As We Celebrate Labor Day, Let’s Reflect on What Truly Drives Our Success

Hey LinkedIn Community!

As Labor Day approaches—a time to honor the hard work and dedication that fuels our society—it's a perfect moment to reflect on what drives our success as business owners. While your skillset is undeniably important, it only accounts for 20% of your outcomes. The remaining 80%? That’s driven by your mindset.

As you enjoy the long weekend, take a moment to consider how much of your success is actually rooted in the way you think and approach challenges. Your mindset is your most powerful asset in driving growth and achieving your goals.

The Influence of Your Internal Dialogue

Dr Frederic Luskin director of the Stanford Forgiveness Project, discovered that we have over 60,000 thoughts per day—many of which are repetitive, random, and negative. This "monkey chatter" clouds our thinking and can lead to self-doubt and indecision. The inner voices that I like to call the "itty bitty committee" often influence your beliefs, decisions, and ultimately, your results. Recognizing and reshaping these internal dialogues is key to unlocking your full entrepreneurial potential.

The Entrepreneurial Money Mindset

As a Business Advisor, I’ve seen firsthand how your money mindset can shape your business decisions. What happens when you think about money in the context of your business? Does the thought cause anxiety? Do you find yourself thinking, "I don’t have enough capital" or "I can’t afford to invest in my business"? These are signs of a negative money mindset, which can hold you back from taking the necessary steps to grow your business.

Shifting to a Positive Money Mindset

If you find yourself trapped in negative financial thinking, here’s a two-step process to shift your mindset:

1. Reframe Your Thoughts: When you catch yourself thinking, "I don’t have enough capital," replace it with, "I have the resources I need to succeed."
2. Take Action to Prove Your New Belief: Start by making small, strategic investments in your business, whether that’s in marketing, education, or tools. This action reinforces your new mindset and aligns your business reality with your new belief.

The Power of a Growth Mindset in Entrepreneurship

Your mindset isn’t just about money—it’s about how you approach the challenges of building and growing your business. Dr. Carol Dweck’s concept of a growth vs fixed mindset, the belief that your abilities and intelligence can develop over time, is crucial in entrepreneurship. As you navigate the ups and downs of business ownership, a growth mindset allows you to see challenges as opportunities for growth rather than as insurmountable obstacles. One of the sentences I highlighted inside her book: Mindset: The New Psychology of Success, when I read it back I'm 2007, is "believing that your qualities are carved in stone—the fixed mindset—creates an urgency to prove yourself over and over". Let's move AWAY from this 'fixed' mindset and shed it's chains!

Cultivating a Growth Mindset

To foster a growth mindset, start by reframing setbacks as learning opportunities. Ask yourself, "What can I learn from this?" and "How can I improve?" Celebrate your efforts and progress, not just your outcomes. This mindset will help you innovate, adapt, and thrive in the ever-changing landscape of entrepreneurship.

Embracing an Abundance Mindset

An abundance mindset—the belief that there are enough resources and opportunities for everyone—is essential for entrepreneurs. This mindset contrasts with a scarcity mindset, which is rooted in fear and limitation. An abundance mindset helps you see possibilities rather than constraints and encourages collaboration over competition.

Building Your Abundance Muscle

Like any other muscle, your abundance mindset needs regular exercise. Practice gratitude daily by reflecting on the resources and opportunities you have. Surround yourself with positive influences and engage in activities that expand your perspective. This mindset will help you seize new opportunities and grow your business in ways you might not have imagined.

The Importance of a Social Mindset

Entrepreneurship can be a lonely journey, but it doesn’t have to be. A strong social mindset involves surrounding yourself with a network of supportive and inspiring people—mentors, peers, friends, and family—who uplift and encourage you.

Nurturing Your Entrepreneurial Network

Actively seek out and build relationships with people who inspire and support your entrepreneurial journey. Join groups, attend events, and connect with like-minded individuals who share your values. A strong, supportive network enriches your entrepreneurial experience and provides the emotional and practical support you need to succeed.

Lead Your Business with Purpose

As you enjoy this Labor Day weekend and reflect on your journey, remember that your mindset is the key to unlocking your potential. A healthy attitude towards money, a growth mindset, an abundance mindset, and a strong social network will empower you to create true success—what goes beyond financial wealth. Your next chapter in entrepreneurship is yours to write. Be the leader of your business and life. You deserve it!

Warmly,

Michelle