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How To Develop A Business Mindset
Not everyone will agree with this...
Selling their time is a mistake that many employees do when they start their first business.
But if you keep selling your time, you won't get far.
THREAD TIME
Not everyone will agree with this...Selling their time is a mistake that many employees do when they start their first business.
But if you keep selling your time, you won't get far.
THREAD TIME
1) A business has two purposes:
+ Make money
+ Bring value to everyone involved
Some would argue it has only one purpose: Make money.
But I think that's short-sighted.
Think about it...
+ Make money
+ Bring value to everyone involved
Some would argue it has only one purpose: Make money.
But I think that's short-sighted.
Think about it...
2) Think of an established business, who are all the people involved?
+ Customers / clients
+ Employees
+ Owners
Every single person that gets in touch with the business, walks away with more value in their lives.
Here's what I mean...
+ Customers / clients
+ Employees
+ Owners
Every single person that gets in touch with the business, walks away with more value in their lives.
Here's what I mean...
3) Customers: Business solves a problem for them
Employees: Get salaries, career opportunities, more experience in the market
Owners: Business is an asset for them
It is really incredible when you think about it: Businesses create an INSANE amount of value for many people.
Employees: Get salaries, career opportunities, more experience in the market
Owners: Business is an asset for them
It is really incredible when you think about it: Businesses create an INSANE amount of value for many people.
4) So what isn't a business?
First of all, a business is not YOU.
Even if you're running a personal brand, YOU, as an individual, are not the business.
Here's an easy example to show you what I mean: Singers and bands.
First of all, a business is not YOU.
Even if you're running a personal brand, YOU, as an individual, are not the business.
Here's an easy example to show you what I mean: Singers and bands.
5) A popular band is not the business.
Even though you see their name everywhere. Even though you listen to their music. And even though only pay to see them... They are actually not the business.
A band, as a business, has a big team behind the scenes.
Even though you see their name everywhere. Even though you listen to their music. And even though only pay to see them... They are actually not the business.
A band, as a business, has a big team behind the scenes.
6) So first of all there's the manager who has to organize everything.
Then you have the label who is responsible for selling & promoting their songs.
For shows, there is a team responsible for building the stage, managing ticket sales, and many more things.
Then you have the label who is responsible for selling & promoting their songs.
For shows, there is a team responsible for building the stage, managing ticket sales, and many more things.
7) Common Mistake:
Thinking that just because you can do something for others, you're set for business.
That's employee mindset.
You have a skill, you sell your time, you get paid.
Done.
No, actually you're not done!
I realized this after working as a freelancer...
Thinking that just because you can do something for others, you're set for business.
That's employee mindset.
You have a skill, you sell your time, you get paid.
Done.
No, actually you're not done!
I realized this after working as a freelancer...
8) Going from freelancing to running an online business seems like the natural next step.
The truth is that freelancing is much closer to being an employee than it is to being an entrepreneur.
As a freelancer, there are many things you don't think about...
The truth is that freelancing is much closer to being an employee than it is to being an entrepreneur.
As a freelancer, there are many things you don't think about...
9) For example, you don't think about "value creation".
You don't think about "client experience", either... or "customer support".
No, all you worry about is: Getting the tasks done.
That's why you see many employees frustrated in the business world...
You don't think about "client experience", either... or "customer support".
No, all you worry about is: Getting the tasks done.
That's why you see many employees frustrated in the business world...
10) Does this sound familiar?
"I have the best product / service"
"We go out of our way to do XY"
"We do it twice as fast"
While all of these things are commendable work ethic, they're not about value creation.
"I have the best product / service"
"We go out of our way to do XY"
"We do it twice as fast"
While all of these things are commendable work ethic, they're not about value creation.
11) Value creation is:
My business helped 100 people this month.
My business generated $50'000 in sales this month.
My business paid $30'000 in salaries this month.
My business paid XY education for my employees.
My business helped 100 people this month.
My business generated $50'000 in sales this month.
My business paid $30'000 in salaries this month.
My business paid XY education for my employees.
12) It's a different thinking, a different mindset!
It reminds me of the saying:
"Work on your business, not in your business."
Now the issue is, of course, starting solo...
It reminds me of the saying:
"Work on your business, not in your business."
Now the issue is, of course, starting solo...
13) A solopreneur is working both ON the business as well as IN the business.
You are your own boss, manager, and employee.
It's a tricky situation. It takes time to break out of it.
But the sooner you shift to a business mindset, the sooner you break out of it.
You are your own boss, manager, and employee.
It's a tricky situation. It takes time to break out of it.
But the sooner you shift to a business mindset, the sooner you break out of it.
14) Here is my advice:
- Outsource as soon as you can. This forces you to think about how to operate profitably.
- Create processes & training for your freelancers. This forces you to work ON your business.
If you're anything like I was, this feels like a huge step...
- Outsource as soon as you can. This forces you to think about how to operate profitably.
- Create processes & training for your freelancers. This forces you to work ON your business.
If you're anything like I was, this feels like a huge step...
15) And it is!
But always remind yourself that you are creating a business. Not a job for yourself.
Remind yourself of value creation, not what your time is worth.
Heck, most entrepreneurs have horrible hourly rates when they start out.
Grow out of that fast!
But always remind yourself that you are creating a business. Not a job for yourself.
Remind yourself of value creation, not what your time is worth.
Heck, most entrepreneurs have horrible hourly rates when they start out.
Grow out of that fast!
16) Your business is not there to make you rich.
Your business exists to bring value to everyone involved.
If you do it right, you WILL get rich from it. But that's just a side effect.
At least, that's how I see it.
What's your take on this? Reply to this tweet
Your business exists to bring value to everyone involved.
If you do it right, you WILL get rich from it. But that's just a side effect.
At least, that's how I see it.
What's your take on this? Reply to this tweet
Thank you for reading!
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To return to the Advent Calendar thread, click the tweet below
But one last thing...
https://twitter.com/fromclicktosale/status/1333813216217079808
Please give it a Like & RT
To return to the Advent Calendar thread, click the tweet below
But one last thing...
https://twitter.com/fromclicktosale/status/1333813216217079808
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Below is a short video:
+ Sneak-peak into the "City of Gold" group chat
+ FREE ebook that reveals 8 vital business metrics (normally $27)
https://fromclicktosale.com/city-of-gold-gumroad-review-free-bonus/
