The success of any new startup may hinge on multiple factors (marketing, lead generation, talent acquisition, sales, etc.) but none are as important as the mindset that the founder adopts. Newcomers to the startup scene enter business expecting that industry knowledge and a unique product/service is enough for their companies to scale, but developing a strategic, goal-oriented mindset is equally crucial for growth.
In a global business landscape that’s rapidly changing, it is essential for you to have a mindset that allows you to address the concerns of today’s business challenges.
Define and Refine your Goals
Success is the goal that startup owners all strive towards, so it is vital to have a clear-cut understanding of what success means to you. Whether it’s making a million pesos in your first year, securing a private office in an upscale area, or expanding your headcount, you must list down the factors contributing to your startup’s success and check if you’re meeting your expectations.
Refining your goals also help your business scale through increased competency. Take some time to reflect on the strengths and weaknesses of your startup, which you can accomplish through SWOT analysis. When you’ve identified areas in your business that require polishing up, determine which steps are necessary in improving those facets.
Raise your Work Ethic
Effort is just as essential to business as skill. The fact is, no entrepreneur ever boasted miraculous talents that led to instant startup success; it’s all about putting in the work every day. This remains true even in 2018.
Training your mind to work closely with your partners and employees, along with doing specific tasks yourself raises your work ethic. Eventually, you’ll find yourself surprised that even long after your company has scaled up exponentially, you’re still hands-on with work. All the best CEOs and successful entrepreneurs are that way.
The best benefit of being a hard worker, however, is how contagious your work ethic can become. When everyone in the workplace sees how dedicated you are, you inspire them to work just as hard.
Use Criticism to your Advantage
Constructive criticism is always beneficial for improvement, but when you receive comments that border on jeering, you can’t help but feel negative. Poor ratings also pop up more often due to the emergence of social media. Despite the negativity, there’s much to be gained from bad comments. Constructive or negative, take all criticisms to determine the consensus of your clientele, allowing you to discover and improve on the weak points of your product/service (again, SWOT analysis is important.)
Treat hardships as Challenges
Trials and tribulations inevitably present themselves during your startup journey. You may face a financial roadblock, one of your partners pursue a different venture, your product doesn’t resonate with your audience; all of these are just a few problems you may encounter.
Always remember that every hardship, in life and in business, makes you stronger and better than before. Face every challenge without fear and prepare yourself for the worst. Along the way, you’ll discover that your mindset has truly evolved, allowing you to focus on decisions and actions that are best for business.
Mental fortitude is critical for startup success and it’s a fact. Combining a strong and developed entrepreneurial mindset with tangible business goals is an intelligent way to begin any startup journey and keeping that mental flow intact, even beyond your startup stage, can lead your company to horizons beyond your initial expectation.
What are your thoughts on Four Mindsets Every Startup Founder Should Have? Let us know all about it.