How to develop the mindset of an entrepreneur
There is a saying that "if you want to become rich, think like a rich person."
Here are the facts, if a poor man wins the lottery, chances are he will die poor. If a rich man lost all his money, he will still die rich.
We see this in everyday life with stories of the tragic endings of people that won the lottery. We also see people that has gone rock bottom but still come up on top.
This has nothing to do with money but has everything to do with philosophy. If you start thinking and acting like a rich man, chances are you will become rich.
Here are some philosophies of how the rich think:
Time over money
There is a common misconception with the quote "Time is money." I'm here to tell you it is not. Rich people know that there is no scarcity to money. You can potentially accumulate as much money as one desires with the given sacrifices. Time on the other hand, is limited.
You have a set amount of time left in your life and how you spend that time is the most important thing.
Rich people "buy" time and poor people "sell" time. This is why most people are working 9-5 jobs while the rich pays for your time while they tackle on things that they deem as important.
They are extremely productive. I'm sure you have met people that are able to finish something in a few hours while it would take others a week to do. This is another way to create time.
You will also find many rich people to be very active with health. The healthier you are, the longer you stay alive, thus; create more time.
Don't think you will live forever. Cherish your time and treat it as one of your most important assets.
Assets and Liability
The rich knows what is an asset and what is a liability.
Based on "Rich dad poor dad": Assets are things that puts money in your pocket and Liabilities are things that takes money out of your pocket.
The most basic way to accumulate wealth is to acquire assets throughout your life and limit liabilities. It's as simple as that. How you spend your money determines how wealthy you are.
Notice this has nothing to do with saving money as a way to accumulate wealth. Money in general depreciates in value. The government prints money every single day and creates inflation. Holding money just for money his a horrible investment and in someways, a liability.
It is alright though, to save to buy assets. An example of this would be buying a house to rent out to people. What you are basically doing, is turning your money into a house instead. The worth is still there, except, the house follows inflation so the value will generally not decrease compare to the value of the dollar. You will also be collecting income month after month by renting out the property. This is the general example of an asset.
Here are a few different examples of assets:
Rental property
Parking lot
Dividend paying stocks
Taxi medallions
Businesses
interest lending
You tube channel
Blog
And here are a few common liabilities:
Home
Car
Mortgage
Student loan
Value over price
A basic rule in stock that Warren Buffet follows is value over price. He looks at companies and determine their value based on data and compares the stock price to what he believes what the value of the company is worth. If the price is lower then his presumed value, he buys the stock.
This is also a general rule in life as well. Here are some examples:
You see a lot of people buying Jordan's sneakers. The sneakers cost $300 dollars but the second you step out with those shoes, it is now worth $150. This is an example of how the value of the shoes is less then the price.
It can be the other way around though, for example: you bought a limited addition sneaker for $300 but don't wear them. As time goes on and the company stops manufacturing this sneaker, the value of the sneaker goes up.
The best example of value vs price are books. For example the book "Rich dad poor dad" by Robert Kiyosaki. The cost of the book is only $10, but what you learn from it is worth millions.
Learn to evaluate value over price and you will get better at spending your hard earned money.
Busy does not mean productive
There are many people out there that always seem busy but gets no where in life. They always say "I'm busy" or "I don't have time for that." Yet in terms of anything they do, they are not getting ahead.
There is only one thing that matters in productivity, and that is results. Nothing else matters. Are you getting the results that you want in a given time period and fashion?
Most people that are "busy" generally just keeps themselves busy. They are working on things that don't create immediate results. They multitask.
I'm here to tell you to NOT multitask. People that multitask usually never finish their things on time and does not create the right results.
Instead PRIORITIZE. Figure out what is the most important thing to do or do what will create the MOST results first. FOCUS on those things and you will see results much faster and way more effective otherwise.
Once again, the ONLY thing that matters in life, is results. If what you are doing is not producing the results you want quickly, you are doing something wrong.
Solve problems
When you want something, many people give themselves the excuse of "I can't afford it" or "I'm just not good at doing that."
Successful people in the other hand think as "How can I afford it" or "How do I become good at that"
One statement shuts down the mind and it stops turning. The other statement turns on the brain and keeps rolling.
Like they say: "The brain is a muscle, you have to exercise it to become stronger"
By just changing the statement into a question, you are able to become smarter. You will start seeing new opportunities all the time. You will exercise the brain into finding different ways to accomplish a task.
If you continue to give yourself excuses as to why you can't accomplish something, it becomes a subconscious habit that will decay every part of your life and you will never be successful.
Learning is essential
"The more your learn, the more you earn"
A millionaire once told me that if I want to be successful, I have to learn everything that comes my way. This includes learning new skills, knowledge, and universal rules.
Think of each thing you learn as a dot. For every dot you have, you can connect them. The more dots you can connect, the more opportunities, ideas, and ways of execution is available to you.
Think of what skills and knowledge you want to acquire and learn as much as possible from them. You have to be able to learn fast. There are proven ways to increase you learning so that should probably be your first thing to master.
Never ask for permmission
As an entrepreneur, you are already a taboo to society. You're goal is to break out of the norm and create new innovative ideas. You can't do this if you are always asking for permission.
In some ways, you can say you are breaking the rules. This does not mean breaking the law or do anything that will land you in jail.
It is about breaking and bending the rules of society. In a capitalist society, for one to come up on top has to have an unfair advantage. This means by doing things outside the box and things that takes great courage.
An example of an unfair advantage would be like where you are located. What is specific to your location that others can't implement and how does it put you in advantage.
Another example, lets say you own a software company. Lets say you find some way of contacting Bill Gates or any top dog in the industry and convince them to sponsor you. This is also a way of creating an unfair advantage.
Work smarter, not harder
You have to develop a way of thinking in terms of automation. Automation is a means of finding a way to create a system to run by itself regardless if you are there are not.
As we spoke of before, your time is valuable. By automating every part of your life creates more time for yourself.
There are many ways to automate your life and business. Here are a few ways you can do so:
Hire a Virtual Assistant - You can hire one for fairly cheap from for like $10 an hour.
Use systematic software to set up scheduled anything. Examples would be like buffer for posting on social medias.
If you sell a digital product, you can create a website with the product for sale, place google ads that leads to a landing page. When someone buys, it automatically emails them the digital product. You don't even have to be near a computer while this whole thing is going on.
Conclusion
Their are many more different things that can go far deeper into details. There are far many more philosophies but then I would be writing a whole text book by then.
I would recommend you to listen to as many books possible to the related topic that you desire and eventually it will naturally set into your subconscious mind.
When you start to live and breath it, is when you are ready to go to the next level.