The first major component to successfully building your business has to do with your mindset.
Now, by “mindset” I’m not talking about any fluffy psycho-babble. I’m talking about the real, incredibly powerful impact that your day-to-day mindset has on the results you attain in business (and in life). The evidence for this is everywhere.
Look around at extremely successful entrepreneurs. Take Richard Branson as an example. If you’re not familiar with him, he built the Virgin companies: Virgin Records, Virgin Mobile, Virgin Airlines, and hundreds of other companies.
He is now one of a small number of Billionaires in the world. He did not come from money. He did not have secret business knowledge when he started his first business. What he did have was an incredibly powerful mindset. He believed that whatever he set out to do, he would do. Nothing and no one would stop him. He set his sights on accomplishing big things, and he did them. He would decide WHAT he was going to do, and THEN he would figure out HOW he was going to do it.
Now, he also put a lot of work and effort into making things happen, but the action he took was a direct reflection of the powerful mindset.
Now, the first component of developing or managing a powerful mindset is gaining clarity around what it is that you’re wanting to accomplish. In other words, what is your vision, or long-term idea for your business and your life?
- Is it to build it to a certain financial point and sell it?
- Is it to build it up to where it’s generating great cash flow for you?
- How big do you want it to be when you’re done?
- How many employees, locations, etc?
- And what are you going to do with the money that you make from it?
I always tell people that you’ll never make a dollar that you don’t have a plan for. It rarely happens. More often, people have clarity around what they want the money for, then they go make it.
It’s the same in business. You have to have clarity around where you want to go with your business, as well as WHY you want to get there (i.e. what you’re going to do with your money and time when you get there).
The second component of a powerful mindset is belief.
This part of the process gets a bit more tricky. This is where I tell my clients to look back at how they grew up, because how your parents raised you will probably impact this area of your life throughout the rest of your life.
If you were brought up to believe you could do anything, like Richard Branson was, you probably still believe that today. If you were brought up with parents telling you that you’re a good-for-nothing bum who will never come to anything in life, you’re probably still living with some of that garbage. But you’re probably more like most people and fall somewhere in-between there.
The problem with that is that most parents do not raise their children to believe in themselves strongly enough to do big things. Most parents are average people and so they raise average kids.
BUT, building a great business where you make above average income and live a better than average lifestyle is not average.
SO, we need to overcome some of that to build up better belief around the fact that we CAN accomplish what we set out to do (which, by the way, you can- it’s incredible what humans can accomplish if they’re determined to do something).
In order to build better, stronger belief in ourselves, we need to do two things:
- First, we need to talk to ourselves in such a way that we re-enforce what we’re doing.
To do this I recommend you make a list of 20 things that you’re in the process of doing or building and write them out as such: I am building a one million dollar business before I turn 40. I am generating more income every month and working on systems so I work fewer hours. and so forth. Once this list of 20 statements that start with the words “I am” are written out (which – by the way- those are two of the most powerful words in the world when combined together), read this list twice daily, out loud preferably at waking and before sleeping.
This is a powerful exercise to build your belief in yourself and to help you move forward and take actions.
- The second thing to build stronger belief in yourself, and this is CRITICAL, is taking action.
You see, we reinforce our beliefs according to what results we see daily from ourselves. Our minds are always looking for reasons to reinforce what it’s thinking. So if you do the I am statements, your mind will be looking for examples that these statements are true. So it’s very important you give yourself more reasons for believing them. You gotta take actions to move down the path to accomplishing your goals.
So, to sum up, the first critical component to faster growth and profits pertains to our mindset.
The first part of a powerful mindset is clarity on where we’re going, or our vision. We have to be clear on where we want to go.
The second part is belief. We must believe that we can and will accomplish what we’ve set out to do. Strengthening this belief can happen by consistently reading a list of statements that begin with the words “I am” and affirm that you’re in the process of accomplishing what you’ve set out to do.
By the way, I disagree with some gurus out there who advocate stating things that are not true as if they were currently true. In other words instead of saying “I am building a million dollar business” you say “I am the owner of a million dollar business”. I believe this sort of thinking leads to delusion, which is not helpful for anyone.
Just state that you are in the process of or that you’re building, etc. That way you know you’re not fooling yourself.
And the second part is taking action. You have to take action to prove to yourself, and to further build your belief, that you’re really doing it and making things happen.
And that’s the first major component to faster growth and profits. It’s easy. But remember, it’s easier NOT to do it.
So get it done.