There are countless struggles that come along with starting your own business. But all of these struggles can be relieved if you just have a little help from your psyche. Having the right psychological mindset when starting a business can make all the difference. It can make or break you and the business. So what is the right mindset to have when starting a business?
The psychology of starting a business is crucial for the success of the business. The right mindset will help navigate you through the hard times. As many entrepreneurs know, there is no shortage of difficult times when starting or running their own business. Knowing how to control you thoughts will only benefit you through whatever obstacles are in your way.
Let’s start with the early stages of starting your business. I’m talking about the idea phase before your business is a real thing yet. A business isn’t real until it has made its first sale. In the early stages of starting your business, you need to understand that things will be very difficult. Having the idea is the easy part. Executing on the idea is the difficult part. Anyone can have a great idea and not do anything about it. What separates the successful from the unsuccessful is the ability to act on the idea. That’s why it’s important not to get too intimated of having a business. If the idea of success or failure get into your head, there’s a good chance that it will discourage you away from starting in the first place. Instead, it’s healthier to start the business out as a hobby. This way there is less pressure to become successful. Furthermore, this is the healthiest way to start a business because you know nothing about being an entrepreneur and don’t have the skills yet to be a successful small entrepreneur. When your business is in its baby stage so are you as an entrepreneur. Then you gradually grow along with it. Keeping risk small is the best way to ease into this new endeavor. Start off with something small or even free and do that for a while until you work out the kinks on your end. Once you build up the skills and get the hang of it, then you’ll be able to start charging for your product or service.
For example, if you are deciding to become a painter and you’ve never painted before, I would start off by doing a small painting job for free. This way if you mess anything up, the customer at least got what they paid for. You will also start to accumulate experience which customers want to see. When you build up your painting skills and feel more comfortable with it, you will then be able to start charging for your services while taking on larger projects.
Start small is the best way to get through the early stages of starting your business. The next thing to focus on is building up the habit of being an entrepreneur. In other words, you need to build up your stamina. You need to build up your ability to work for long periods of time and get used to working because when people get tired, they give up. Get used to working and just think of it as training for the future. Don’t think of it as the end all be all because then you will easily give up on yourself. Work because this is what you do now. It’s simply just a part of you.
Getting through the first stage of starting a business can be the most difficult part. Once you are off and running, there will be problems that will identify themselves to you. You won’t have to wonder what to do anymore because the problems will be right in front of your face. But before that, you have to identify the problems for yourself. Starting something from nothing is difficult. Especially if you think of it as a competition. Here is some great advice. DO NOT COMPETE!! At least in the beginning. I know this goes against everything most people think of when thinking of business and entrepreneurship. But let me explain. Thinking of your start up as a competition will only scare you away. As I said up top, think of it as a hobby. When you think of your startup as a competition too early on you will get too focused on the success and failure relative to businesses that already have laid the foundation. When you are laying the foundation yourself, it’s important to focus only on you and what you want the business to be about.
Another reason why I stress DO NOT COMPETE is because you need to separate yourself from the pack in order to stand out. For instance, it makes no sense to start a company that makes golf clubs. Because that space is already filled. Don’t compete with them because they are already a full-fledged business and you are still a baby. They will crush you. You need something else to separate yourself. Instead of competing in someone else’s lane, create your own lane. Build up your lane over time. For instance, if you like golf then try selling a new accessory that helps golfers do something. If your lane starts to show success then others will join it. And guess what, when other’s join your lane, that is actually good for you because it shows that the lane is growing. The larger your lane grows, the most synonymous you will become with your lane and the more customer attention the lane will get. So I stress, DO NOT COMPETE when starting. Instead, make a new lane. Make something new that is noticeably different from other products on the market.
Persistence is key. Imagine how many small business failed because the owners tossed up their hands when things got hard. Guess what? Starting a business is extremely hard. So this is to be expected. The important thing is to focus on the hobby of it and not the business of it. Focus on doing the work rather than the success or status of the business. This will have a positive effect in two ways. For one it will ease up some of the pressure which will help keep you motivated and it will also train your mind to work through problems instead of giving up.
Having the right psychological mindset is everything especially in the early stages of starting a business. It can make or break you and the business. That’s why it’s crucial to remember these principles I laid out above. Remember to keep moving no matter what and you will become successful too!
What advice do you have for those starting a business?