Friday, November 20, 2009

Think Like an Entrepreneur!

By Steven Schlagel

I coach and consult with many small businesses about starting or buying, and then running a small business. We work together on streamlining processes, hiring staff, developing a marketing strategy to allow for increased income to pursue their dreams. But there is more to understand than the nuts and bolts of running a business.

Entrepreneurs and small business owners tend to think differently. Small business owners often start their companies after having been employees in that industry. They frequently maintain that employee mindset. Entrepreneurs dream big, start several businesses from scratch, plan for the future sale of business and are always looking for the next opportunity.

Entrepreneurs see challenges like a recession as just another opportunity. Small business owners are often married to their business and get mired down in details. When the economy goes south, they hunker down into survival mode. Entrepreneurs are less likely to do this.

To be more entrepreneurial, small business owners need to create a real vision of what they want their business and personal life to look like. That vision needs to be very rich with detail and how their business will support their personal goals. Do you want more time to pursue scuba diving trips? Do you want money to send your children to Ivy League colleges? Do you want to be a keynote speaker? Start writing down your BIG DREAM.

When doing this, many people know, in their gut, what they want but their head gets in the way with practical thoughts. For this exercise, DON'T BE PRACTICAL AND DON'T BE AFRAID. Do you want your one lone bricks and mortar store to be the biggest selling franchise in the world? Write it down and don't put an end date on when you want to achieve this. Be as impractical as possible. Do you want your business to run itself while you go deep-sea fishing for months out of the year? Write it down. For some business owners, just writing it down where they can see it is a big shift.

When you've written a detailed vision of what you want work and life to look like, it is important to feel it. If part of your dream involves a new car, what does the steering wheel feel like in your hands? How does that book you wrote look and feel? Professional athletes do visualization all the time. Tiger visualizes his perfect putt hundreds of times before he actually makes it. They work with coaches to help them with this process. Why shouldn't this work for you?

Get out of survival thinking and start acknowledging your biggest visions of success. Entrepreneurs dream really big and take chances. Start changing your mindset now and begin thinking like an entrepreneur.

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