Kavit’s Blog

observations from an internet entrepreneur

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...