Do You Have the Right Mindset?

Do You Have the Right Mindset?

As a successful business owner, you’ve already overcome many hurdles: bringing your business idea to fruition, expanding your team, managing employees, keeping customers loyal. You may have even been in business long enough to have endured previous economic downturns.

But, despite past triumphs, there’s little that could have fully prepared you for the current state of our country. COVID-19 came quickly and aggressively, barreling through businesses and entire industries, vastly changing the upward trajectory of the economy.   And, now we are experiencing dramatic social and cultural norm shifts as the Black Lives Matter movement has become a key component in many communities and businesses.

This series of blog posts will detail tips for creating and maintaining a successful business during a rapidly changing environment and economic uncertainty.  They are based on my book, The Success Code, written in 2014 based on interviews with dozens of owners who survived and thrived during the Great Recession.  These lessons are still relevant today.

First up:  Bringing the Right Mindset

“Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all.” — Dale Carnegie

There are many challenges you face as a business owner, especially in today’s fast paced marketplace. How you overcome them has a lot to do with your mindset. Let’s explore some of these challenges further:

Global connectivity — Ecommerce has changed the way consumers shop and interact with brands. Products from across the globe can arrive at your doorstep in days. Unfortunately, this has shifted focus from supporting small, locally owned businesses. It also challenges business owners to keep up with constantly changing digital trends — Instagram, Facebook, TikTok — the ways to communicate with your customers are infinite. Now more than ever, business owners are facing public scrutiny for their practices, beliefs, political allegiances, etc.

The speed of change — For businesses to stay ahead of the curve, they must be continuously innovating. How are your products and services evolving? Would you consider yourself a leader or laggard when compared to competitors? The constant pressure to improve and create new is daunting. However, falling behind the pack can be a death sentence. Kodak, Blockbuster and local shopping malls are prime examples of this. You need to learn to adapt — and do it quickly.

External and internal pressure — As a business owner, everything — both personal and not — affects your success. Health problems, relationship woes, employee conflict; you name it, there is no such thing as separation between home life and work. This constant pressure can manifest into negative energy. Conversely, scientific research has proven that happiness and a positive mindset lead to success.

Let’s dive into a few positive mindset behaviors that successful owners share.

  •  They believe in their purpose — A business starts as a vision. If your passion for your work dies out, the success of your business will follow suit.
  • They take ownership — As a leader, you set the tone for your entire organization. If you’re not willing to step up and do the work it takes to succeed, why would others?
  • They listen and communicate — A strong team is an integral part of your success. Like any relationship, communication is key and should be a two-way street. Take the time to listen to what your employees are saying and make any necessary changes.  Emotional Intelligence has never been more important.
  • They unplug — Don’t burn yourself out. Recognize that you (and your employees) need time to relax and recharge. Studies show this leads to greater productivity and workplace satisfaction.

The Bottom Line
Business owners face more challenges now than ever before. The foundation of your success and perseverance lies in your attitude and a positive mindset will pave the way for everything else to fall into place.