Mindset and Requirements to Become a Business Owner
Most people are scared to death about becoming a business owner because of the thought of losing everything.
The mindset plays a big role in this thought.
Since birth we’re raised to focus on getting a college degree and find a secure job where you can retire and live the rest of your life on your pension.
That couldn’t be further from the truth.
Nowadays business owners are the ones likely to live the rest of their life out of the passive profits coming from their businesses.
If you think about it and do the math, you’ll find that the 401k offered by the government is not going to cover your lifestyle once you retire. (If you actually get to retire)
One of the most common company practices these days is cut the antiquity of its employees.
A Business owner have a unique mindset:
- They’re proactive
- Can’t think of working for someone else
- They’re goal oriented
- They have objectives for business, life and their future
- Don’t like to receive orders
- They love freedom
So what is the mindset and requirements for a soon to be business owner?
- Believe that you can make it
- Be open to new information
- Be willing to read at least 2 books a month (c’mon! non-fiction books of course)
- Be prepared to be an action taker
- Prepare to hire people smarter and more qualified than you
- Be systems oriented
- Write a business plan
- Write your business goals
- Know your market
- Brand your business
- Do proper marketing
- Reinvest 80% of your profits into marketing
- Make sure you can take a month vacation and come back to find your business with increased revenues
You need to be learning every single day, take new information, learn from your mistakes, analyze your failures and improve on them.
Create a list of good business books and read at least two a month, I’ll give you a lift with my List of 9 recommended books for business owners.
Those days where you procrastinate for everything are long gone, you need to take action towards the things you need to do.
If you think because you are the BOSS there shouldn’t be anyone smarter than you then it’s very likely that you won’t make it in business.
Learn from smarter people, find the most qualified person in your field and hire him, it doesn’t matter if they outperform you, at the end you’ll always make more money.
Create a system for your business that can sustain it even if you’re not there.
Hint: operations manual for every single position in your business. I.e. McDonalds don’t hire a single chef, they hire teens that can read an operation manual and get the same results all the time.
Write a business plan, whether you already started your business (do it NOW) or not, you must write your business plan.
Set your goals for 1, 3, 6, 12, 24, 36 months and make sure you are getting closer to achieve them in a timely manner.
Make sure you know exactly who your ideal customer is, GREAT business owners know everything about them like their name, age, location, spending habits, magazines they read, etc.
Business owners like to brand their business with a logo, slogan and a set of values.
Find the best marketing avenues for your niche and exploit it, always test new streams of traffic to your newly business owner adventure.
80% of your profits should go back to marketing; your business will be growing every single month if you follow this approach.
Back to the systems, if you hire the proper people and give them good operations manual you can leave the city even the country and get back to a more profitable business.
Hope these requirements to become a good business owner and the mindset needed was helpful, if you liked this post leave a comment below and share it with your friends.