The Role of the Investing Mindset Is to Ask, ‘How Can I Take My Business to the Next Level?’
5 min read
Opinions expressed by Entrepreneur contributors are their own.
When we hear the word “invest,” our minds usually leap to stocks and bonds, mutual funds, or things like 401Ks and IRAs. We don’t often think about turning that inward to our own business or ourselves.
Many people start a business with the hopes of replacing their income from their job, so they never have to work for anyone else ever again. It is a sacred rite of passage as an entrepreneur to declare, “I am my own boss!” and know that you are free from the drudgery of a 9-to-5 or restrictive structure. Becoming your own boss is the first level, but you cannot stop there.
At every level of growth, you’ll have to navigate obstacles and challenges — sales slow, your marketing is no longer working, a competitor is stealing your customers, no one is inviting you to speak or asking for interviews. It feels like a dead end, but in actuality, that is the energetic edge of your current limitations. Many entrepreneurs hit a wall of their present potential, which leads to a slide right out of business.
The only way to prevent or stop that slide is to invest. And that doesn’t always mean money or capital. That can be formal education, taking a class or workshop, or investing in better tools and technology. Mera Events says, “Aside from learning new things, business owners can also build new professional relationships, gain friendships with like-minded people and even get to know clients and vendors on a more personal level.” According to Score.org, “Small business owners who invest in entrepreneurship training are more likely to grow.” Furthermore, according to the University of the People, “Those who get an education have higher incomes, have more opportunities in their lives, and tend to be healthier.”
The only way to prevent or stop that slide is to invest, and that doesn’t always mean money or capital. The investing mindset is how successful entrepreneurs continue to grow and scale their businesses, and it includes questions like:
- What new skill can I learn?
- How can I apply a new talent or technique to my current product offerings or services?
- Where can I invest in my brand and marketing to be seen as an authority in my industry?
- How can I evolve the status quo?
- Do we have the right tools/technology to do the job?
Related: The Role of the Visionary Is to Say, ‘We’re in the Wrong Jungle!’
You have to tell yourself, “I am capable of going to the next level as long as I believe in investing in myself.” When you adopt the investor mindset, you won’t be static in your life and career. You will continuously expand, growing, and mastering a new level of possibility.
I used to think that becoming an investor was so far out of reach. I believed that to be an investor, you had to reach a level of success where you have no more worries or concerns. I believed investors only become capable once they reached a place where they can abundantly and effortlessly give back to humanity, but the opposite is true.
You create the investor mindset first and then the opportunities show up.
It starts with investing in yourself. I know so many entrepreneurs who say they can’t afford or don’t have the time to level up their marketing, take a new course, go to a seminar or join a high-value mastermind group. But, who will ever invest in you if you’re not willing to invest in yourself? You are always your first investor.
Investing is an exponential way to play the game. Some entrepreneurs can create something from nothing, which is a remarkable talent, yet you will always be on the hamster wheel. To that end, congratulations getting the hamster wheel to spin in the first place. Most people can’t even do that. Most people can’t even get their business off the ground.
Not every investment opportunity is certain. The game does involve risk. Even when you feel like you’ve lost, think about the knowledge, the insight, the perspective you have gained from just being in the investing conversation. When you’re betting on yourself, you have an even greater vested interest in your success, which leads to a higher level of motivation.
Every opportunity you get to talk about, think about, and be an investor — take it.
Using every opportunity you get to learn, inquire, and seek to incorporate the investing mindset is how you evolve beyond the hustle mentality that keeps so many entrepreneurs stuck in the daily grind and the profit/loss spreadsheet. This will present an entirely new perspective that involves transferring assets from one balance sheet to another.
It will only come when you open yourself to developing the investing mindset.
Published at Thu, 02 Sep 2021 18:30:00 +0000
Article source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/znyZGjlPobc/375070