People often times ask me what's the most important factor when running a business. The answer? Your mindset as a business owner.

I've seen business owners who've been in business the same amount of time and have the same model, but one is far more successful than the other. The difference usually lies in how they think.

While one business owner handles obstacles with ease, the other one is busy complaining. While one business owner bounces back from challenges quickly, the other one stays down longer. And, while one business owner keeps moving despite their fear, the other one becomes paralyzed for some time.

Here are some of the mindset habits that keep us stuck as business owners and impact our bottom lines.

You Compete Instead of Collaborate

I coach a lot of people who come to me afraid of their competition. They've been taught that they have to compete with other people to be successful, but the longer I'm in business the more I come to realize that collaboration will get you a lot further.

Unfortunately, most people think working with their competition will cause them to sink when the reality is you both win. Harvard Business Review conducted a study that found collaborating with your competitors actually has several advantages, including reduced costs for developing new products and the ability to learn from each other.

You Miss Out On Opportunities

Another common mindset issue I see with business owners is their inability to take the opportunities that are presented to them. This is usually caused by some sort of fear that they aren't good enough. They either see the opportunity and pass on it out of fear, or their judgment is so clouded by fear that they don't even see the opportunity to begin with.

It's not that successful people don't feel fear. According to research, 70 percent of the population feels like a fraud. It's that successful people move forward anyway.

You Don't Believe The Money Is Coming

There's a bit of a chicken-or-egg situation when running a business, particularly in the beginning stages. In order to make money, you have to actually believe you can make it. This often times looks like believing it before the money is actually in your bank account.

I've talked about this before in the form of sales being an energetic exchange. When doing sales, you can't walk into the meeting worried about whether or not you're going to close the deal. You have to walk in feeling good regardless of whether you make money or not. In other words, you have to believe that if the money doesn't come from this deal, it will probably come from another (and it usually does).

Final Thoughts

Half the battle when running a business is maintaining the proper mindset. The examples mentioned in this article are just a few out of many. For a great primer on having a good mindset as it pertains to money, check out the classic book Think and Grow Rich by Napoleon Hill.

Published on: Sep 28, 2016
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