Many of you reading this magazine are entrepreneurs, which means you are achievers. You know how to get things done. But even successful achievers wonder “Why is that entrepreneur experiencing so much more success than I am when he or she is not any more skilled?”
The difference lies in your mindset — how you think about your business. Below are four key mindsets of highly successful entrepreneurs. Spend time developing these indicators, and you will become a high achiever as well.
High achievers process and implement change at a very rapid pace.
If your company is going to succeed, you must be ready to adapt. Successful, value-based change works best when it is planned. Once you have decided the direction you want to take, don’t be afraid to launch yourself headfirst into that change.
Many other changes are unplanned, so as an entrepreneur, you must develop an ability to roll with the punches. Stay committed to your vision and plan, but be ready at any time to adapt based on circumstances. Flexibility is an undervalued trait, but a fantastic way to demonstrate your willingness to do what’s necessary to push through to the next level.
High achievers know how to manage risk effectively, so they’re not afraid to take risks.
In order to manage risk, you actually have to take risks. Because high achievers are so accomplished at managing the possible effects of their actions, they are willing and able to take more risks than everybody else.
Here’s a helpful grid through which you can view risk. Calculate the best and worst possible results of a proposed course of action. If you can tolerate a bad result, move ahead with the risk — the possible good outweighs the potential bad. If you cannot accept the bad result, don’t take the chance — the risk is too great.
The end result usually falls somewhere in between the best and worst options, but high achievers are quick to decide if they can tolerate the worst. The more you practice this method, the more you will develop your sense for acceptable risk.
High achievers know how to effectively leverage resources.
High achievers have learned the best and highest use of their time, talent and resources. The idea is to perform the tasks that only you are qualified to do while you make use of your teams and resources to take care of the rest. If you’re the CEO of your organization, you’re setting the vision, creating the strategic plan and building relationships. Hire team members who can answer the phone, keep the books and carry out your plan.
High achievers know who they are, where they’re going and how they want to get there, so they can make decisions more quickly.
Many entrepreneurs are equally talented in terms of the knowledge specific to their industry — financial services, health care, construction, etc. One financial advisor, for example, may have 20 high-net-worth clients, while another has 100 of the same type of clients. Both advisors know how to handle such clients and are skilled in strategies that increase their clients’ wealth (and their own). The second advisor just knows how to attract more clients at a quicker rate. His advantage is in the speed with which he operates because of his certainty in what he’s trying to do.
So here’s the question:
When you look at highly successful entrepreneurs, what differences do you see between them and you? These four characteristics might be the answer.
Are you willing to take change quickly and take managed risks? Are you leveraging your resources in the best way? Are you sure about who you are so you can you make decisions quickly?
In the end, your results will only change when your behaviors change, and your behaviors will only change when your beliefs change. Focus on these fundamentals and they will be difference makers for you.
Travis Chaney is the CEO of Dynamic Directions (www.dynamicdirections-d2.com), a coaching and consulting firm in Owensboro. He also co-founded Inner Circle Entrepreneur (www.innercircleleader.com) to provide coaching to successful entrepreneurs, and is the co-founder of Kids Football League (www.kidsfootballleague.com) in Owensboro.