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SUCCESS MINDSET FOR ENTREPRENEURS
Mason Works, LLC https://masonworksmarketing.com
2
Course eBook
Table of Contents
Introduction ......................................................................................... 3
Module 1 - Reaching for Success: Growth vs. Fixed Mindsets ..................... 8
Module 2 - Discover the Source of Your Limiting Mindsets ........................ 18
Module 3 - Adopting Your New Entrepreneur Mindset .............................. 27
Conclusion and Next Steps .................................................................. 35
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Introduction
"My greatest challenge has been to change the mindset of people.
Mindsets play strange tricks on us. We see things the way our minds
have instructed our eyes to see." – Entrepreneur Muhammad Yunus
Every small business owner and entrepreneur is in a relentless pursuit to
grow their business. They usually do this by looking at external methods,
such as outsourcing key tasks like accounting, or installing automation
software to take care of mundane tasks so they can focus on more important
matters. They may try out new marketing tactics or sales strategies as well.
All of these external measures can make a tremendous difference in your
business. But we often forget about internal factors, such as beliefs,
attitudes, opinions, or habits of thinking, which have a massive impact on
your business’ success. In fact, these internal factors are instrumental in
determining the success of your business.
What Is Mindset?
The concept of mindset was first formulated and popularized by Stanford
University psychologist Carol Dweck. Dweck's research focuses on the field
of achievement and success. Her theory states that factors like intelligence
and ability, while important, do not guarantee success. Rather, our mindset
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and our beliefs about our abilities play a key role in fueling, or dampening,
our success.
All of us know someone who is incredibly intelligent or gifted but somehow
never realized their potential. Think of a valedictorian who ends up working
a dead-end job or a gifted athlete who gives up a sports scholarship in order
to stay closer to home. These people seem stunted somehow and it's a great
shock that they don't pursue their potential. It's easy to see that there's
something holding them back that has nothing to do with ability or talent.
In the simplest terms, your mindset is a collection of beliefs. It includes
beliefs about basic qualities like your intelligence, talents, and personality.
For example, you might have a certain view regarding your own intelligence.
You may believe that you aren't ‘smart’ because you didn't perform well in
school, as it’s widely believed that school performance equals intelligence.
This may manifest itself in thoughts like, "I'm not smart because I didn't get
good grades. Only smart people are successful. I am not smart, and
therefore my business will never be very successful." This negative thinking
ignores the fact that intelligence means so much more than just school
performance, and that many who did poorly in school went on to be great
successes in their field.
Or you may have a negative mindset about your talents. You may be asked
to speak at an event that could lead to great opportunities for your business,
but you decline because of a self-limiting belief. You may think, "I'm not a
good public speaker. When I presented my thesis in college, I choked. I
couldn't remember words and I was too nervous to perform well. I'm just
not a public speaker." However, public speaking is a skill that anyone can
learn through practice.
Whether conscious or unconscious, these mindsets can directly impact your
success. We've considered two examples that show how negative mindset
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can impact your success, but a positive mindset can also help you activate
your potential and reach heights of success you never imagined.
The Inner Critic
Your mindset and its beliefs can be totally unconscious. It's not always easy
to identify them, but that's what must be done in order to draw them out.
For many people, a negative mindset manifests itself as an "inner critic."
This is an inner voice or private conversation that occurs in your mind on
continuous repeat mode behind your conscious thoughts.
Your inner critic tells you that you're wrong, you're bad at the task at hand,
you're inadequate, or you lack the worth you see in other successful
individuals. It acts as a judge, condemning you to failure at every turn.
Some people are aware of this inner critic while others aren't. Even if you're
aware of this voice, you may be at a loss for how to deal with it. Many
people believe that the inner critic is themselves talking. They mistakenly
identify with it and this is why it's so good at sabotaging your life and
thwarting your chances for success.
All of us have an inner critic. The first step to cultivating a mindset for
success is to become aware of these negative thoughts and the impact they
have on you. Once you've become aware of this inner voice, you've taken
the first step toward releasing its grip on you.
The wonderful thing about mindset is that it's malleable. It can be developed
or evolved. The negative mindset that's holding you back was shaped
through experiences in the past and learned habits of thinking. Through
even the smallest shifts in awareness or thinking habits, you can make
profound differences, and eventually take control of your mindset and steer
it toward positivity and success.
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Learning Objectives:
By the time you complete this course, you'll be able to:
➢ Define and adopt a mindset for growth and success which will allow
you to unlock your untapped potentials.
➢ Dispel limiting beliefs that you learned from school, work, or other
negative experiences that are holding you back from achieving greater
success and happiness.
➢ Identify and apply entrepreneurial mindsets and key ways of thinking
that will enable you to do what you really want to do in your
professional or personal life.
➢ Create a plan to further develop your mindset so that you can watch
your business expand to new levels that you hadn't previously thought
possible.
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Action Steps:
Schedule 15-20 minutes today to do this exercise. Make sure it is during a
time when you have no distractions. Close your eyes and imagine the type
of life you’d love to have if anything were possible:
1. Does your ideal life include more vacations, more money, or better
relationships? Write down the characteristics of your ideal life in the
Action Guide provided.
2. For each characteristic, close your eyes and think about what your
ideal life looks and feels like for you. For example, if you have
"financial freedom" as one characteristic, what does that actually mean
for you? Does that mean having your house paid for by the time you
are 45? Does that mean having your children’s schooling paid for?
Does that mean earning a six-figure salary? Write these down in the
Action Guide.
3. As you are thinking about each of these, pay close attention to the
thoughts that come. Are all your thoughts positive? These could be
thoughts like "I've got a steady pipeline of new business, and my new
marketing program is really doing great. It’s totally feasible that I
could make 20% more this year." Or are there other intrusive thoughts
that pop up? These could be things like: "Yeah, right - a six-figure
salary! Who do you think you are?"
4. Write all of your positive and negative thoughts in the table provided.
This exercise may take some time. Many people have trouble
differentiating between the inner critic and their actual thoughts, so if
you have not uncovered any inner critic thoughts, this may be the case
for you. The key to this exercise is to become aware of your inner
voice.
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Module 1 - Reaching for Success:
Growth vs. Fixed Mindsets
Research about mindsets has identified two types – growth and fixed
mindsets. The research has found that the favorable mindset to cultivate is a
growth mindset.
Fixed Mindset
A fixed mindset means that you believe that your character, intelligence, and
other abilities are static. This means that they are fixed parts of who you are
and can never be changed.
A key characteristic of a fixed mindset is the need some people feel to
constantly prove themselves. Since you only have a set amount of
intelligence, personality, morality, and so on, you need to constantly prove
yourself. People with fixed mindsets often get consumed in proving
themselves in class, in their jobs, or in relationships.
This constant proving of yourself to others comes from the need to confirm
your existing intelligence, talents, or abilities. This arises out of a concern
over whether you will look smart or stupid, be accepted or rejected, succeed
or fail. In this case, the individual with the fixed mindset is overly concerned
with the static labels they have come to identify with themselves, such as
"intelligent," "gifted," "talented," and so on.
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Growth Mindset
A growth mindset is one where an individual sees character, intelligence,
and abilities as always developing and evolving. Unlike the fixed mindset, a
growth mindset doesn't compel you to constantly prove yourself because
you know that you can change and grow with experience and practice. Your
qualities aren't fixed. It doesn't matter if others see that you lack perfect
qualities, because all of us are always growing and learning.
A key element in success in any field is the willingness and desire to learn
new things and grow, and the acceptance of change. This is why a growth
mindset is strongly associated with success.
Why Do Some People Have Fixed Mindsets?
A fixed mindset can be seen in a person who masters something quickly,
and then plateaus and fails to improve further. The person will either
succeed with a task at first try or give up in disappointment. Their inner
voice has already told them that they're either good at or not good at the
task at hand. A growth mindset can be seen in one who learns slowly and
gradually, accepting new challenges and solving problems along the way.
These different mindsets can be recognized in early childhood. When given a
challenging puzzle to solve, some children will try, fail, and become quickly
disinterested and give up. Other children try, and even though they don't
experience immediate success, they become engaged. They see it as a
problem to solve and spend time with it. We often say of kids like this that
they love a good challenge.
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These mindsets also reveal themselves to us later in life. Think back to
someone you know in high school who had everything going well for them.
They were intelligent, talented, and personable, and seemed to have
everything in order. But in recent years, you reconnect with this person on
social media or at a high school reunion. You're shocked to learn that their
life took off early and then seems to have fizzled out or stagnated. Most
likely, this is a person who has a fixed mindset and could not continue
growing and evolving in the way that you'd expected.
On the other hand, if you reconnect with someone who has a growth
mindset, they might have gone on to achieve more than you ever expected.
The person may not have seemed like the type who was bound for great
things, but over time, they might have started a business or achieved great
success elsewhere.
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Mindset Summary
Fixed Growth
Intelligence, character, and abilities are
static
Intelligence, character, and
ability can be cultivated
Plateau early on, but may stagnate or not
reach their full potential
Continuously reaching for
higher levels of achievement
A hunger for approval; desire to maintain
their status as intelligent; to have a good
character; to have good abilities
A passion to learn and evolve
Effort in an endeavor is fruitless; it is
better to stick with what you know
With effort, practice, and
persistence comes mastery
Avoids challenges Embraces challenges
Avoids situations where they might fail:
Failure diminishes their sense of worth –
the idea that they are smart or capable
Learns from failure; failure is
an opportunity to stretch your
abilities
Gives up easily when faced with an
obstacle
Persists in the face of obstacles
Ignores criticism or negative feedback Learns from feedback
Sees the success of others as threatening Learns from the success of
others
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So far, we've discussed fixed and growth mindsets as though they were
immutable personality characteristics, but this is not the case. Mindset is
situational. You may use one or the other mindsets in certain situations, as
well as at different times of your life.
For example, when you're facing a new situation where you're unsure of
yourself and not confident, you're more likely to adopt a fixed mindset. You
may adopt more of a growth mindset in activities where you're more
engaged or experienced.
In any case, defaulting to a fixed mindset, whether situationally or for a
large portion of your life, can limit your success, health, and happiness in
the long-term.
Which Mindset Do You Have?
In order to understand where you lie on the continuum of growth vs. fixed
mindset, please complete the provided assessment, in which you’ll rate
yourself on a variety of statements.
This assessment is based on the work of Carol Dweck. The quiz was
originally written for educational settings. While it is not scientifically
validated, it offers a good benchmark of where you stand in terms of fixed vs.
growth mindset.
Once you’ve completed the questionnaire, tally your total score and review
your results based on the descriptions at the end of the worksheet.
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How to Nurture a Growth Mindset – 3-Step Process
Now that you know where you stand on the spectrum, here are some steps
you can take to move you toward a more growth-oriented mindset.
Step One – Awareness: Hear Your "Fixed Mindset" Voice
In the introduction we mentioned an "inner critic." You most likely know this
voice, even though you may never have identified it as an "inner critic." The
first step is to identify that voice and identify the times when you hear it.
These are situations where you are brought back to a fixed rather than a
growth mindset.
To do this, you simply need to practice awareness. Start by identifying the
voice when you hear it. Next, try to remember what event preceded those
negative thoughts. It's a bit like trying to identify what is causing a
•Awareness: Hear Your ‘Fixed Mindset’ Voice
Step One
•Reframe
Step Two
•Action: Take on the Growth Mindset
Step Three
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stomachache. You have to go back and try to remember what you ate just
before.
If you're not sure you've identified your inner critic yet, try looking for cues.
For example, look for times when you find that you're doubting yourself,
saying something like, "Can I really do this?" Or be aware of when you're
focusing on failure rather than success; for example, where you're worrying
about what will happen if you fail at something.
A good place to look for your fixed mindset voice is any time you're trying
something new or challenging. These are the most common situations where
this negative voice arises.
Step Two – Reframe
Once you can recognize the voice, you can learn to control it. The way that
you interpret challenges, obstacles, or criticism that you face is up to you.
But this is the most challenging step for most people. It is difficult to
reframe the voice when you have well-grooved patterns.
The way to think about reframing is to imagine giving advice to a friend.
Naturally, you would never use a harsh, critical voice when trying to help a
friend. If you would never do this with a friend, why are you doing it with
yourself? We are generally harsher on ourselves than we are with others, so
instead of talking to yourself, imagine that you're giving advice to a good
friend.
Take each statement that your inner voice gives you and imagine if it were a
friend, your partner, or a family member who was saying it to themselves.
Now, imagine that you're giving them advice and reframe the negative
statement that was made.
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Examples of Reframing
Fixed Growth
Are you sure you can do that? You
don’t have the right skills to take
that on.
I’m not sure I can do it, but I can
learn with practice and effort.
What if I fail? I’ll be a failure. All successful people have failures.
I can learn from my failure.
She’s a natural at business.
Besides, her family runs a
business. I could never be as good
as her.
She’s successful in her business,
and I can learn from her.
I can’t do that. I’m not smart
enough to take that on.
I’m not sure I can do it, but I can
learn with practice and effort.
She’s a natural at business.
Besides, she has an MBA. I could
never be as good as her.
She’s successful in her business,
and I can learn from her.
Step Three – Action: Take on the Growth Mindset
After reframing comes action. What challenges can you take on in order to
foster and nurture a growth mindset? What challenges have you been
avoiding?
Choose a challenge and try it again, but this time, turn your fixed mindset
around. Find a work-related or personal task that you've either been shying
away from doing or that you feel you've failed at.
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For example, perhaps you always put work first and your eating habits are
not the best. How can you challenge yourself to create better eating habits?
Maybe there is a skill you've been wanting to learn such as cooking but the
idea of trying again gives you a sense of anxiety. There might be an
important client you've been meaning to contact but shying away from.
Start with one challenge, and you can then apply it to the next challenge
once you have success with the first.
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Action Steps:
1. Complete the Growth vs. Fixed Mindset Questionnaire, if you haven’t
already (separate worksheet). Next, review your scoring and
summarize the results in your Action Guide. Do you have more of a
fixed or growth mindset? Were you surprised by the results? Were
there particular areas where you had more of a fixed mindset vs.
growth mindset?
2. Go back to the intro module where you wrote down all your positive
and negative thoughts about your ideal life. Review the negative
responses. Which ones are fixed mindset? You’ll likely notice that your
fixed mindset will predominate in certain areas; whereas in other areas
you might be more growth oriented. For example, you might have a
growth mindset for a goal to grow your business, yet for having a
healthier lifestyle, you might have more of a fixed mindset.
3. Now practice reframing. Take those same negative thoughts and
reframe them as growth mindset statements. Remember the tip -
Imagine giving a good friend advice to help you with your reframe
statements.
4. From the reframe statements, is there one area of your life that you
could actually start working on? For example, if you are trying to be
healthier, is there a challenge you could take on to help move your life
in that direction? Perhaps you’ve always wanted to try running. If your
goal is to increase your income by 20%, what is one piece that you
can take on? Write down one challenge that you can start working on.
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Module 2 - Discover the Source of
Your Limiting Mindsets
Most entrepreneurs and small business owners started out their careers
working for someone else. You might have had a career for 5 years or 50
years before you decided to start your own business. Or you may even be
working for someone else even as you struggle to develop your own
business in your spare time.
Working for someone else is fundamentally different from working for
yourself. There is an employee mindset and an entrepreneur mindset, and
they are markedly different.
If you have been working for many years for someone else, you may not
realize that there is a difference in mindset. The longer you've worked as an
employee, the harder it is to change this mindset and start thinking like an
entrepreneur. However, the employee mindset may not serve you well as a
business owner. In fact, it can work against you to guarantee that your
business never reaches fruition.
Before we look at the sources, let’s take a look at the key differences
between the employer and entrepreneur mindsets:
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Employee vs. Entrepreneur Mindset
Theme Employee Entrepreneur
Responsibility
It is easy to blame others in an
organization for responding too
slowly or missing opportunity
You are solely responsible
for all things, good or bad.
Entrepreneurs create
something from nothing,
with freedom to chart their
path.
Vision
Responsible for delivering tasks
or accomplishing short-term
goals, rather than long-term
company goals
As an entrepreneur, you
have to focus on both short
term and long-term goals
and vision at the same time.
Discomfort
and
uncertainty
You are not making decisions
that had the biggest impact to
your company’s bottom line.
Working with a team to make
decisions
Discomfort is the new
reality. You don’t have all
the answers and need to
make quick decisions with
very little input from others.
Continuous
Learning
You had a narrow scope in terms
of your job. Any training you
completed likely was directly
related to your role.
You have to wear many hats
- project manager, sales,
finance, marketing, IT, etc.
Rules
You toed the line - following
orders from above.
You are not interested in the
status quo. You always look
for ways to improve.
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Beyond the differences in mindset between an employer and entrepreneur,
there is also a difference between the small business owner mindset and
entrepreneur mindset. Although a small business owner is not an employee,
many small businesses operate under an employee mindset. If your goal as
a small business owner is to grow, you need to think like an entrepreneur.
Small Business Owner vs. Entrepreneur Mindset
Theme Small Business Owner Entrepreneur
Ideas
SBOs solve local problems. They
know their business and target
audience. They work to make their
customers happy.
Has big ideas. They come up
with ideas that have never
been tested. They often start
their businesses unsure if their
ideas are possible.
Risk
More comfortable with predictability.
Tend to make calculated, more
conservative decisions.
Jump in without knowing the
outcome. They believe their
effort will be worth the risk.
Goals
Focused more on short-term goals
such as daily and weekly goals.
They manage employees, work with
clients, network, and remain stable.
Think more long-term and
focus on the future. They
outsource as much as possible
so they can grow quickly.
Business
Philosophy
Attached to their business, their
goal is to hold onto it or keep it in
the family. They like running the
day to day.
Focused on rapid growth, cost
reduction, and profit. They set
up a business to run without
them, surrounding themselves
with experts.
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Where Do Limiting Mindsets Come From?
The reason it's so challenging to shift from an employee or small business
mindset to an entrepreneurial one is that limiting beliefs come from an
actual place in your lifetime experience. Entrepreneurs often fail because
they cling to limiting beliefs they've been conditioned to hold.
Limiting beliefs come from experience, and they can often come from very
early life experience. They can even come from early childhood education.
Generally speaking, society doesn't raise children to become adults who
think like entrepreneurs. In order to fit into society as adults, we are
conditioned to think in more fixed mindset terms, especially as they relate to
intelligence, money, and authority.
Again, the first step is to become aware of the beliefs or attitudes that limit
you. In order to do this, we need to look at where these mindsets originate.
Limiting Mindsets
Intelligence
Money
Work
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Intelligence
One of the worst things we do to children is evaluate their IQs (Intelligence
Quotient). Most of us at some point have taken an IQ or an aptitude test as
children. Regular school tests can have the same effect. The result of a test
score such as this is to give you an identity or ranking compared to your
peers.
Intelligence is seen as a scale that simply goes upwards from average to
smart or super-smart, or downwards toward below average. Most of us
develop an identity based on this perceived level of intelligence, and we
learn through passive ways that this is something fixed. It becomes a label
we carry around with us.
This can be illustrated by considering a glass of water. Each child is taught to
feel that they're given a glass of water at birth. There is a given quantity of
water in the glass and that is their intelligence. This is easier to teach and
manage than the idea that the quantity of water in your glass can change at
different times.
Whatever we've been taught in our early education, whether it's "I'm gifted
and the teacher likes me" to "I'm stupid and I'll never be a smart kid," we
turn this into negative self-talk, which we switch on when faced with
challenges. This is something that is very difficult to unlearn.
Modern research shows that intelligence is much more fluid, malleable, and
multifaceted than this over-simplified system suggests. In light of modern
research, it's as if we all have overflowing glasses, or glasses that can be
drained and filled indefinitely. This is an "adult" way of thinking and it leads
to a growth mindset.
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Money
Another key area of life where limiting beliefs hurt entrepreneurs is money
and finances. These ideas usually originate within the family through the
things that parents say to their children.
Common limiting beliefs include things like:
"Money is the root of all evil"
"People with money cheated to get it"
"There is never enough money"
"You have to sacrifice if you want to buy (enter any item here)"
"We'll never be able to retire"
These limiting beliefs express feelings of guilt, hopelessness, or scarcity
about money. Obviously, these are feelings that are not useful for an
entrepreneur.
Work
Early educational experiences can also play a part in shaping limiting beliefs
about what ‘work’ is. The current education system in most countries
focuses on learning whatever is needed to pass an exam. It doesn't train
children to become adult entrepreneurs, freelance workers, or small business
owners. As society changes, there is a lag in the education system, which is
still following the old model.
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Limiting Mindsets Fostered in School
•Obey Authority
•Follow Rules
•Learn and then Do
•Comparing with Others
This old model involves working for a set period of time doing tasks assigned
to you by a boss. For this work, you receive a check for an agreed-upon
amount. Through obeying your boss, working hard, and producing value to
the company, you may then be allowed a better position or higher pay.
This model fundamentally clashes with the entrepreneur mindset. In this
model, workers are rewarded for obedience and their ability to minimize risk.
Accepting risks and taking on challenges, however, are key to success as an
entrepreneur.
Other Limiting Mindsets from School
Here are some of the ideas you might have internalized from your
education:
Obey Authority. Schools and workplaces are hierarchical. Instruction and
evaluation come from above. Those in positions of authority have all the
answers and know best. We learn this chain of command from early on. We
also learn that questioning the status quo and challenging authority can land
you in a great deal of trouble.
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Follow Rules. This hierarchical system naturally requires rules and
discipline. A great deal of a child's first few years at school involve learning
how to sit, line-up, talk, behave, eat, and so on. There is clearly a need to
maintain order for management purposes, but we carry this reliance on rules
into adulthood, where it doesn't serve us so well.
Learn and Then Do. Tasks in school are given to children with instructions,
examples, and demonstrations. We read about concepts before applying
them. Learning starts with theory and ends with practice and actually doing
something. This is the opposite of the entrepreneurial mindset, which sees
trying something as the first step, with the learning coming afterward. As an
entrepreneur, you need to think on your feet. There are no instructions or
demonstrations.
Comparing with Others. School evaluates and grades your performance so
that you can compare it with those of others. This fosters fixed thinking such
as, "I'm smarter than Amy but not as smart as Jane." However, comparing
yourself to others is toxic. It produces no positive result, but can lead to
fixed, negative thinking that holds you back.
School teaches us to be workers. In order to nurture the growth mindset,
you need to identify these internalized ideas and transform them.
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Action Steps:
1. Employee vs. Entrepreneur: Review the descriptions in the module.
Check off the areas you identify with most. Are you surprised by the
results?
2. Small Business vs. Entrepreneur: Review the descriptions in the
module. Check off the areas you identify with most. Are you surprised
by the results?
3. Limiting Beliefs: Complete the table by thinking about your core beliefs
in each of the categories. Your core beliefs are those you assumed in
childhood. Then reframe those beliefs to reflect your adult way of
thinking. For the reframe, you can also use the tip about talking to a
friend.
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Module 3 - Adopting Your New
Entrepreneur Mindset
In the last module, you identified and reframed old mindsets that no longer
serve your best interests. You learned some key insights about yourself as
they pertain to employee and small business ownership vs. entrepreneurship.
With this knowledge, you are now ready to look deeper into the
entrepreneur mindset and start adopting the characteristics that will make
the biggest impact your success.
So far, in this course we've talked about both the "growth mindset" and the
"entrepreneur mindset." The two are not interchangeable. Growth mindset
refers to a broader kind of mindset whereas the entrepreneur mindset is
more specific. However, the two share several common behaviors and
characteristics.
PositivityLearn from
FailurePerseverance
Delegate to Others
Love of Learning
IntuitiveFollow-Through
Flexible
Non-Conformist
Goal SettersGood
Company
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Positivity. No matter what happens, an entrepreneur can frame it in a
positive light. This is simply a matter of positioning or rephrasing. Instead of
saying, "How can I avoid this situation?", an entrepreneur asks, "How can I
correct this issue?"
Learn from Failure. Entrepreneurs generally don't achieve success on the
first try. One of their key behaviors is that they try and try again. There are
ups and downs and they're resilient and persistent. There will always be
surprises and failures no matter how much you plan, and entrepreneurs
learn from these failures and then move on.
It is easy to see how this relates to a growth mindset. When someone with a
fixed mindset encounters a setback, they are likely to dismiss the task as
impossible. They see it as a personal failing and give up in order to avoid
further failure. An entrepreneur mindset allows you to uncover the lesson
hidden in each setback or failure so that you can grow stronger and move on.
Perseverance. Just like the growth mindset, a key characteristic of the
entrepreneur mindset is perseverance. Entrepreneurs tackle challenges
head-on and don't beat themselves up over failures. They keep trying in a
stubborn and dogged way, which is one reason people often mistake their
genius for stupidity or insanity.
Delegate to Others. People with the entrepreneur mindset don't try to do
everything themselves. They reach out for help and designate tasks for
those who are best able to do them. Entrepreneurs are great at spotting
talent.
A good example of this is the virtual assistant. Behind every great
entrepreneur is an assistant or army of assistants who handle tasks that
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either interfere with more important work or require skills that the
entrepreneur lacks. An entrepreneur also recognizes their own skills and
talents. They know that they should focus on planning their business and
building relationships, not performing mundane tasks.
Love of Learning. The entrepreneur mindset loves to learn new things.
Entrepreneurs have a hunger for knowledge and new ways of thinking. They
embrace new technology, new ideas, and new theories. They also embrace
change, another key feature of the growth mindset.
Intuitive. Entrepreneurs are risk takers but these aren't just random risks
taken for no reason at all. The reason an entrepreneur takes a risk is that
they have a gut feeling it will work, or at the very least, teach them
something valuable. As you raise your awareness about your limiting beliefs
and mindsets, you'll also see an increase in your intuition and gut instincts.
Follow-Through. Entrepreneurs are always on the lookout for new
opportunities even when there is not necessarily an immediate result. This is
why they are good at following through. For example, someone with the
entrepreneur mindset will follow up with everyone they meet at events, even
if there seems to be no immediate benefit to doing so. They follow through
because they know it could lead to something in the future.
Flexible. One thing that the entrepreneur and growth mindsets have in
common is that they are flexible. They are open to continuous change and
improvement, and they are ready to adapt or change plans at any given
moment.
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Non-Conformist. Entrepreneurs are not afraid to stand out and appear
crazy to others. They embrace their uniqueness and they wear the qualities
that make them different like badges with pride. One reason they do this is
to differentiate themselves from competitors.
Goal Setters. People with the entrepreneur mindset set goals as a way to
push themselves forward. The fixed mindset will tell you that a goal is
impossible to achieve or not worth striving for. If you're hearing this inner
voice, reframe it so that you can look forward to attaining that goal.
Good Company. Finally, entrepreneurs surround themselves with other
entrepreneurs, positive influences, and like-minded souls. They do this for
networking, motivation, and to find mentors from whom they can learn.
As you went over the above qualities of the entrepreneur mindset, where did
you find yourself? Did you feel that many of them applied to you? Could you
see areas where you can change or improve?
Another way to evaluate your mindset is to take this quick quiz by Carol
Roth, author of the bestseller The Entrepreneur Equation. Just click on that
link to head to the online quiz.
Just as the growth mindset can be cultivated, the entrepreneur mindset can
also be nurtured. In order to change your mindset, the steps are essentially
the same.
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Step One - Hear the Inner Dialogue
Identify the thoughts that arise in your mind which interfere with the above
elements of an entrepreneur mindset. Try to understand where they come
from. Here are some examples.
Thought Origin
Only smart people can succeed. From IQ tests and other school tests.
I don’t know enough. Same as above
Am I doing as well as…. Comparing statements
I’ve never done this before. What if I
fail?
Following rules; learning, then doing.
Step One
•Hear the Inner Dialogue
Step Two
•Reframe
Step Three
•Adopt the Entrepreneur Mindset
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Step Two – Reframe
Once you know what your thoughts are and you have an idea of where they
come from, it's time to reframe them. Again, imagine that you're talking to a
friend rather than yourself. This step is the hardest for many people. But
you'll naturally reframe what you're saying to make it suitable for a friend,
so start by thinking that way.
Ideas Fostered in School How an Entrepreneur Thinks
Those in authority know best. I know best.
Money is evil. I can create abundant wealth for myself
and family.
I can’t try something without having
all the answers first.
Make it up as you go.
Follow the rules. Follow my gut.
Be nice. Be authentic.
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Step Three – Adopt the Entrepreneur Mindset
After reframing comes action. What are some of the challenges or activities
that you can use to build an entrepreneur mindset?
For example, you could connect with local entrepreneurs to create a positive
peer group of people who have many of the mindsets you want to nurture.
Attend a conference or other networking event. Search online for
opportunities to get together with other entrepreneurs.
Or, is there something you could delegate to someone else in your work so
that you can focus on more important things? What are some new skills you
can learn and where can you learn them? Is there a particular risk or
challenge your gut feeling is telling you to take?
By actually getting out there and acting like an entrepreneur, you'll provide
yourself with challenges and learning opportunities that will have a
transformative effect.
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Action Steps:
1. In Module 1, you wrote down ideas about your ideal life. Now, let’s
look at your business. Write down some goals for your business. They
could be things like "grow my business in new markets"; "increase
revenue by 20% by hiring sales-people"; "join an entrepreneur
networking group"; "open a larger office."
2. Hear your inner dialogue: Close your eyes and think through the goals
you identified. List them. By now, you should have a good idea of
where your limiting thoughts originated from. Write down the sources.
3. Reframe: Reframe your thoughts using "growth" or "entrepreneur"
mindsets.
4. Adopt your "entrepreneur mindset": Take action. You’ve now exposed
your limiting thoughts, found their origin, and reframed them. Now
write down any actions you need to take to continue developing
different aspects of the “entrepreneur” mindset.
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Conclusion and Next Steps
Even a small shift to your mindset can affect a tremendous amount of
change in your life. In this course, you have learned how to make these
changes step by step. It all starts with identifying the limiting beliefs that are
holding you back and transforming them into the beliefs of the growth
mindset.
While you may have carried these beliefs with you throughout your lifetime,
you can dispel them and make a positive change in your life in the time it
takes you to reframe your thoughts and put your new beliefs into practice.
There are three fundamental steps that will make your new mindset take
root:
Awareness
• What limiting or negative thoughts are holding you back?
• Where are these thoughts coming from?
Reframing
• How would you reframe this thought to a friend
Action
• Take an action that will reinforce your new positive thought
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1. Awareness – The negative thoughts that interfere with your success
are often hidden just below the surface. These thoughts are in your
mind, but they are NOT YOU. It is critical to understand this. We often
identify with the negative inner critic and mistake it for ourselves.
2. Reframing – Once you know the inner thoughts that are stopping
you, you can address them and turn them into something positive. An
easy way to do this is to imagine that you're talking to a friend. When
you imagine that you're talking to a friend, you'll naturally put a
positive spin on what you say.
3. Action – Now, take the original action you wanted to perform before
but that your inner voice was holding you back from. You're ready to
take it on with a positive growth mindset.
It is incredibly easy to fall back into old mindsets. Your change won't happen
overnight. Keep this course book and these steps handy, and review from
time to time. Stay ever vigilant against limiting beliefs, which can try to
come creeping back into your subconscious.
The growth mindset is a habit. Once you start turning your negative
thoughts around, it will get increasingly natural to do.
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Action Steps:
1. Review your Action Steps in each of the modules.
2. List the steps you need to take next to complete the challenges you
created for yourself for the growth and entrepreneur mindsets.
3. Print out the graphic of the 3-step process (awareness, reframe,
action) and put it someplace visible (in your office or on your desk).
Refer to it anytime that voice creeps in and tries to hold you back.