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Are you following your passions but staring at a negative bank account balance? Do you feel like you don't know enough to be successful? Are you thinking of just quitting? You are not alone. Most of the most successful business people have gone through this stage and overcome it; here is how you will be the next to do so.
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Actively uplift your mindset daily
If you allow your environment to determine your mindset then you may never move forward. You must find a way to guard your mindset against any negative or limiting beliefs. Daymond John would insist that the "broke mindset" is critical for success in his book The Power of Broke. When you are committed but don't currently have enough you are forced to work harder, longer, faster, and stronger than anyone else. The first and best resource you will ever have is a winning mindset but it doesn't come easy. You must actively work on it daily even when you don't feel like it. Discover the habitual triggers you need to improve your mindset quickly and continue to fight for your passion and purpose.
Fail faster
The best advice I have ever gotten and continue to use; fail faster. When you are just beginning at anything even if you have a talent, you are going to fail at some things. The trick is to power through the fear, fail faster, and learn from it. You never know which failure is the very ladder to success. Berkshire Hathaway was Warren Buffet's greatest failure which directed him towards the now multi-billion dollar success story. Oprah Winfrey was fired as a news reporter and turned that failure into an entire network. Cornel Sanders' fried chicken recipe was rejected over 1,000 times before founding the successful KFC franchise. The point is that failing is a part of success if you endure.
Don't quit, pivot as necessary
If you have been on the entrepreneurial journey for any period of time then you have probably considered quitting; you are not alone. Chances are if you are not achieving success right now then you don't have tons of support easily available. What you have to do is think of the people your company does and will help. If your product or service truly solves a problem for your ideal client then they are waiting for you to get it to them. Consider how happy and satisfied they will be once they have access to the best version of the solution your company offers. Instead of quitting pivot if necessary. Adjust your strategy, increase your action taken, or improve your internal systems. Do something to shake things up and take note of the good or bad changes.
Conclusion
As a broke entry-level entrepreneur, you are sure to be going through some challenges. On this journey, it is important to protect your mindset, learn from failure, and never give up. Your mindset is the best resource you need in order to become successful so improving it needs to be a daily commitment. Most of the biggest successful people in the world have turned failure into success because they refused to give up. You can make it to the top.
What do you think? Are you a broke entrepreneur? How are you pushing through this temporary stage? Did this information help?
References:
- Bansal, Annika. “10 Famous Entrepreneurs Who Failed in Business Before Becoming Successful.” Small Business Sense, 3 Oct. 2015, small-bizsense.com/10-famous-entrepreneurs-who-failed-in-business-before-becoming-successful/.
- John, Daymond, and Daniel Paisner. The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage. Crown Business, 2017.
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