The mindset of a successful business owner

The other day, as I was driving to St Albans, I was thinking about the differences in mentality between the successful business owner and the unsuccesful business owner. What is it that makes one person successful whereas in that same very industry there are others who are not doing so great.

There are many reasons why one is doing better than the other.

Maybe it's because he has more money to invest in the business.
Maybe because his skills are much better.
Maybe it's because he is more passionate about the idea.
Maybe he is better at traffic generation.
Maybe he knows how to lead a team of people to work towards a common vision.

All the above, and more, are very important attributes.

But I think above all of those "tactics" it comes down to your attitude, your mindset and your beliefs.

Applying Pareto's Law to this, success is always an 80-20 relationship between your mindset and your action plan. 80% of your success comes down to your mindset and 20% is from your strategies – your A-B action plan. This concept has been reiterated to us more times than we can count on two hands, but here again, it is vitally important if your product or service is going to be the latest talking point in circles around the world. 

Let's talk about your needs. 

Most people when going for success in their business look to satisfy one need – they want to make money. When you see your need (your ultimate motivation) as wanting to make money, there are really only three paths to making it happen: (1) you get the knowledge (2) you do the labor and (3) you leverage your resources. 

However good it may sound to you, having money as your ultimate need and core motivation is not the major driving force for success. Let’s take another need for example. Let’s look at your ultimate need as being your need for food. When you have a need for food, there are two ways to go about satisfying that need. One is to buy food with money, and two, is to grow your own food. 

When you decide to buy food with money, you have the three options again – knowledge, labor and leverage. When you decide to grow your own food, you have another three options – (1) learn from successful gardeners, (2) borrow seeds in exchange for cooking and (3) get someone else to grow it for you. 

The idea I’m trying to portray here is that no obstacle should really be an obstacle for your business when your need is deep and strong. The solution should be an almost no compromise answer so that your business gets what it needs to succeed.  

This is one step towards discovering your core motivation.

Take a moment now to do this exercise: 

Let’s just assume reincarnation doesn’t happen. One day you will be dead. And in your place you will have left something. What will that something be? How will you be remembered? What impact will you make? What will you create that continues on after you are gone?

What you want to come up with are reasons why you are really in this arena – reasons why you’re doing it. Here are my five reasons: 

1. I love the game. It’s scary; it’s fun, it’s challenging & stimulating. 

2. I like being able to provide opportunities and give back to the community. 

3. I enjoy being part of a team that is helping thousands and thousands of people all over the world. 

4. I like the concept of being financially free and the opportunities, experiences, and influence that come along with having money. 

5. I’m passionate about changing the world on a global scale by working towards cultivating peace 

What will be your core motivation? We get motivated by the venture of making money. A desire for respect motivates us. A thirst for achievement motivates us. The desire to excel both mentally and physically is a drive we want to pursue. Also the goal of being a creator and living a memorable legacy can be a motivation for many of us. Here are some questions to help you come up with your own reasons for playing in this arena. 

  • Why do you want to create worldwide buzz with your product and solution?
  • What do you want to get out of it? 
  • What do you really crave to learn? Another culture, a foreign language, ski-jumping?
  • Which material objects are you motivated to possess? Are you craving a motorbike, a mansion, a Mercedes Benz?
  • Does the benefit of financial security and prosperity motivate you? Do you crave things in your life that money can buy which makes it more comfortable and enjoyable? 
  • How do you want to contribute to the world and how does that motivate you?

Get out and give all you have. Make your goals. Find your motivation and core reasons for being. Then give it your all, plus that extra 10%. In the end, be happy that you made a difference, accomplished something meaningful to you, added value to the world, and had fun. That’s real success in my book. 

Please leave me your thoughts below...

What are you most grateful for?

On this American day of gratitude, what are you most grateful for?

 

I strive to wake up every day making a list of the things I'm grateful for. So I don't think this Thanksgiving day is the only to show gratitude.

 

I'm grateful that I've acquired the entrepreneurial ability, know-how and confidence to build my business.

 

I'm grateful to the opportunity of helping other individuals become internet entrepreneurs.

 

I'm grateful for the thousands of musicians that have entrusted the support and training from my organisation, Insider Music Business.

 

I'm grateful that my birth in human form allows me the opportunity for spiritual growth.

 

I'm grateful for my parents, my family, my friends and my loved ones.

 

I'm grateful to moments and experiences in my life that have made me who I am today.

 

I realise that when I'm most grateful, and when I'm hanging out with those who are grateful, I live a graceful life.

 

I've also learnt and understood that one of the most important skills you can have in your life is the "being grateful". If you haven't realised that, I invite you to a challenge of waking up the next 10 days and taking 5 minutes to feel, think and be grateful. You'll thank yourself for doing it.


What are you most grateful for?

What's Your Biggest Internet Marketing Challenge?

Hello!

As we move towards the end of 2009, and you work hard to meet your goals, what is your biggest internet marketing challenge?

Please share...

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Feel The Fear and Change The World

Arvind Devalia has written a brand new manifesto called "Make It Happen"

It's released for download today. You can claim your copy here.

He has also written a wonderful post called "Feel the Fear and Change the World" which I told him could be the title of his next book. It plays on the popular book by Susan Jefferson called Feel The Fear And Do It Anyway, and her popular Feel The Fear Workshops and Stories.

He has seven points here:

1. Get started.

2. Does the world even need changing?

3. Let your line shine

4. Make a difference to one Starfish at a time

5. Find like minded people

6. Get inspired by your heroes

7. Create your road map for change and keep going

Download your copy here and share it with your friends. It's definitely worth a read.

How Are You Creating Unforgetable Experiences?

Succeeding wildly in modern business is about creating unforgetable experiences for your customers, thus allowing you to leverage continuous and repetitive business.

 Giving them a moment of inspiration, joy, laughter, wisdom or insight is usually something that will impact them for the rest of their lives, and ultimately make them advocates of your brand and product line.

 A personalized business usually creates an unforgetable experience each and every time for their client.

 An assistant who deals with customers promptly, efficiently, joyfully and with love usually leaves a mark of warmth.

 An air hostess who attends to your needs in a flight, and goes the extra mile to check you are comfortable with a smile will leave a mark.

 So to will a cab driver who helps you find your destination, a bus driver who waits as he notices you run to the stand, a tour guide who waits as you slowly catch up, and the dentist who checks your teeth with care and love because he is passionate about his job.

 Create unforgetable experiences and you or your business won't be forgotten.

 Here's another example: The weekend just gone was the Young Jains convention, "Bridging The Gap". Over 150 people attended. Because of the love, compassion and culture from the entire team and audience, the weekend was awesome. That level of warm welcoming elevates the content and delivery to a deeper meaning. The end result: a transformative, unforgetable experience.

 Run a business or other operation? What unforgetable experience are you creating today? Do share...

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The Tribes We Lead - Talk by Seth Godin

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Jain Business Ethics - An Oxymoron?

At a discussion event about Jain business ethics led by Dr Atul K Shah of Diverse Ethics Ltd.

UPDATE (21/03) - It was an interesting event. We discussed the theory and practical elements of Jain dharma that are important in ethical business practices, primarily touching on the main vows of Ahimsa (non-violence), Satya (truth), Aparigraha (non-possessiveness) and Asteya (non-stealing), whilst touching briefly on the permanence of the soul and the impermanence of the body that drives the business. There was an interesting difference of opinion where some though that profit maximization is fine if profit is channelled in the right way, and others felt that business should just be there to make all that's needed. What do you think?

Apologies for any brevity. Sent from my iPhone.

I don't give feedback well. Here's how I'm improving.

I don't really give feedback in the best of ways. What I say may be good, but the way I share it isn't the best. Part of this post is to just share my thoughts with myself and have a method of improvement. At the same time I am not alone in the way I offer feedback poorly and so I hope my thinking processes here will help a reader.

In the last few days, I've been thinking hard about how I come across to others and whether it's something I like and am comfortable with, and more importantly why I've been doing it the way I have. I realize I'm a fast thinker, my mind works things out visually and faster than others I may be working with and so I can see things that they'll see 2-3 minutes after me. That could get me agitated as I just want to get on with it. I haven't appreciated their growth and progress and usually just jump in and share my thoughts. 

I'm starting to slow down a lot in my life and thinking. I truly live and believe that there is no such thing as an emergency, even in the case of death or accident. So there is no reason to act fast without thinking because that is useless and different to fast action with thinking, otherwise known as the Speed of Implementation principle. 

One of the key things I keep missing and forgetting when I give feedback is the idea of SANDWICHING my ideas. The way this works is that you first give praise for the progress and understanding being made so far, then offer your constructive feedback and then close again with a note of praise. Although I can see how this works, I just feel that when this is done people forget the constructive critiscism that is shared and get caught up in the praise instead. I much more prefer to be direct but I know that for some people that don't know me, that can be difficult to take. (More on the feedback sandwich here) .

I did a search on "how to give feedback" and came to find a post by Seth Godin. In it, he says that people don't need your opinion and they certainly don't listen to it for improvement. What they would much prefer is your analysis of the situation with suggested alternatives or ideas. For example, "The last three products that succeeded were priced under $30. Is there a reason you want to price this at $31?" is a good way to offer your thoughts and will get them to think.

Part of giving your feedback is mastering your emotions. I mention in many of my talks that mastery of your emotions will give you control and ability to make effective profitable decisions in your business. It is the same if you are going to give effective emotions. There are times in the more distant past when I give feedback and my ego feels better because I know and have shown I am better than the rest. Although I no longer have been doing that and share from a place of content and knowing it is something I felt I should add here because there are others who do that.

So to summarize: I'm going to be a bit more softer in the way I share my feedback, I'm going to coat it with some praise. And I'm going to offer it in public if it is necessary for everyone to hear, using analysis to preframe it, otherwise I will share with the individual(s) in private.

Care to share your experiences and thoughts on offering good feedback?

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The Entrepreneur's Creed


 
I do not choose to be a common man. It is my right to be uncommon – if I can. I seek opportunity – not security. I do not wish to be a kept citizen, humbled and dulled by having the state look after me.
 
I want to take the calculated risk, to dream and to build, to fail and to succeed.
 
I refuse to barter incentive for a dole; I prefer the challenges of life to the guaranteed existence, the thrill of fulfillment to the stale calm of Utopia.
 
I will not trade my freedom for beneficence, nor my dignity for a handout. I will never cower before any master, not bend to any threat.
 
It is my heritage to stand erect, proud, and unafraid; to think and act for myself, to enjoy the benefit of my creations and to face the
world boldly and say:

This, with my family and friends, I have done. All this is what it means to be an entrepreneur.
 
Author unknown, via Ben Casnocha, via Dave Asprey.

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How to make one hell of a profit and still get to heaven

My thoughts from reading "How to make one hell of a profit and still get to heaven" by John Demartini.
 
* Payment is due when service is rendered.
 
* To think it is more honorable to give than to receive is to break a profound universal law, the Law of Equilibrium.
 
* Life shrinks or expands in proportion to one's courage.
 
* Donate (time and money) to causes that truly inspire you rather than just those where you feel the need to rescue.
 
* You grow the fastest and deserve the most when you can be exactly who and where you are. Your true power lies in the balanced truth.
 
* You have exactly the samey potential as any highly accomplished person; you just aren't believing and acknowledging it. But the instant you have it in your mind, you start enacting it in your body.
 
* When you can take the things you judge in yourself and appreciate them to the point where it wouldn't matter if people found out, you'll attain real self-love.
 
* Wealth grows or appreciates in value where and when it's appreciated and knowledge is a vital key to that growth.
 
* Whoever appreciates nothing, receives nothing.
 
* Wisdom means looking at your life and realizing that every single person and event was perfectly designed to help you on your life path.
 
* When you see and appreciate the divine perfection that surrounds you, you give off a radiant light and bring harmony to yourself.
 
* Those who path a value on themselves end up wealthy.
 
* The gurus of financial markets are those who have learned to master their own emotions. Most people lose money because they let their own emotions dictate their behaviour.
 
* When you love yourself, peoples opinions won't touch you. When you don't love yourself, people are mysteriously drawn to attack you because you're doing the same to yourself first. The world is a mirror that shows you how you feel about yourself, and with self-love mthere's little fear of such reflection.
 
* When you're willing to do the things that other people aren't, and when you trust and honor yourself that much, the world honors you right back.
 
* Emotionally charged relationships can dissipate your potential to amass heavenly fortunes. Your heart is your greatest asset.
 
* If you attempt to live in a fantasy, you'll become frustrated and disillusioned trying to match your fantasy and it's not going to happen.
 
* People who are present are more productive, and the only way to be present is to see things as they truly are, not as you imagine then to be.
 
* Relationships exist to expand you by pushing your buttons about the things you haven't yet loved.
 
* True trust in relationships is about trusting others to live their values, not yours.
 
* If you can speak from your heart, your partner will go into his or get heart and meet you in the center.
 
* When you stop trying to change that person, in that moment they'll transform.
 
* Caring and selling are identical; they basically mean knowing and meeting people's values.
 
* The point of a purpose is to give you such a big "why" for your life that you attract the resources, money and people to help you overcome any obstacle on the path to your dream.
 
* Those with great purpose have the courage and discipline to go beyond their fears, to act with inspiration, to go even beyond themselves and what they think is possible.
 
* To the degree that you remain unconscious of your purpose, someone else will partly determine your destiny.
 
* In your heart you know exactly what you'd love to do, but the fears and guilt in your head stop you from acknowledging it.

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