The first part before you start any business is the most important, but some people get it wrong. They start by thinking what products or services to sell. Or even worse they start with the question – How can I make money? That’s the quickest way to lose a lot of money. Instead you should be asking what can I do for other people. How can I solve their issues or problems. That is how the biggest companies in the world are formed and how the most successful and profitable businesses start out.
But if you ask me there is something that needs to happen even before this conversion takes place, and its the mindset changing. When you work in a job all you think about is what you can do to either keep that job, or what you can do to make the most money in that particular position. This usually leads to demotivation and/or getting a pay rise or promotion, which is great but that’s not how the business world works at all. Instead you need to have the correct mindset before getting started! Before even thinking about getting started!
People call it different things. “Growth mindset” “Entrepreneurial mindset” but at the end of the day its just the desire to do something. And in this case, that something is to make a hugely profitable business!
Getting into this mindset. Getting into the correct mindset is something that is not only difficult, it’s something you can’t (in most cases) do overnight. For me it happened over about a 3 month period working in a very boring, dull job that didn’t pay well. This was so bad that I worked nights and ended up working 80 hours a week for 3 months to get out of it. Luckily I was able to do this because I had the correct mindset, if I didn’t I would have quit so much earlier.
It’s very similar to dieting, and why you see people lose 5lbs followed by gaining 10lbs. The theory is that unless your mindset is correct about why and how you want to lose weight, then you aren’t going to, simply because you aren’t fully committed until your mind is!
I could recommend hundreds of books on this topic but no 1 is better than the other really, as you could get the same benefit naturally or from external sources, but personally the 3 that helped me the most were the compound effect, the slight edge and the millionaire fastlane. The compound effect and slight edge talk about how important it is to do something everyday towards your specific goal, missing one day doesn’t have any affect physically or really monetarily, but it does mentally and hence you have to do something every single day if you are truly committed. The millionaire fastlane is a bit different and talks about how making 1 million dollars is actually very easy nowadays, its just making it within 40 years is more difficult. Very important read. Get in the mindset. Then make the business.