What does it take to make seven-digit figures? You would say; strategies and tactics. That might be the half answer. Businesses and firms like New York Logo Designs don’t grow drastically without an Entrepreneurs mindset. Handling business is a mind game that consistently changes.
If you are administrating business for a long time, you might need to shift your typical mindset and jump on the bandwagon of the entrepreneurial mindset that can boost your business.
This article is all about the mindset shift for businesses that folks should implement as entrepreneurs;
1.Types Of Cash
Businesses are all about generating cash and revenues. Most importantly, tracking how much business they have made, to level up further.
There are three types of cash;
- Cash generated (how much you sold)
- Cash collected (how much you brought in)
- Liability (how much it costs to deliver your product/service)
Cash generated + cash collected – liability = gross revenue
A simple equation that most entrepreneurs get it wrong because they primarily focus on spawning cash.
2. Determine Profit vs. Growth Ratio
Determining profit and growth ratio is a basic step that new entrepreneurs should implement. These basics are the foundation of a successful empire. So if you want to build that, shift your perceptions.
This method will let you know, what type of business you are growing. A profit-center that expands at a slow pace or one that’s growth-oriented that doesn’t make much profit but grows speedily.
These are the two types of businesses that require different strategies and approaches. Plus, a different kind of mindset is needed.
3. Types of Leverages
As an entrepreneur, you can use three types of leverages;
- Leverage of time (appointing someone and delegating)
- Leverage of money (devoting money to reduce the friction of problems)
- Leverage of energy (devoting time or money so you don’t have to think or act)
If you have used these properly, you can create and build momentum without having to apply all your own time and energy. It’s a massive mindset shift for entrepreneurs, as they finally get off the six-figure to scale with seven figures.
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4. Types of Assets you need
Getting caught in money is easy and risky. To prevent it, you should know about three assets;
- financial assets (profit),
- relationships (personal and professional)
- audience (potential customers)
Once you have maintained a smooth relation with them, you can ride any storm because they will have your back.
5. Money isn’t evil
Money is the preeminent multiplier; people who aren’t nice, become worse to be around it, where some folks turn even better because of it.
Being wealthy can be either a blessing or gamification. It depends on how you utilize it. Entrepreneurs who have a focused mindset and see money for investing, where they can make a lucrative deal, these types of patrons are successful.
6. You never run out of problems
New day, new problems to face; a story of business entrepreneurs. If you have been in business for a long time, you must be aware of the fact that problems are never-ending.
The most important mindset is to train your brain to become a problem solver because, in crises, you will require a logical and clear head.
7. You cannot be loved by everyone
Want to make your business flourish? Remember this; not everyone will love you.
Business requires a precise mindset that sometimes might make you look like a villain in front of others. Administering business with your close ones are quite risky because it can put your relation on the steak that will eventually effect on your business.
8. Perfection happens when you let go
Business cannot be done properly if you try to control everything; it happens when you let things go with the flow.
You cannot achieve perfection with the same old mindset that helps you hustle for six figures. Strategies are needed and thus shift gears are required. Sometimes even letting the thing go out of your control, works wonders for you.
Don’t run behind perfection; instead, seek excellence in every step.
9. Retrospect your failure
As an adage, “To err is human.” Mistakes happen that sometimes result in failing. Failure doesn’t mean that you have to doubt yourself because the control of circumstances isn’t your hand.
To be able to do a prosperous business, it’s necessary to develop a mindset to accept your failure. Moreover, failure is an absolute necessity for achieving success, but it matters how you frame it.
Try to think it as a learning process that made you aware of your approaches, instead of blaming yourself.
Shifting your mindset would be initially difficult but it’s plausible. This change would be beneficial for your business and will enable your employees to grow.
A leader is who paves the path for their followers and a boss is someone, who just gives orders. There is a thin line between both of them, make sure you become their leader and not their boss.