The phrase “Entrepreneurial Spirit” has become a buzzword in the recent past. This is often followed by success stories of Richard Branson, Lori Greiner, Cher Wang, Mark Zuckerberg and the like. However, there are millions of other successful business owners around us who emulate these iconic entrepreneurs in their unique way.
The busy coffee shop right around the corner with a growing social media presence and expansion? Or, what about that young designer who made waves with her tasteful and quirky greeting cards? What do these business owners and entrepreneurs have in common? Let’s have a look:
Growth mindset
Perhaps the most crucial trait successful business owners have in common is a growth mindset. Carol Dweck defines this in her book MindSet: The New Psychology of Success as “the tendency to believe that you can grow.” Constantly challenging yourself to step out of your comfort zone and treating obstacles as opportunities rather than weaknesses will help your business thrive amidst adversities.
Persistence
Imagine J.K. Rowling giving up on the Harry Potter series due to rejections by 12 publishers. Decades later, here’s what she had to say about her early misfortune; “Believe me, neither @RGalbraith nor I walk around thinking we’re fab. We just shoot for ‘writing better than yesterday'”.
The most successful business owners are those who are resilient, push-through failures and bounce back after unexpected challenges.
Financially savvy
A common reason start-ups and businesses fail is due to financial negligence, and financial loses. Whether you’ve funded the company yourself, borrowed a loan or raised investor capital, one poor decision could lead you down the road to financial ruin. Successful business owners make sure they are informed and educated on managing personal and business finances.
If you’re not born financially savvy, you can always learn or reach out to a credible financial mentor to guide you through the process.
Goal oriented
Successful business owners plan and set goals. Passion and motivation should be supported by targeted business goals to unleash a business’s full potential. A business owner should take the time to set goals to gain clarity and drive the business to new heights. Overarching business strategies might be overwhelming at first, but business owners overcome this with focus and discipline that encourages businesses to see the bigger picture.
There’s no fail-safe path to becoming a successful business owner. However, learning, adapting and challenging the status-quo takes you a step closer to your desired business results. If you’re looking for reliable business advice to help complement your “Entrepreneurial Spirit”, get in touch with us. Toohey Reid has years of experience helping successful business owners and entrepreneurs.
General Advice Disclaimer
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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