As a business owner, having a successful business mindset involves believing in the unique value you bring to your respective industry or market and taking informed, decisive action when it matters most. A business mindset isn’t something you’re born with. Creating one is a skill that involves seeing the big picture and forging a path to reach your goals, even when challenges come your way.
Read on to learn how to build and maintain a positive business mindset.
What’s the benefit of having a business mindset?
Cultivating a business mindset allows you to see challenges as opportunities for growth and learn valuable lessons from setbacks. For example Nick Bare, CEO of Bare Performance Nutrition, learned the power of a determined mindset while training for a marathon. After nearly quitting an 18-mile training run, he decided to not just finish the run but go one extra mile. He turned that pivotal moment into a mantra—“Go one more”—and used this same mindset to build a community focused on embracing challenges.
“I’m constantly battling mistakes and failures, but it’s just part of the process. It’s part of the journey,” Nick says on an episode of the Shopify Masters podcast. “Most things aren’t the end of the world.” This mindset helped him build a business valued at more than $60 million and a robust following on social media platforms like YouTube, where he has over 1.3 million subscribers.
How to cultivate a business mindset
- Set clear goals
- Eliminate negative self-talk
- Continually learn
- Be adaptable
- Build a network
- Stay open to risk
- Grow from failure
- Reflect on your business success
- Think toward the future
Anyone can develop a stronger business mindset with these strategies:
1. Set clear goals
Clarify your intentions and set clear goals to guide your business strategy and maintain your focus and mindset. Choose a goal-setting framework that aligns with your vision and the specific needs of your company. Popular methods include:
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The SMART framework.SMART goals are specific, measurable, achievable, relevant, and time-bound. Setting these types of goals ensures you set yourself up for success and can measure the outcome of your efforts.
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The HARD method. This motivational approach to goal-setting stands for heartfelt, animated, required, and difficult. It’s all about pushing past your comfort zone to realize your full potential.
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The BHAG framework. BHAG stands for big, hairy, audacious goal. It’s a method that creator Jim Collins defines as “clear and compelling and serves as a unifying focal point of effort, often creating immense team spirit.”
2. Eliminate negative self-talk
It’s easy to miss opportunities or avoid taking calculated risks if you are in a constant state of doubt. Start by identifying unhelpful thoughts and challenging those ideas. Reframe negative thoughts with constructive, realistic alternative ideas that support your progress instead of holding you back.
Shifting your inner voice from skeptic to supporter will help in moments that require confidence, problem solving, and flexibility. Building a positive outlook is contagious; as you adopt a sunnier mindset, it sets the tone for your team. When you model confidence and positivity, it creates a solution-focused environment that can boost team morale.
3. Continually learn
Honing a business mindset means being open to learning at every stage, from the fledgling startup days to your first big business success. Embrace new challenges and build your skills and knowledge through online courses, business mentors, industry newsletters, or hands-on experimentation.
For example, let’s say you’ve recently decided to start your own business selling custom-made dishware. Pottery has long been a passion of yours, and now you’re learning the ins and outs of creating designs at scale, plus how to market and sell them to customers online. Keeping up to date on market trends and technological advancements will help you pivot when consumer preferences change or efficiencies present themselves. As Vidya Krishnan, the global chief learning officer of Ericsson, told LinkedIn, “The companies that outlearn other companies will outperform them.”
4. Be adaptable
Running a business can be turbulent at times, but the right business mindset can help you navigate choppy waters. Say you encounter a supply chain bottleneck for the particular clay you use for your dishware. You’ll need to reassess your sourcing plan, which could mean identifying new supplies, negotiating terms, and even adjusting your product designs.
By building a resilient business mindset and focusing on solutions rather than setbacks, you’ll stay agile and able to make decisions under pressure.
5. Build a network
There’s a lot you can learn about cultivating a healthy business mindset from successful entrepreneurs who have come before you. Connect with entrepreneurs in your field, build meaningful relationships, and gain relevant insights and feedback.
Attend industry events, network and build relationships with peers, and set up informational interviews to understand the vision and mindset that led others to success. A broader, more diverse network will enrich your mindset and perspective with new strategies and insights.
6. Stay open to risk
“No risk, no reward” may be cliche, but it holds especially true when it comes to having the right business mindset. While it’s always helpful to be mindful of potential risks, trying something new or going outside your comfort zone is a key part of growth, both in your professional and personal life.
Taking calculated risks is an inevitable part of business growth. Identify the areas where avoiding uncertainty is holding you back, evaluate the pros and cons, then choose a strategic step forward.
7. Grow from failure
Failure is a part of life. However, it doesn’t have to define you or your work. The right business mindset helps you recognize failure as a stepping stone to growth.
Wil Yeung, founder and star of the popular YouTube channel Yeung Man Cooking, knows this firsthand. He spent nearly a decade chasing entrepreneurial success, facing setback after setback. Even after all that effort, his YouTube business brought in just $100 a month at the onset. Instead of giving up, he doubled down and started posting two episodes on YouTube a week. Today, he has more than 1.4 million YouTube subscribers.
Wil learned from his failures to refine his YouTube strategy, telling Shopify Masters, “If you can take something away that’s transferable, it isn’t really a failure.”
8. Reflect on your business success
Just as failure offers lessons, reflecting on your business successes is also essential to staying motivated. After accomplishing a significant milestone, identify what worked and acknowledge colleagues and customers who helped along the way. This not only strengthens relationships but also reinforces positive momentum. Document the key takeaways so you can repeat your success in the future.
9. Think toward the future
Keeping one eye toward the future will help your business focus on progress and innovation. Make a habit of monitoring industry trends and anticipating what’s next, through researching things like emerging trends or new technology, shifts in customer behavior, actions from competitors, and global events that can impact your business’s supply chain.
Staying proactive helps your company identify opportunities early, take action, and position your business in the market as a go-to for customers.
Business mindset FAQ
What is a business mindset?
A business mindset is a mental approach to how you run your company, with a focus on making informed decisions that will lead to long-term success. Cultivating an entrepreneurial mindset involves positive thinking, goal setting, adaptability, and continued learning. These key skills help drive business decisions and lead a company to success by eliminating detractors like negative self-talk and fear of failure.
Is a business mindset a skill?
Yes, a business mindset is a skill you can develop by learning from a strong network of peers who can help you grow personally and professionally.
How do I master a business mindset?
Everyone’s approach to creating a business mindset will be unique to their individual needs. Still, it typically involves setting clear goals, eliminating negative self-talk, learning, being adaptable, building a network, staying open to risk, growing from failure, and reflecting on your success.
