Saturday, March 19, 2016

Uncovering the mindset of legendary business owners

success mindset

In every industry, during every economy, there are businesses that thrive. There’s no mystery as to why this happens. We can even predict them in advance. In fact, we can choose to become one of them.

These are the business owners who:

  • Have the courage to do things their way. As Warren Buffett says, the best investors sell when everyone else is buying, and buy when everyone else is selling.
  • Have the courage to turn away the wrong kind of clients. They know that no business can thrive, without a strong client base or customer base.
  • Have the courage to develop and provide, new products or services.
  • Have the courage to refuse to do average work. They know that people judge them based on the quality of their work. So they set the bar high and increase their value.
  • Have the courage to set deadlines and deliver as promised. They’ve figured out that this is one of the best ways to earn the trust of their clients.
  • Have the courage to charge 100% or 200% more for their time, than the industry average.
  • Have the courage to focus on what they want. They’ve learned that we tend to move in the direction of what we focus on. So they refuse to focus on what they fear.
  • Have the courage to lead. When everyone else is waiting for someone to take action, these business owners lead by example.

Time and again, I find that the most common factor behind successful business owners and entrepreneurs, is courage.

The role of courage in business success

A courageous business owner will always outperform a fearful one. This holds true, no matter how smart the fearful business owner is.

For instance, many of the most fearful and least successful business owners I have met, were very highly educated. However, as former US president Calvin Coolidge famously said, “The world is full of educated derelicts“. They were great at detail. Wonderful with research, yet lousy when it came to leaving their comfort zones. They lacked the courageous mindset of an entrepreneur.

Smart and courageous

Conversely, Apple was co-founded by a courageous university drop-out. And Steve Jobs was not alone. Dell founder Michael Dell never graduated, nor did Henry Ford, Wendy’s CEO or Oracle co-founder Larry Ellison. [Ellison is worth an estimated $54 Billion, around 10 times more than Sir Richard Branson]. Smart people for sure. That goes without saying.

My point is that their lack of academic qualifications had no negative impact on their success, and that gaining academic qualifications is no guarantee of success. It’s mindset over everything else.

Since starting my business in 1995, I’ve worked with thousands of business owners. I’ve found that nothing can stop a smart, courageous business owner from succeeding. And that nothing can stop a smart, fearful business owner from being average… at best.

Thankfully, courage is a choice. It’s how we choose to act when faced with an opportunity or a threat. And we can choose to start acting with courage, whenever we wish. That’s the starting point of building a courageous mindset. The mindset we need in order to build a successful business.

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Originally posted on this blog

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