The Mindset Of An Entrepreneur
The entrepreneurial mindset is when someone never ever gives up, and is not all about winning, but persistence.
Persistence means having a goal and working on that goal until you achieve it. Failure happens; just don’t let it stop you from living your dreams. The more you fail the closer you are to succeeding. Believing in you is the first step to reaching your goals and success.
What holds some people back is the fear of success; therefore, they get paralyzed and find it difficult to get started.
We are so used to working for someone else and exchanging dollars for hours of performance. When you change your mindset to thinking in terms of performance-based work rather than hourly pay, then you put more effort into earning more money.
More and more companies are looking to hire someone to work from home and pay them based on their performance. This allows the company to cut their overhead and gives the employee tax breaks.
For instance, when you use your car for business you keep records of your mileage, when you use your phone and utilities you keep records of your expenses, therefore, when it comes time to fill out your tax forms you use a 1099 with all your expenses applied and pay quarterly taxes or estimated taxes.
This way, you have more money in your pocket up front and can earn interest on it yourself rather than waiting to the end of the year and submitting a W-2 forms to get a tax return.
When thinking about starting your own business your first step is to check out your competition. Each individual is unique and has unique abilities to be successful with their niche. You may have a more customer service related business then someone else who you compete with.
You may be able to be more hands on when it comes to supplying service to a customer, that is, you can actually sit down with them and teach them how to use your product.
When determining what your fee is you want to check it out and see what your competition is charging. Therefore, you can determine based on not only the fee they charge but the value of what you offer to your customer what you should charge for your services or products.
When you try to undercut your competition, you are not only hurting yourself, but you are also undervaluing who you are and the services you provide. The best way to build a successful business is to give more value to your customer than you actually charge.
This way, it allows you to build a relationship with your customer and increase the opportunity to have them as a customer long-term.
Once you determine what you have a passion for, then your next step is to write out a mission or goals for your business and then work with a mentor that will keep you accountable for your actions to help you grow your business long-term and make sure you have a plan for growth for the first year, for five years, for 10 years and beyond.
Finally, while you are growing a business and your income, there are opportunities to earn an income with someone who you can eventually joint venture your business with as an affiliate or a distributor, where you earn commission helping them sell their products and services.