Tag Archives: entrepreneur success mindset

The Truth About “Opportunity Costs” and Entrepreneurship

Facebooktwittergoogle_pluspinterestlinkedinmail

“Opportunity costs” seem to be synonymous with entrepreneurship.

And living your purpose.

I, myself, used to think of it even worse…I called them, “The Lesser-Known Debts of Entrepreneurship
Why is that?

Why do we always think there has to be a loss in order to gain?

Call me an optimist, but I think it’s more than just being optimistic (more on that later). Perhaps it’s this “costs” perspective alone that leads to the high failure rate of entrepreneurs. Or even why we have so much fear to begin with. We’ve all been there before…

  • The fear of not being good enough
  • The fear of missing out
  • The fear of what others think
  • The fear of the unknown
  • The fear of change

We could talk fear, and struggle, and pain and problems for what seems like forever. At least, that’s what we see portrayed in the media. I can pretty much guarantee you’ve experienced it on social media more often than not.

Why is the opposite so rare?

The Truth About “Opportunity Costs”

If happiness is a choice then why can’t we look at this situation the same way. Instead of thinking about the “opportunity costs” associated with building your dream life, why not consider the “profits of possibility”?

What if you could decide?

Just like happiness, it’s a choice. Right?

Well…you CAN!  Let’s look at this a little further.

As I write this blog (fending off writer’s block) the NFL season is kicking off (I LOVE football!).
It would be easy to think as though missing game day (while I write) is an opportunity cost.

And it’s not just the game others would tell me I’m missing.  I could say another cost is missing the relaxing down time on my couch. I’ve heard many colleagues say they miss time with friends and enjoying their favorite beverage at their local sports bars.  That could be another cost of me writing.

According to them…On a Sunday, the day of rest, never the less.  I’m “grinding” through work.

I don’t think it’s a grind at all (at least not 95% of the time). Actually, it’s designed that way on purpose.

I made the decision.

You can TOO.

The Profits of Possibility

Now what are the profits of thinking about what’s possible?

Here’s a few:

  • There are so many benefits of writing alone. Just in a few years as a professional writer I’ve experienced improved personal clarity, professional credibility and have even received a significant financial return for it (both directly and indirectly).
  • Looking at the profits and possibilities instead of the costs could continue to shift my own outlook on life leading to less stress, more happiness and even fulfillment.
  • The possibility that this one piece of written work could change someone’s life, improve a business or transform someone’s mindset.
  • That business or individual could go on to buy my programs or services in which helps to take care of my family, invest in my business and cultivate the retirement portfolio I need to enjoy a retirement of family time, travel adventure and more.
  • That individual or business I just mentioned could go on to solve a major world problem, changing the trajectory of life for millions of people.

Just writing these and reading through them again, there’s an energy that comes with living out your ambition and having the right motivation. Instead of the emotional drain of costs, profits and possibilities ignite that fire inside. It rekindles the natural desire to BE more, DO more and GIVE more.

Your deep personal and professional convictions come alive.

And it all comes with viewing things as possibilities rather than problem; profits rather than costs.

The Truth About Entrepreneurship

There is no wrong path if you know where you’re going. There are only different ones.

Sure there are fundamental principles and best practices. But, how you apply them and when and what you emphasize in your business can vary in any number of ways.

I’ve seen clients and colleagues make it happen all in different amounts of time, with different skill sets and a variety of processes. I’ve experienced it myself.

Your journey right now may seem long with some fun peppered in.  Another individuals may be exciting, but grueling.

The variables of success are many.

It’s not just about optimism. I wish it were that simple, but it’s deeper than that.

It’s a belief in self, faith in other people and a tenacious commitment to something previously unseen.

It’s more than pursuing your passion or chasing your dreams.

And it’s all in cultivating possibility.

Entrepreneurship is a deep conviction that something extraordinary will happen.  Being an Entrepreneur is about creating what could be rather than thinking about what the costs will be.

Costs are not fun.  Live on the other hand should be.

Life is about believing in what is possible.  And Entrepreneurship should be a fun and purposeful path to get there.

If you BELIEVE in profits and possibilities more than costs, I’d be very grateful if you’d help it cultivate this belief in the minds of others by emailing this to a friend, or sharing it on Twitter, LinkedIn or Facebook.

Thank you!

Facebooktwittergoogle_pluspinterestlinkedinrss

6 Strategies for Sustaining a Success Mindset

Facebooktwittergoogle_pluspinterestlinkedinmail

How do we know which decision (of the many) will be the game changer? Which choice will result in landing the perfect client, creating a market-shifting product or which partners will propel our brand influence to new heights? Throughout your career as an entrepreneur or not, there will be multiple opportunities to make “the right” choice, but how do you know what’s best for you?

Truth is you already know the answer. You know that no matter how hard you research, analyze and meticulously check every detail there is never a perfect choice. There are too many angles to evaluate and too many perspectives to consider in getting it all right. There is ALWAYS something we miss, forget or don’t fully understand.

But, there is an alternative. This uncommon track can lead you to health, wealth and success (whatever that is for you) despite any slips, stumbles, and struggles.

Broken Mindset

I started my first business in 2007 and it was reasonably successful, it paid the bills and made a little profit. However, ultimately it failed as I wasn’t fulfilled while on this journey. I tried a couple more times at this entrepreneur thing…once failing due to lack of revenue because of no defined strategy or systems and then because of an unclear brand and failed marketing efforts.

I lied. Here’s the truth. When looking back (hindsight is 20-20) I didn’t fully understand strategy, branding or marketing. Therefore, I couldn’t create the needed systems to win. That part is true. What failed me, however, was my mindset. It was essentially me failing myself. Here’s why:

  1. I was afraid to admit I didn’t know these skills or have the business expertise to get the job done. I wanted to look smart and successful.
  2. I was lazy and didn’t give the effort to learn and do what I needed in order to overcome my areas of weakness.
  3. I wouldn’t let go of other things (for instant gratification)I believed to be important to me.

My attitude, interpretation and response to nearly every important decision had failed me. I was living with what I call a “broken” mindset. All of these thoughts were fragmented instead of focused, pessimistic instead of positive and problematic instead of productive. I had believed I knew it all and all other feedback was useless. Luckily, I had enough emotional endurance and found ways to stop sabotaging myself.

Strategies for a Success Mindset

Growth and sustainability in business comes from being able to consistently push your own personal boundaries. Business performance is people performance.  For me, that wouldn’t have been possible without the following strategies for a success mindset:

  • Be Clear– There’s not much out there more influential to your growth and progress than specifically defining what it is you want. Take the time to explicitly paint the BIG picture of where you want to end up, the exact outcomes and the process to get there. You may not have all these answers yet, but get them as clear as you can and start now. Keep tightening up your clarity as you go.
  • Be Bold– You will know you are on the right path if you find yourself a little afraid and intimidated. This is a good thing to be aware of and then take the steps to move with it. Be courageous and step into your fear and resistance more often. Comfort with discomfort will build your confidence enough to take leaps instead of just single steps.
  • Be Open– If you want more in life then you have to open your mind to new learning. Open up to new perspectives, new angles, new skills, new people, new cultures, etc. The great thing about learning is that it can happen anywhere. Be creative and productive in this process, learn new things and you’ll soon experience evolution.
  • Be More– In my initial work with clients I’ll tell them to press outside their comfort zone. They often respond by telling me, “I don’t know, that’s not my area” or “I can’t do that, that’s not me”. I reply back, “Exactly!” There is always a next level you and if you want to get there you have to transcend your current YOU. Who you are now won’t get you where you want to go, you must become more. Who must you become to grow and give more?
  • Be Synergistic– Doing this alone may be possible, but there is a special magic that comes with having a community of people who are dedicated to supporting your growth and success. At minimum you should have a dozen people in, what I call an, “achievement alliance” or a group of individuals committed to helping you achieve the next levels in your life and business. Find people who are better than you, who will be radically honest with you and spend a lot of time with them.
  • Be Strategic– Before leaping into anything it’s always important to consider the possible pros and cons along the journey. Don’t make the mistake of only thinking about the initial ups and downs. Evaluate future outcomes and do your best to predict long term and short term problems, surprises and possibilities. Be smart by defining which of these align with your strengths and ambitions while also avoiding as much risk as possible (without losing efficiency and effectiveness).

“For twenty years, my research has shown that the view you adopt for yourself profoundly affects the way you lead your life. It can determine whether you become the person you want to be and whether you accomplish the things you value.”- Dr. Carol Dweck

No one else cares as much about your destination as you do. You are the driver of success in your business. You decide your mindset for living and fulfilling your dream.

No matter how ambitious a goal you have, your mindset will always be a big part of achieving it. Without the right mindset, the pressure of our work environment, fear about our finances and doubt about our skills can stomp out our personal and professional desires.

What mindset killers have you faced this week? 

Facebooktwittergoogle_pluspinterestlinkedinrss