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How Your Mindset Plays an Important Role in Scaling Your Business

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business mindset

You have already validated your product within the marketplace and achieved significant traction, and now it’s time to scale. Shifts to managerial processes and internal workflows are crucial to growing your business. However, another critical element to this evolution is expanding your leadership mindset from focusing on launching your business, to growing it.

Founders who only focus on external efforts most often fail to succeed accelerating growth and have a harder time managing to scale their businesses. Dr. Carol Dweck has done an extensive research on achievement and success and has discovered a truly groundbreaking concept. In her book “Mindsets: The New Psychology of Success”, Dweck explains why it’s not just our abilities and talent that bring us success, but whether we approach them with a fixed or growth mindset.

This is one of the reasons, all the tactics, systems and strategies won’t help at that stage of your company’s development if you don’t have a strong mental game. Your mindset has to grow in lockstep with your business, and a fixed versus growth mentality can be a critical factor in achieving success. Let’s see why!

Fixed mindset entrepreneurs

This group has a defined identity and often uses labels and affirmations. They would see situations and qualities as unchangeable and their skills and capabilities as fixed. They may say: “ My experience is such that I won’t be good at/or successful at (some new task)”,  or believe that certain people were born leaders, or “the people’s type”, or communicative etc. The strengths and behaviors allowed them to successfully navigate the early stages of their business won’t be sufficient for scaling or could even work against them in the process.

The initial tactical approach needs to be replaced with a strategic one. That requires a shift in the mindset and identity, to see the bigger picture and understand what new behaviors and skills they need to develop in order to succeed the rapid changes coming their way. “Know it all”, keeping a tight control or not adapting are clear signs of a fixed mindset. How we choose to see ourselves and our identity can have a tremendous impact on our overall success.

“I think anything is possible if you have the mindset and the will and desire to do it and put the time in.” – Roger Clemens

Growth mindset entrepreneurs

This group is constantly evolving. Themselves and their businesses are never seen as a finalized structure. A company really grows by finding ways to serve a sizable market and/or constantly innovating and adding to their products or services. The same applies to entrepreneurs with a growth mindset. They seek ways to add to their skill set by not being afraid to be exposed to a challenging situation.

They are able to see the hard times as opportunities to develop a side of themselves they didn’t even know existed. They see themselves as a product of their experiences, hence they look for more experiences to help them expand and enrich their personality and skills even more. They don’t label or judge these experiences, they see them as an opportunity. The success of their company so far is a product of a number of contributions everyone on the team has brought in.

Data and feedback, negative or positive is welcomed and serves as a reason to get curious. That way of thinking enables continuous innovation and improvement. Change is always positive because it is not only a constant in business nowadays, but it brings more chances to evolve. Growth mindset entrepreneurs see the bigger picture of the journey, are more resilient and have more chances for a long-term success.

Here are a few ways to set yourself on the growth track:

1. Give up control and delegate

It’s absolutely understandable to have a tight grip on everything in the beginning stages. Most of the work is done by you, your co-founder and maybe another team member. The processes are not documented, so you’re used to overseeing everything closely. When it’s time to scale, you have to find a way to delegate appropriately. Not leaving the scene, but learning to trust and build your people up. Giving them the right tools to execute without you and helping them unfold their potential too.

2. Open up your mindset to see the challenges as growth experiences

The easiest way to do that is to simply ask yourself in the face or a difficulty or as a matter of fact in the face of success too: “What might be the opportunity here?” This will help you lessen your judgment of the situation and offer you different angles of how to solve the problem.

3. See the bigger picture

It is time to build the systems and most importantly to work on your strategy. As much as the creative side and the experimental phases are fun, scaling needs more structure. Instead of the immediate gains, seek ways to implement the tactical steps to follow the long-term strategy. Setting this in place will allow you to free up more time, so you can get involved in solving the harder problems. And this is essential to get through the threshold.

“Grinding is a mindset and a willingness and commitment to work at it.” – J. B. Bickerstaff

4. Take ownership

Take ownership of your attitude and leave your ego behind. Having a growth mindset is about being open to admit you can and will fail. How you see the difficult situation is what makes all the difference. Failing is a part of the learning process and the more you get used to sitting with these experiences and grow from them, the more your identity will develop. Adopt a perspective of being in the constant act of becoming and evolving. Everything that happens serves as a test to teach you what works and what doesn’t. You must be versatile and embrace change as something inevitable and beneficial.

It is great to be recognized as an expert, but when it comes to entrepreneurship, as Andrew Weinreich, a serial entrepreneur, said to me a few weeks ago, it is vital to have the basic understanding and general knowledge about the different areas of your business. You don’t have to be the best in everything, but curiosity and being open to learning new things constantly will help you connect the dots and see the big picture. It is important to understand how things fit together, so you see the opportunities for connections inside and outside of your company. That naturally leads me to the last point.

5. Celebrate the success of others

Celebrate the success of others and appreciate collaborations and partnerships. Noticing and validating the success of other people will help your mindset shift in a positive and more abundant perspective. Understanding that there is enough pie to go around for everyone is a game changer to your level of growth.

It will enable you to internalize your own wins as well and determine the qualities and skills you have acquired up to this point. Most importantly, it allows you to build deeper connections which can lead to more satisfaction and of course opportunities for your own business to grow.

You’ll be a part of the whole and surrounding yourself by successful people will bring you more motivation. Always seeking a “win-win” situation is the way to go if you want to build strong partnerships and expand your network for future positive ventures.

At the end of the day, you need to think big to achieve big results. Scalability has to do a lot with your mindset and building from that place makes a difference.

What are some techniques you use to level up your mindset? Comment below!

Vanya is a Professional Leadership Coach, certified by the "Institute For Professional Excellence In Coaching" (IPEC). Prior to her coach certification, she graduated "Sofia University" with a B.S. in History of Philosophy, where she began her journey to study the human experience and the powerful role of the mindset in changing behavior and achieving success. Her entrepreneurial nature and innate drive for personal and professional growth, balanced with a deep connection to purpose have led her to work with leaders, entrepreneurs, and founders. Her personal experience, moving to the USA at the age of 22, allowed her to develop the skills and mindset to navigate constant change, tolerate risk, and build resilience. Based in NYC, today she helps her clients to optimize their leadership potential, gain perspective, improve their productivity and time management skills and define the bigger vision for themselves and their business. You can find out more about her and her work on her website www.liveauthentic.net and her weekly podcast 'The Coaching Journal'.

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Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

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how to build your empire

The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

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How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

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How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

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From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

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How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

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12 Things I Learned in 12 Months of Working on My Startup

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Image Credit: Unsplash

A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

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