Inside the Mind of a Successful Entrepreneur

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What separates a successful entrepreneur from the rest of the pack? As it turns out, the right mindset is often the difference maker between success and failure. Let’s delve into the mind of an entrepreneur and see what makes them tick.

Become an Expert in Your Chosen Field

In the book Outliers, Malcolm Gladwell makes that case that 10,000 hours is what it takes to become a professional at your chosen craft. An entrepreneur relishes the idea of being that expert and enthusiastically puts in the hours it takes to accomplish this.

These hours do more than just get you proficient at what you do, they change your mindset. It becomes a part of you and affects the way you think, act, and believe.

For example, a real estate investing mindset will be different from a stock investing mindset, although the two will share some similarities. They each need to take into account different factors like variations in the level of risk, and current market conditions. As you can see, specialization makes all the difference, not just in what you know, but how you think.

Never Stay Comfortable

Wage monkeys thrive on comfort. They like knowing where their next paycheck will come from and knowing that if they just put in their 40 hours the money will follow. They project their current situation long into the future and base their livelihoods on the status quo.

Entrepreneurs have a different mindset. They put their earning potential in their own hands and start projects where the sky is the limit, not their employer’s opinion of them. They often put in more than a full time effort to reach their goals and make their dreams come to fruition.

Have a Short Memory

In many sports, they say you should have a short memory. It’s usually brought up when things don’t go well, and the advice is that you should quickly forget about it and move on with the game. The same goes for getting the right attitude as an entrepreneur, don’t dwell on past failures and have an eager optimism about your current endeavors.

However, the same goes for successes. You don’t want to rest on your laurels, patting yourself on the back excessively and taking your mind off of your next target.

Always Be Innovating

It’s always easier to follow the path of others, but what really sets one entrepreneur apart from another is going that one extra step to innovate. You don’t have to reinvent the wheel to be an innovator, a simple tweak in the right place is often the magic ingredient.

Snapchat is a great example of innovating with a tweak. They didn’t invent sending pictures to each other, they just introduced the novelty of those pictures disappearing after they’ve been viewed. They’ve ridden the success of that one innovative idea to a publicly traded corporation currently worth billions.

Get your mind right and everything else will follow. Let these tips sink in and compare it to your current way of thinking. Address any gaps and you’ll soon see a change in how your entrepreneurial efforts are going.

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