What mindset shift do you need to make to successfully move from employee to entrepreneur?
There has probably never before been this number of people needing to make the shift from employee to entrepreneur, founder, and business owner. While there is every reason in the world to make the leap right now, the ultimate success of this venture will rely heavily on the ability to make the mindset shift.
We can all do it. Some just seem born with this entrepreneurial spirit. Others have it baked into them at an early age. Many have not. They’ve been brought up industrialized. To just fill seats and pass the tests. You can do this. Here are the shifts to make now…
1. Complete Ownership
As an entrepreneur and business owner, you have to take complete ownership of everything. Whether it works out or doesn’t is all on you. You have to own all of the outcomes. No excuses. No one else to blame. It is great to make all of your own decisions and to have the freedom to do things better than all the companies you worked for before and all of your old bosses. The results are also up to you.
2. Make Decisions
You’re going to have to make decisions. Even not making a decision is a decision. You are going to have to get comfortable with making decisions without all of the data you’d like, or even imperfect data. You no longer can defer the choices to a boss or manager. You’ll need to make quick decisions and own them.
3. You Are There To Serve Employees
In some organizations, you might have thought you were there to serve the boss. In reality, as the owner, you are there to serve your employees. Whether or not your previous bosses did that well or not. It will really be your top priority. Along with serving your investors and customers.
4. Seeking Advice From Others
You’ll never know it all. Especially not when you are tearing through new territory and are stretching yourself, and moving out of your comfort zone on a daily basis. The key to success is to seek out advisors. Don’t stubbornly make expensive mistakes and waste time. Find fundraising consultants, marketing consultants, and M&A advisors.
5. Being Willing To Admit You Don’t Know
Up until now you may have been trained to fake it, be adamant you know and haven’t made a mistake, and never show vulnerability. No wonder few employees get very far.
As an entrepreneur, it is a strength to admit it when you don’t know. Or to own up to making mistakes. It will preserve your credibility, trust, and loyalty.
6. Be Prepared For Every Day To Be Challenging
Being an entrepreneur really just means you are signing up to tackle endless challenges. Every day will bring them. It’s great if you thrive on a challenge. If you aren’t being challenged, you aren’t growing fast enough or aren’t working on a hard enough problem. All the easy stuff has been done already. Many of those days will be tough too. Just keep your eye on those good days, and celebrate them.
7. Value Taking Care Of Yourself
Work and performance are no longer about just clocking in. You can’t punch in and just stay under the radar all day. You can’t afford many sick days or getting your team sick. You’ve got to prioritize taking care of yourself, mentally and physically. Get a good morning routine. Put good habits in place.
You also want to optimize for time and relieve yourself as much as possible so that you can spend time where it really matters. For those towards agreements, presentations, etc you should use business templates rather than starting from scratch.
8. Value Investing In Yourself
Not only will you need to invest in your health, but in growing as a leader. There is no top business leader, legendary investor, or athlete who hasn’t had equally great coaches and mentors. It just doesn’t happen. No matter how smart you are and how much raw talent you’ve got, you have to keep investing in yourself to grow faster than your startup is growing.
9. Think Short & Long
You’ve no longer got a boss who is just going to hand you a paycheck or automatic deposit in your bank account next Friday. Being sure there is money in the bank for payroll next week is all on you. You won’t last long unless you are thinking about the long game either. You need to be thinking at least 10 years out. 100 if you really plan to keep this company for the long term.
10. Think Like An Owner, Not A Worker
You may be tempted to just try and do everything yourself or micro-manage, or block out all of the feedback you are getting from your teams. You can’t afford that. Think of yourself as a custodian of this business. That may be for two years or 20. It’s bigger than you.
11. Be Mission Driven
Becoming an entrepreneur is not about making a paycheck. It’s the last thing on most ultra-successful entrepreneurs’ minds. Instead, focus on the mission. It will help you make all the best decisions.
12. Remember That It’s Your Job To Manage Your Time
There is no longer anyone to tell you what time to be to work or take a lunch break or when you can clock out. There is no one else to approve your vacation time. You have to set your own schedule and manage your time and hustle.
13. Hire The Best Possible People
Maybe your last company just hired the cheapest people and those who would just follow orders the best. If you want to create a fantastic company that can disrupt and be innovative and win in an economy with much bigger players, you need to hire the very best talent you can. Hire people who are smarter and more experienced than you.
Part of this is surrounding yourself as well by the best investors. Before securing them you will need to convince them and here is where a pitch deck comes into place where you want to capture the essence of the story.