All entrepreneurs are not the same. Circumstances, vision, skillset, and more contribute to the approach of each individual who decides to take the plunge into business for him/herself. What kind of entrepreneurial mindset do you have and how is it affecting your success? ActionCOACH founder, business coach, and author Brad Sugars had identified 6 levels to help you find where you are in your process and where you need to grow to achieve amazing success with your business.
The Entrepreneurial Mindset of the Level Zero – The Employee
Thought patterns that make you a great employee are often the very ones that undermine your success as an entrepreneur. Ideas like “having a lot of stuff equals wealth” and “being more intelligent and more experienced guarantees success”, the need for the security of a regular paycheck, and the belief that you don’t know enough to start your own business can keep you frozen. It takes courage, trust, self-belief, and action to make the idea a reality that works for you.
The Entrepreneurial Mindset of the Level One – The Self-Employed
While security may drive the Level Zero mindset, this group is driven by a totally different force – the need to be in control of their own lives and destinies. These are people who don’t mind responsibility and uncertainty. They like knowing that the responsibility begins and ends with them. However, this very desire for control can lead to situations where Level One entrepreneurs create a new job for themselves rather than creating a true business.
If this sounds like you, make sure that you are taking into account all the things you have never done – marketing, sales, production, accounting, customer service. You may have the best product in the world, but not having the know-how in your business to cover all the bases will sink you every time. Are you a person in busyiness or in business? You must create a vision for yourself beyond being an employee in your business. You have to start looking toward a business that can run without you.
The Entrepreneurial Mindset of the Level Two – The Manager
Many managers hire people they can control, not people they can lead. Henry Ford said, “ The smartest people in the world hire people smarter than themselves.” Yet, the manager mindset tends to be more, “ If you want the job done right, you have to do it yourself.” Once you can let go of that need to run everything with a total hands-on approach, you will be able to hire strategically and get the right people in the right positions to make your business run like a well-oiled machine – even when you are not there.
The Entrepreneurial Mindset of the Level Three – The Owner/Leader
As an owner/leader, you have now moved out of the manager mindset and into one that shifts focus from working in the business to working on the business. You are now the recipient of passive income and no longer have to be hands-on with everything for the business to run. You are now operating on the strategic level, considering the big picture and asking,” Where is the profit?”
The Entrepreneurial Mindset of the Level Four – The Investor
As an investor, your focus shifts from the day-to-day running of your business to using money to make money. Simple is the guiding word as you stay true to your goal of creating wealth through buying and selling businesses. As you move into this role, be careful not to invest in businesses that will draw you back into a hands-on role, which will pull you backward and take your energy and forward momentum with it.
The Entrepreneurial Mindset of the Level Five – The True Entrepreneur
The true entrepreneur is a visionary, someone who can see what does not yet exist, a dreamer of what could be. S/he is also a person who makes money by raising capital, using other people’s money to make money. A true entrepreneur already has wealth – physical assets and a passive income stream. Additional wealth at this level comes from paper assets.
Where do you fall in the Entrepreneurial Mindset Levels? Where do you want to be? Having a clear vision of your desired end game and the steps to get there will make all the difference in your success.
One of the best ways to put your plan together and make sure you have the action steps you really need is to work with a business coach. Contact us today for a free 90-minute session with an Alliance Business Coaching ActionCOACH and see how far your business can grow toward reaching your goals at every level.