I’ve been in the world of business for the last 13-14 years. In these years, I’ve built and ran 5 different businesses out of which 2 shut down, 1 I gave away and the rest are going strong! When I started off with my business partners, we just had 1 business where we made a lot of mistakes. And over the years, failures and learnings have strengthened my knowledge about businesses.
So, the moral of this short insight is that when people start a business they make some very critical mistakes. And having had the fortune of building 2 successful ventures and handholding more than 1000 businesses, I’m going to share some insights with you.
Your Mindset Matters the Most
Your mindset, irrespective of whatever skills and capabilities you have, the mindset is the predominant foundation which gives you the direction you want to go to. Your mindset has a big impact on your beliefs, your thought patterns, your perceptions! Your beliefs, then have a big impact on your actions and actions then determine your results! So it is important to make sure you have the right mindset before you embark upon setting up not just your business but also any important venture in life!
Why I mention the importance of having the right mindset before anything else, it is because so many entrepreneurs start their businesses with a job mindset! And that’s the first glitch you need to fix before you start.
Difference between a Job mindset and a Business mindset: Time
When you’re in a job, you are paid for your time. Your employer does not pay specifically for your skills, but for the amount of time you are devoting to his firm. The salary you earn is the direct function of the time you spend. Capabilities and skills are obviously important and they add to promotions and other benefits, but if you do not go to work, you don’t get paid. It’s simple.
When it comes to business, though, you DO NOT get paid for the time you spend in your own business. You get paid because of the value you add which is the function of that capability. Irrespective of that, you have to invest time.
What I am trying to say is that no matter what, you need to invest time in your business. It is a given. It is not an extra value. It’s an inherent need.
The value you add is because of the capabilities that you impart in your customers’ lives.
A big mistake in the mindset that most business owners have is that they demand a return from their business just because they invest a certain amount of time!
Read More: Stepping into the World of Business
Honest truth about Time
If you think that when you start your own business, you’ll get a lot of time, then I have news for you. You’ve got to spend much more time on your own business than you did in a job. And honestly, if you are counting your hours when trying to build your business, then you shouldn’t be an entrepreneur!
There are trials and errors, efforts that need to be put, R&D and finally it all depends on the value you add to your clients’ lives and businesses. The amount of time you needed to do this does not matter.
The eventual destination for every entrepreneur is obvious when they do not need to spend a lot of time on their business, but you’ve got to be that successful to be able to pull it off. In the beginning, don’t put in the bare minimum and expect to build an empire.
This is the first difference budding entrepreneurs need to keep in mind before starting to build their own business.
Stay tuned and keep a lookout for the next blog to note the second difference between a job and a business mindset!
Karan Hasija, one of Asia’s leading business coaches is known for his in-depth strategies and tools that help new and existing business owners build successful and profitable business ventures!
