November 25

How to think like a business owner

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6 MINDSET TIPS FOR THE PASSION DRIVEN ENTREPRENEUR

by Adela Alonso Alonso

When you make the decision of turning your passion into a profession, it can be complicated to get into the right business mindset. You feel this project so close to your heart that it feels almost wrong to look at it from a purely logical perspective. But every business needs a solid foundation. There are things you absolutely need to consider if you want to make sure that what you are building is standing on solid ground.

1. Effort Management

Because this is something you are really passionate and excited about, your first instinct will be to go all in. You will dedicate all your time, effort, and resources to this. But that is not sustainable in the long run. You need to make sure to set boundaries for yourself and think of this as a job. Yes, when you are starting a business you will need to dedicate a lot of time and effort to make it work, but you also need to make sure of having time to rest, socialize and keep learning.

Consider as well, you are just starting. You have no orders and no customers at the moment. The workload associated with this project will only increase with time. And if you start at a hundred, you are leaving yourself no room to grow.

2. Have a roadmap

business mindset for passion entrepreneurs

I see this very often as well. Passion Entrepreneurs get so excited about their project that they envision what do they want their business to become in the future and want to fast-forward to that point. But things don´t work like this. Rome wasn’t built in a day! Although it is fantastic having a clear idea of your goals, it is also important that you understand the different steps that are required to achieve this. And of course, you need to allow yourself to take them on one by one.

Passion makes for fantastic fuel, but fuel without a plan…is no good! Imagine if you are driving, trying to reach a destination, but have no map and no idea how to get there. Yes, maybe you can start driving and randomly turning right or left and you might eventually reach your destination, but odds are you are going to waste a lot of time and effort. 

3. Eyes on the price.

The ultimate goal of every business is to make sales and to turn a profit. Period. When you are starting, your resources are limited, so it is critical to make sure that every activity you dedicate yourself to directly and positively affects your sales and your profit.
Especially if you don´t have a lot of experience in business, I´m sure you will be asking for advice left and right. Everyone is going to have a different suggestion on what should you be doing. This is perfectly fine. But before spending several hours learning a skill or developing a certain strategy ask yourself: “How is this going to help me get more sales?”. If you can´t really find a connection, it´s probably not the best use of your time.

4. Know your strengths

business mindset for passion entrepreneurs

We are all naturally amazing at certain things and struggle with others. Make things easier for yourself and develop a strategy that will allow you to rely on those things that come easier. This will allow you to progress faster while feeling confident and motivated. Why put yourself in a difficult and uncomfortable situation from day 1?
Think about what are the things absolutely required for you to kick-off (or grow) your business. Then, decide which ones you are confident about taking on yourself and which ones you would rather avoid. And if you are convinced they are necessary, consider finding someone that can support you with those!

5. Keep track of your finances

Most creative and passion-driven entrepreneurs tend to feel very uncomfortable around numbers. I understand, I come from a design background and was feeling a bit scared of numbers as well. But the truth is that being familiar with the figures behind your activity is absolutely necessary to understand how is your business going and how to build it up moving forward.
You are going to need to understand your traffic, your engagement, your conversion rate, your sales, and your margins. So the sooner you make friends with numbers, the easiest is going to be in the long run.

6. Know the difference between you and your business

business mindset for passion entrepreneurs

Especially if you have a business model where the service that you are offering is your own talent, your own creativity, or knowledge (like an artist, a designer, or a coach for example) this line is very complicated to visualize. But again, mindset is critical when it comes to transitioning from a passion into a profession.

Remember to keep in mind that the point of building your own business is to be able to be in charge of your life, not for it to take it over completely.

You need to be able to know where the business ends and where you, as a person, begin. The goal is to make this business succeed and grow, so eventually, it will be bigger than yourself. If you don´t get into the right mindset early on, it will only get more complicated. If you understand these boundaries now as the business grows you will find it easier to delegate and distance yourself from it.

You need to understand in terms of time management, and you need to understand this in terms of money (which expense is for “the business”, which expense is for you).

Get your mind right, and the rest will follow.

I understand that looking at this project from a merely rational point of view can sometimes feel like you are betraying your passion and your calling, but this is not the case. Your home is so much more than just a building, right? But you still need to do things like cleaning the toilet and paying your utility bills. These things are necessary for the maintenance of the house. Yet they don´t take away from the sentimental value that your home has to you.

I know that your business also feels more than just a job. Believe me, I literally wrote the book on Passion Entrepreneurs. The book is thought to help guide people like you to get their mindset in line with their goals and build a show-stopping brand. I invite you to take a look, see what you think! You have a good chunk of the book for preview on Amazon. 

And if you have any questions about how these tips particularly apply to your business, you can comment on this article or contact me at adela@alonso-alonso.com.  you can also visit our facebook or Instagram, or go to youtube and hit that subscribe button.

 

Thanks for reading!

 


Tags

branding, business mindset, ceo mindset, entrepreneur mindset, entrepreneurship


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