Recently I’ve been reading Rework by Jason Fried and David Heinemeier Hansson and it has really resonated with me. I highly recommend this book to business leaders, those starting a home-based business and anyone trying to increase their income.
One of the concepts I really agree with is the idea that you should treat your business like a business, not a startup. This piece of advice is invaluable, and one that will help any business leader earn more money from day one.
Startups are hot right now. Just about everywhere you go you hear about how everyday people are starting new businesses. There’s nothing inherently wrong with startups, but the mentality that often comes with them can be dangerous.
Startup Mentality: Experimenting with Ideas and Businesses
Many startups come about as a result of an experimental idea. Someone has an idea for a simple product or service and wants to know if the idea could lead to a stable, lucrative business and freedom lifestyle.
The problem is that many times this leads to leaders failing to take business strategies, opportunities and issues seriously. They don’t plan well in advance, they don’t plan for emergencies and they don’t put their all into it, simply because it’s an experiment.
Business Mentality: Going from Experiment to Full-Time Processes
Instead of looking at your business entirely as an experiment, think about it as an organization that does require some experimentation, but that you are using to find a credible solution. Experiment as necessary, but always strive to find what works, what will bring more success and what will stabilize your business and help it grow.
Startup Mentality: A Lack of Permanent Intentions
As some startups are essentially experiments, their leaders begin to feel that ideas, efforts and goals are only temporary. They have the mentality that if one prospect doesn’t work out, it’s not a huge loss because it was an experiment anyway.
This kind of mentality leads to a lack of ambition, a team that doesn’t work effectively and essentially, a business that isn’t going anywhere.
Business Mentality: Setting Goals and Avoiding Disposable Plans
As a business coach, I have found that the most successful businesses are the ones that have goals and plans and that don’t approach them as temporary or disposable. They have purpose in what they do.
This was proven when I succeeded in reaching many of my goals that I set out for myself and approached them with belief and determination. For example, one of my major goals was to invest in 10 properties in 5 years and I did it.
Another goal I had was to become mortgage free on my personal property, which happened simultaneously with the first goal. This was the icing on the cake to have my intentions come to fruition in such a great way.
Startup Mentality: Restricted Levels of Success
The third problem I’ve found with the startup mentality is that it enables leaders and teams to restrict themselves, inhibiting their business from reaching the highest levels of success.
When you think about it, startups are usually expected to be smaller, lack some resources and basically, only reach a certain level of growth and success, just because they are a small business.
Business Mentality: Continually Reaching for Something Better
Just because your business is new, small and can be technically classified as a startup, you don’t have to have a mentality that restricts you and prevents you from being as successful as you can be. In fact, when you do this you are actually holding yourself back and sabotaging your business.
I firmly believe that simply by reaching higher you will achieve more. When you set your goals higher you work harder, have more ambition to achieve more and you do what it takes to be more successful. Holding yourself accountable to higher levels of success will make you more successful.
I’m a fan of startups and all businesses start small before they flourish into lucrative organizations that support a freedom lifestyle. However, it’s essential that you avoid these “startup mentality errors” if you want to take your business beyond a small startup and make it one that is constantly growing and helping you increase your income.
If you are interested in finding out more about how you can grow your startup, home-based business or small business into something bigger, contact me.