It's Time To Start Thinking Like An Entrepreneur

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Most of us who join Wealthy Affiliate do so with the intention of eventually being able to make a full-time living from our online business - or at least enough money to enjoy a few extra luxuries in life.

However to make this happen we need to make some subtle but very important changes to the way we think. In many cases this is easier said than done because many of these thought processes are ingrained in us from a young age. It's the way we are taught to think at school and it's the way most "normal people" think.

It's time to realize that you are not "normal" - you are an Entrepreneur! And Entrepreneurs view things in very different ways.

Employee Mindset V Entrepreneur Mindset

Here's a few examples of how these two mindsets differ:

1: Fixed rewards for time spent working. This is the classical employee mindset and its what we are generally all taught and believe to be the way to work. You learn some skills, get a job that utilizes those skills, and then work 40-45 hours per week for an employer who pays you a set wage for those hours of work. As an entrepreneur there is absolutely no limit on the rewards you can earn from the time you spend working and you also decide how much time that is.

2: Risk Taking. Most of us are quite averse to taking risks - possibly from bad experiences in the past. Certainly as an employee you don't want to risk your job by doing something that might not work out or cost the company money. As an entrepreneur you must become happy with taking calculated risks. I emphasize the phrase calculated risks. It's likely that you will have to spend some money on training and resources to succeed and there is a possibility that you will lose everything you invest in your business. An entrepreneur weighs up the pros and cons and makes a decision on each risk.

3: Work Ethic. As an employee you will generally make an effort to do your job well enough to get by but it's very rare to do more than is absolutely necessary. As an Entrepreneur you will need to be comfortable with the fact that you will have to do a lot of work upfront with no guarantee of any reward at the end.

4: Attitude to failure. If you are an employee and experience failure in the workplace then generally you will still get paid at the end of the month. If you have your own business then failures can be expensive or even catastrophic. An entrepreneur will accept that failures are an inevitable part of creating a business and should be viewed as learning opportunities for the future

As an entrepreneur you need to accept that there will be many challenges along the way and these are just part of the journey. There are almost always solutions available if you spend the time looking for them.

It's not an easy transition from having the employee mindset to developing the entrepreneur's mindset. It can be built over time as you gain experience in your business. One of the best ways to do this is to set goals and targets for your business and work methodically towards them.

Anyway, I hope this has given you a little food for thought. I'm off now to spend some productive time on my business. Have a great day whatever you're doing!

David



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Recent Comments

18

Nice article, Dave. Thanks for your time and effort.

Thanks very much. Glad you liked it 👍

I am fortunately ahead of the game already David, as 'normal' has never figured much in my life.
Being your own boss is the best thing ever. Having had an online business for 10 years, 6 of those full time I found the transition quite easy luckily.

Awesome Linda 😀. Glad to hear you are making this online business thing work 👍

I love it, it gives me freedom. My original business became profitable and still is and my WA business will be the same in time. Just takes time, dedication and learning.

I tip my hat to you Linda and hope to follow in your footsteps in the near future 👍

You will.

Great post. Having been in the employee role for 30+ years and now being an entrepreneur, it is a bit different and challenging at times.

It's all good though!

Cheers,

Michael

I hear you Michael. I still have to flip between the 2 - but hopefully not for much longer

being a entrepreneur is a very challenging choice but once you dedicate yourself to being one is a very rewarding choice,very good post

Dedicating yourself to making it work is the key to success.
Thanks Nick!

Great post. Yes changing your mindset to being your own boss and more is difficult and once changed, you can never go back.

All fun.

Lily 😊

Thanks Lily. Yes it’s important to think like an entrepreneur if you want to make it as one 🙂

I think changing our minds is one of the hardest things we can do. But it all starts with that proper mindset. Excellent post.

It’s definitely a difficult thing to do but we must try to act like an entrepreneur if we want to be successful

Very good, and most suitable for newcomers or people who are thinking to start new business. Risk is rinks, failures are inevitable for many business. You should have a continuous mindset not to see back reaching winning post.
Thank you very much for your article.
SAM

Totally agree with you. It’s good to approach these things with your eyes open though

Mindset is very important, a good reminder for us all.

Cheers Zak - thanks and glad you agree!

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