It's all in your mind

Last month I outlined the four types of business owner (click here to read the blog). I suggested that to become Wealthy Entrepreneur, you need to focus on the right thing at the right time. But first, you need to sort your head out. This month, I’ll outline the mindset shift you need to make to become a Wealthy Entrepreneur.

In his book, Think and Grow Rich,Napoleon Hill suggests your income is determined by the way you think.  I agree. Each type of business owner has a different mindset. Their mindset determines their decisions, actions and focus; which determines their income.

The mindset of the Underpaid Employee is, “the harder I work, the more I earn.” They end up working harder and harder in an attempt to grow their business, but they’re often focused on the wrong thing.
The mindset of the Overloaded Manager is, “if you want something done right then do it yourself.” They’re working hard in the right areas of their business, but because they’re doing everything themselves, they hit glass ceilings.
The mindset of the Effective Leader is, “if you want something done right, give it to a busy person.” They’ve discovered that delegating key responsibilities to effective people means they can leverage their time to focus on growth opportunities.
The mindset of the Wealthy Entrepreneur is (this is really important - write this down), “the more value I create, the more I earn.” This way of thinking seems counter-intuitive. A lot of business owners think about income before value. For the Wealthy Entrepreneur, income is the by-product. The value they create (or the people they help) is their primary purpose. Because of this, they create more value (help more people) and create more wealth.

Challenge your thinking  
The quickest way to change your mindset is to watch your thoughts. Every time you notice yourself thinking like an Underpaid Employee or Overloaded Manager, challenge yourself to think like an Effective Leader or Wealthy Entrepreneur. Before you know it, you’ll be thinking, acting and “being” like a Wealthy Entrepreneur.