mentors, you will never learn something new. You should view it as an opportunity to learn from others instead of something that hurts your ego.
7. They Accept Challenges
Entrepreneurs are successful because they accept challenges instead of running away from them. You can’t prevent setbacks, but you can change the way you look at them. You can see something as a failure and lose your confidence, or as an opportunity and learn and improve. If entrepreneurs ran away from challenges, they wouldn’t be entrepreneurs.
Bottom Line
Successful people never quit. They face challenges, make bad decisions, endure mistakes, but eventually, everything leads them to success. If you want to be a leader, start by looking at your mindset.
