An entrepreneur mindset occurs when someone builds money (capital) through risk or initiative. Being a success driven person as I am has lead me to be an entrepreneur and a professional. I have oodles of initiative and believe myself to be someone who has taken intelligent and professional risks.
I did what I thought would be the best thing to lead me to a dream life of happiness.
Being both an entrepreneur and a successful professional, I run a business. I run a business in my profession. I am a lawyer who owns and runs a law firm.
What has really happened is that this business, although a source of income for me and my family, has been a tremendous albatross, source of crushing stress, and unending consumer of my (thanks to my business) no longer present disposable cash. As an example, I have not taken a vacation of more than a week in 5 years.
Although I sought the advice of business coaches and senior professionals in my field, I developed a business based upon an entrepreneur mindset that is quickly becoming outdated.
There is a better way to develop and grow your entrepreneur mindset.
There is a new economy and the best thing you can do in the new economy is create your own economic stability. No job, employer or company is going to provide that for you. It has to be created by you and your own efforts, skill and knowledge.
The new meaning of success includes working to make a contribution rather than just an income.
If you want to proceed as an entrepreneur based upon providing real contribution to what our planet or other human beings want and need, you can create a greater likelihood of success. If you make good financial decisions, you can weather out uncertainty.
Good financial decisions include having the work you do contribute to humankind in a way that they need or want, handling your bad debt, knowing the difference between bad and good debt, being frugal, investing in yourself and also enjoying yourself.
To be truly a successful entrepreneur, you have to think about what you can contribute to help our planet and the humans on it. You have to think about contributing a quality product to fellow human beings.
Although there has always been the entrepreneur success story that includes generosity, (creating abundance within your business model by being generous), there is a movement that is even more exciting.
How someone becomes an entrepreneur has changed and is changing significantly.
Even the experts are embroiled in the Joneses culture and make cultural and economic assumptions that no longer work. Business coaches, those “in the know” often make assumptions based upon an economy that is on the way out.
For instance, we no longer have to work to apply to a market in our geographic area, (my law firm is a perfect example of a potentially out-dated business model: it services clients in my city, but virtually nowhere else, we provide legal services for an hourly rate – once the hour is spent, we never get it back).
An entrepreneur mindset that works has to include passive or residual income.
I am suggesting we create work by producing a product or service that, once created, can continue to deliver to others real value even after we have stopped working on it. This value is not only the income it can produce for us, but the value the work has provided to those it has benefitted. This value is to continue to generate and grow itself without our constant input. I am suggesting we create work that can reach and help others on a global scale. And finally, I am suggesting that this work be connected to what is important to us.
Written by Val Hemminger, the nonconforming professional