Terry Barber: The best mindset for a successful business owner
As we continue exploring the characteristics of the best mindset for a successful business owner, let’s stop and define a successful business owner. It’s someone who builds and runs a successful business. Straightforward, right? But wait…
ActionCOACH defines a successful business as a commercial, profitable, enterprise that works without the business owner. As the business owner, we should have more benefits than just buying ourselves a job. We should receive residual income. If we can’t step away from our business whenever we wish and it continues making money, we have yet to achieve being a successful business owner. We just bought ourselves a job. Often, a job for which we get paid far less than doing the same job working for someone else.
Now, let’s continue with the characteristics of the best mindset for a successful business owner.
Teachable: “The more you learn, the more you earn.” — Warren Buffet, business magnate, investor, philanthropist and considered by some to be one of the most successful investors in the world.
The business world constantly changes. New technologies impact the way we sell, deliver, or create our products and services. People’s tastes and styles constantly change. Brands come and go. Regulations and taxation change. If we aren’t continually learning, we become obsolete, out of style, hard to buy from, or just plain don’t care about our customers, and our businesses will stagnate at best or fail.
Being teachable is comprised of two parts: we need to be self-learners and coachable. Numerous studies have shown us that the most successful people in the world are those who read at least one book a month. With that advent of the Internet, we can now watch videos, take online courses, or read articles about any and every subject under the sun!
As a business owner, we need to learn about the different aspects of doing business, about the products and services we and our competitors sell, about our market, our industry and our clients. Being a self-learner keeps our business game sharp.
Being coachable means we can learn from the wisdom and knowledge of others. All of us who have been around teenagers have heard the phrase, “I know,” given back to us while lecturing or reminding them of some item or issue. Adults have “gentrified” it by saying the same phrase politely or just to ourselves, the outcome is still the same. The learning opportunity shuts down.
Often this is because of our ego, pride or shame. Remember, even if we know the same knowledge of another, learning their slant or take on it can open others ways of thinking about or approaching a solution or idea. While self-learning keeps our business game sharp, coaching moves us to the top of our business game.
Flexible: “Stay committed to your decisions, but stay flexible in your approach.” — Tony Robbins, American businessman, author and philanthropist
Everything in business should be flexible but our principles. As we discussed above, the business world constantly changes. To assume that one thing, one way, one brand, or one style always works appears naïve in that light, doesn’t it? Change is a must.
I once learned that the definition of insanity is doing the same thing over and over and expecting different results. If all I do is dig holes and my client wants me to build a bridge, no matter how hard, long or well I work at digging a hole, I will never build the bridge desired. The best way to stay flexible. Be teachable.
We will continue our exploration of the 6 Do’s and Don’ts characteristics of the best mindset for a successful business owner in upcoming articles.
Terry Barber is co-owner and founder of Ardent Leadership & Technology Solutions, Inc. and your local certified business coach for the world’s #1 business coaching firm, ActionCOACH. You can reach him at firstname.lastname@example.org.Terry Barber is co-owner and founder of Ardent Leadership & Technology Solutions, Inc. and your local certified business coach for the world’s #1 business coaching firm, ActionCOACH. You can reach him at email@example.com.Terry Barber is co-owner and founder of Ardent Leadership & Technology Solutions, Inc. and your local certified business coach for the world’s #1 business coaching firm, ActionCOACH. You can reach him at firstname.lastname@example.org.
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