Mindset is one of the most important assets entrepreneurs can have in their repertoire to help them overcome challenges. Each year, there are thousands of graduates from the top business schools in the nation. Each one of those graduates has the skills to be a successful entrepreneur, but there are not thousands of Fortune 500 businesses springing up in the years after every college graduation. On the other hand, mega-entrepreneurs like Michael Dell, Mark Zuckerberg, Larry Ellison, and Bill Gates are dropouts.
What is the difference? Successful entrepreneurs come from a variety of backgrounds and skillsets, but mindset is the one thing that they all have in common. Mindset is what gives a person the fortitude to keep pursuing goals when doors keep closing. A person with the right mindset will believe there is a way, find it, and execute it.
The phrase mindset may make some of the reading audience cringe a little. Vague use of the term can make it seem like mystical mumbo jumbo. The Merriam-Webster Dictionary defines mindset as “a mental attitude or inclination.” Mindset is not new or strange. It involves giving attention to one’s own thinking habits. Mindset receives endorsements from business leaders like Tony Robbins, Ray Dalio, and Warren Buffet and from spiritual leaders like Gandhi, Oprah, and Mother Teresa.
The limiting belief of not being adequate with math is a very real one that many entrepreneurs suffer from. This false self-belief can be a severe hindrance because finances are at the center of business. Especially in the world of acquisitions, people need to understand numbers and rates.
“I love numbers, and numbers love me,” Wick shares the mantra that one of his mentors instructs classes to repeat. Most people’s earliest memories of math relate to school. In school, sometimes the idea can come across that you’re either good at math or bad at math and there is no in-between. That was not true in elementary school, and it could not be more untrue when it comes to entrepreneurs.
As entrepreneurs, work to change your mindset about your relationship with numbers. Entrepreneurs have to retrain their brains to believe that they are competent and can learn. The path to solving any business problem often begins with mindset.
Although changing mindset is profound in many ways, it can seem counterintuitive at the start. People often do not think about the way they think. In most circumstances, a person does not work for their mindset. Instead, it is an inheritance, and it is not always a good one. Each day, the mind takes in messages from the media, parents, peers, and anything that one can see, hear or read. Those messages influence mindset for better or for worse.
For example, that math teacher from fifth grade may have never set out to make Jimmy believe he was bad at math. Instead, the star student chart that Jimmy was never on and the thoughtless comments the teacher made helped Jimmy to develop a negative mindset towards himself and math. When Jimmy almost failed math in eighth grade and had to retake geometry in tenth grade, that mindset grew stronger. Now, Jimmy is trying to sell his business and he feels intimidated by his own financial statements.
According to research, the subconscious mind determines 95% of human decisions. The way each entrepreneur thinks about themselves is critical. A person who subconsciously believes they're not good at managing money, not organized, or not a good entrepreneur is going to stop themselves from getting better without even thinking about it.
When the mindset and the willingness to make decisions to get better, improves, the drive and passions to develop better skill sets happens.