689 - How to Achieve a Mindset that Leads to Success in Business
How to Achieve a Mindset that Leads to Success in Business
Why do some people achieve great success in business while others fail?
The way they think about and approach their business is a big factor, and that's something that i was asked to talk about as a guest on a popular business podcast.
In this podcast episode, I'm going to share with you the questions that I was asked and the outline that I used to respond to each question.
To start us off, can you talk a bit about your background and how you've become an authority on podcasting and business?
I started podcasting as a hobby, with my wife, about the television show LOST in 2005.
We were in the first hundred or so podcasters in the world.
By our 3rd episode, we had 27,000 subscribers.
By the end of our first year in podcast, we launched several other shows and were reaching 100’s of Thousands of listeners.
Within 2 years, I made the decision to leave the family business to do podcasting full-time.
Main source of income was Podcast Coaching - Teaching people how to podcast.
Things really took off, professionally, as the result of a few influencers that had become coaching clients.
We hosted a Disney Cruise for our community.
Our story got the attention of the CEO and co-founder of BlogWorld, the industry leading conference in social media at the time.
I was invited to come speak.
Room was standing room only.
I was invited to become the Director of Podcasting for the BlogWord, which eventually rebranded to New Media Expo.
In 12 years, I helped more than 40,000 people successful launch their podcast, generating a few million dollars in revenue through the process.
In a broad sense, what is a "business mindset"? What all does that term include and describe?
I find it helpful to contrast the term “business mindset” with the term “employee mindset.”
A business mindset includes the following beliefs.
People pay for value or transformation, not for your time.
You do not have to work hard for money, you simply need to provide value.
How much you charge for your products and services are based upon how much value you bring to your client/customer.
There is no such thing as failure, there is only education. Temporary setbacks allow you to learn new lessons that lead towards the perfect plan to get to your desired outcome.
What doesn’t get measured, doesn’t improve.
etc.
What is the difference between a "growth mindset" and a "fixed mindset", and which one is better for an entrepreneur?
A fixed mindset is the belief that you have to work with the amount of skills, abilities and talents that you were born with, or that you have attained by a certain age.
There’s a saying that goes… “You can’t teach an old dog new tricks.”
A growth mindset is one that believes that you never stop learning and growing.
You can always learn a new skill.
Abilities and talents can be acquired through passion and practice.
A growth mindset is better for everyone, but it is certainly a required mindset for any entrepreneur who will need to pivot in business to keep up with the changing world we live in.
Why is your mindset important as a business leader? What are the advantages of having the right mindset?
Mindset boils down to “A set of beliefs that you hold in your mind.”
What you believe is possible.
What you believe is not possible.
How you believe things SHOULD BE
What you believe you SHOULD or SHOULD NOT do.
The problem is that most of our beliefs were established during the first 7 years of our life, before we had a rational critical thinking mind.
ALL BELIEFS HAVE CONSEQUENCES
Our beliefs determine how we think and feel about any situation in life.
How we think and feel determines what actions we take.
The actions we take determines the results that we get.
So every belief (or your mindset) about anything has either a Positive or Negative Consequence.
The advantage of having a GROWTH MINDSET is that you can actually CHANGE what you believe.
Is a "business mindset" the same thing as an "entrepreneurial mindset", and if not how do those differ?
I suppose you could be a “senior leader” within a business and have a “business mindset” but not have what it takes (mindset wise) to actually own your own business.
An entrepreneurial mindset requires the person to have certain beliefs around the idea of “risk taking” and realizing and fully accepting that the results of those risks are their responsibility.
How can the wrong mindset negatively impact a business? What are the risks or downsides of failing to cultivate a business mindset?
Half of all businesses are fail in their first year.
80% are fail within five years.
96% fail within the first 10 years.
4% of businesses last more than 10 years.
However, that doesn’t mean they succeed.
That just means that they are “still standing,” even if they are not profitable.
My belief is that “the wrong mindset” is a reason of nearly every business failure.
Success in any area of life, including business is…
20% knowing what to do and how to do it.
80% Mindset
The ability to consciously and rationally evaluate and change what you believe to be true.
The ability to control how you think and feel about any given situation.
The ability to control your “emotional state of mind.”
The ability experience fear and move forward in spite of what could go wrong.
The downside of failing to cultivate a business mindset is that your business will almost certainly fail.
What are the key characteristics of a successful business mindset?
People pay for value or transformation, not for your time.
You do not have to work hard for money, you simply need to provide value.
How much you charge for your products and services are based upon how much value you bring to your client/customer.
There is no such thing as failure, there is only learning new lessons that lead towards the perfect plan to get to your desired outcome.
What doesn’t get measured, doesn’t improved.
etc.
What are the main "red flags" that someone needs to shift their mindset?
The two most common red flags are:
They often experience stress and overwhelm when faced with any unexpected result or situation within their business.
The business is not consistently profitable month to month.
How are mindset and outlook related?
I think of outlook as “having vision.”
There is a saying that goes… “Without vision, the people will perish.”
I believe that this also applies to business… “Without vision, the business will perish.”
The quality of the vision that an entrepreneur will have for their business will be directly in proportion to their mindset.
If they have limited beliefs about what is possible, they will have a limited vision of what they create.
Is there one ideal business mindset that everyone should aspire to, or does the right mindset vary between people and industries?
For the most part, I believe that the right mindset, once acquired, can be used to achieve success in not only any business or in any industry, but also in any other area of life.
This is why you will sometimes see the CEO of a major corporation able to transition and experience success as the CEO of a different corporation in another industry.
As for the one ideal mindset that everyone should aspire to, I’d say….
You know exactly what it is that you want.
You absolutely believe that what you want is possible.
You are fully convinced that what you want is something YOU MUST HAVE.
You have DECIDED that you will get what you want.
You are committed to creating an action plan to attain what you want.
You are devoted to evaluating the results of your actions plan and changing your approach until you find the perfect plan of attaining what you want.
You will have want you want.
What is one thing about business mindsets that people often get wrong or misunderstand, and how should they approach it instead?
Many people believe they can change their limited mindset (beliefs) simply by reciting “affirmations.”
If I can just say it enough, eventually I’ll start to believe it.
I am a firm believer in affirmations. However, they don’t work unless you discover the power of the “sub conscious mind” and how it works.
I recommend two resources on this.
Psycho-Cybernetics by Dr. Maxwell Maltz.
Chapter 4 of the book Think & Grow Rich by Napoleon Hill on the topic of “Autosuggestion.”
What are the steps to identifying your current business mindset for someone who's never done this kind of self-reflection before?
By simply asking a few questions.
What is something that you would like to experience in your business that you are not currently experiencing?
Do you believe it is possible for you to experience that in your business?
How long do you think it would take to make this a reality in your business?
What are 1, 2 or 3 actions that you could take within the next 7 days, 30 days, and 90 days that will get you closer to this desired outcome?
Why haven’t you already taken these actions?
What is one or two things that you need to put an end to to make this a reality?
Why have you not already put an end to theses things?
All of these questions will reveal your current mindset and beliefs related to that Dream, Goal and/or Desired Outcome.
Once you've identified where your mindset needs some adjustments, what next? What actionable steps can someone take to shift their mindset?
Make a list of all the beliefs that are associated beliefs in that particular area.
Determine the source of those beliefs.
Evaluate the truth of those beliefs.
Disassociate from beliefs that do not support the movement toward your desired outcome.
Replace limiting beliefs with empowering, alternative beliefs.
Condition these new beliefs through repetition and environment.
Changing how you think isn't easy. What are some resources or tools that can help people make the right mindset adjustments effectively?
"Changing how you think isn’t easy" is a belief.
However, I have found that it is incredibly easy to change how you think, in an instant, once you know how the sub-conscious mind works.
Resources that I recommend:
Book - Psycho-Cybernetics by Dr. Maxwell Maltz
Book - Think & Grow Rich by Napoleon Hill
Book - Unlimited Power by Tony Robbins
What are some signs that someone could benefit from coaching or mentorship to help them shift their mindset?
Top Three Signs That Come To My Mind:
If you are easily stressed and overwhelmed when an unexpected situation shows up in your business.
If you are not consistently experiencing profit, month to month, in your business.
If you feel unfilled in your work.
How should someone find and choose a mentor or coach if they don't have a big professional network to draw from?
Find a Role Model
Someone who is already experiencing what it is that you want to experience.
Someone who has already read the books, taken the courses, gone to the seminars, created the plans, experienced the setbacks and used what they learned to create a system that produced the result that you desire.
Find someone who’s message resonates with you at your inner core.
How should a business owner take high stake decisions? Any framework which aids in making decisions?
Plans fail for lack of counsel, but with many advisors they succeed.
Fully investigate The Mastermind Principle and take your high stake decision to your personal mastermind group.
Ultimately, follow your gut / intuition.
What are some mindset tips for dealing with self-inflicted wounds when
it comes to business?
Read the book The Big Leap by Gay Hendricks and learn about the Upper Limit Challenge.
Read the book Secrets of The Millionaire Mind by T. Harv Eker and discover the mindset about money that is causing your self-sabotage.
Now at this stage of success what advice would you give to your teenage self?
Discover how your sub-conscious mind works.
Learn the Power fo Auto-Suggestion.
Decide, CONSCIOUSLY, what you CHOOSE to believe.
Learn how to control and master your emotional state of mind at all times.
Can you tell us about your most bizarre business encounter?
The day a check for $12,000 showed up in the mail. You can see the check and the letter that came with it at MindsetAnswerMan.com/check
If you could sell your product/service to one celebrity, who would it be?
Already accomplished
Dan Miller, author of the book 48 Days To The Work You Love
If there was a movie made about your journey, what would the title be?
Free The Dream!
A mindset is a very intangible thing. As you're making these adjustments, how can you evaluate if they're successful? What are some signs that your mindset is changing for the better?
First, I believe that mindset is an incredibly tangible thing.
I can determine a person’s mindset on any topic within 3 to 5 minutes and I can predict what their experience of their life will be related to that topic in the same amount of time.
As for signs that their mindset is changing for the better… Simply evaluate to see if they are getting better results related to the things they desire to accomplish in life.
Are they dreaming bigger dreams?
Are they pushing through their fears?
Are they accomplishing more?
Once someone's made those shifts, how can they prevent themselves from slipping back into bad
habits? How do you make mindset changes stick?
Repetition is the mother of skill.
Don’t stop doing what has worked to help you get where you are.
Upgrade Your Peer Group
The quality of your life will be determined by the expectations of your peer group.
Get into a Mastermind Group of people who are living life according to the mindset you desire.
What is your favorite "mindset hack"? Are there any quick and easy steps someone can take to make impactful change?
The Mindset Principle: Go to a mastermind group of people who are already operating in life at the level you desire to operate. Tell them what it is that you desire and instantly gain insight from their education, experience, skills, talents and abilities.
A single conversation with this group can shift your perception of what is possible.
How does someone with a success-oriented mindset respond to setbacks and failures?
Some do not actually understand the concept of “failure.”
They simply evaluate what can be learned by the results of actions taken.
They apply what they learn and change their changed approach until they get what they desire.
They see setbacks as the opportunity to develop a more perfect plan to get to their desired outcome and to create safeguards for future similar setbacks.
They expect the unexpected.
Can you share an example of a business leader who has an ideal mindset? What does that look like in practice?
Steve Jobs.
He often had a vision for a product that he wanted to create.
He often had the top engineers in the world tell him that want he wanted to create was not possible.
He often fired those “experts” who had a fixed mindset about what was possible.
He transferred his vision of what he wanted to create to those engineers who were able to dare to dream about the pushing the boundaries of what is believed to be possible.
Today a few billion people benefit daily from many products that were, at one point, just a “thought” in the mind of Steve Jobs.
On the other side, can you share an example of a poor mindset causing business problems or failure?
The time I had a client schedule a one hour consulting call with me to help solve a technical issue with a piece of podcasting equipment.
He knew that I charged $300 per hour with a minimum of one hour.
We got on the call and I solved his problem within two minutes.
He was incredibly pleased and requested that I send him the invoice for $300.
I refused!
Learn more about this story at MindsetAnswerMan.com/free
How does having the right mindset make someone better at leading and motivating other people?
A person with the right mindset can influence others.
They can help shift the perceptions of those who they serve about what is possible.
They can help those they serve see their circumstances from a different perspective.
What are some day-to-day habits of people who have the right mindset for success?
They read/study for INSIGHT - Not agreement or rejection!
Journaling
Meditation
Rest / Power Napping
Recreation
Working Out
What are some bad habits that could negatively affect someone's mindset without them even realizing it?
Eating lots of processed foods, and consuming too much sugar.
Watching too much NEWS MEDIA
Watching movies and television shows with narratives that consistently show the business owner as the villain.
How does helping others help improve your mindset?
I don’t want to run the risk of answering this in such a way that assumes that helping others will improve your mindset.
There are many powerful books out there that talk about the concept of “When Helping Others Hurst You.”
I don’t have any particular book recommendation on this topic. However, I have many stories of experience.
With that said, I believe that the best thing that you can do is to Help Yourself by Improving Your Mindset. It’s only in having a healthy mindset that you can truly help others.
This is why it was once said that the second greatest thing a person can do is to “Love others AS YOU LOVE YOURSELF.”
If you’ve ever been on an airplane, you’ve likely been told that in case of emergency, you should put your secure your own source of oxygen before trying to help someone else attain their source of oxygen.
Who are some thought leaders in the business world who have inspired you and been influential in developing your business mindset?
Dan Miller, author of the book 48 Days The The Work You Love
Michael Hyatt, New York Times Best-Selling Author and former CEO of Thomas Nelson Publishing
Tony Robbins
Napoleon Hill
Every member of my Green Room Mastermind Group.
Ray Edwards
Pat Flynn
Michael Stelzner
Mark Mason
Leslie Samuel
I’ve met with these guys for one hour, every week, since October 2010
How do negative mindsets develop in the first place? Are there common root causes you see in your coaching and mentorship work?
Typically most of our negative, limiting, beliefs were adopted during the first 7 years of our life.
Things our parents said or did.
Things our Teachers said or did.
Things our religious leaders said or did.
Things our peers said or did.
Our Culture
The News Media
Etc.
What are some common myths or misconceptions about business mindsets, and why are those wrong?
That affirmations, alone, will work.
That affirmations don’t work.
Affirmations do work. However, only after you do the work to become consciously aware of and then remove any competing belief.
Most people don’t have a “deep feeling” of belief that their new “affirmed statement” is actually true.
Could you talk a bit about the Mastermind Principle? What is it, how did you learn about it, and how does it lead to business success?
I have an entire podcast on this topic at UpgradeYourPeerGroup.com
The mastermind principle is…
When two or more people come together in a spirit of perfect harmony with the intention to focus on a desired outcome. That group can come up with insights and ideas that would be impossible for any member to come up with individually.
I learned about the mastermind principle from Think & Grow Rich by Napoleon Hill.
A person in a healthy mastermind group can accomplish more in a single year, with the aid of their mastermind group, than they could in a lifetime if they relied on their own effort.
What is the relationship between business mindset and goal setting?
How big a person is able to dream is determined by their mindset.
The ability to achieve any goal is directly determined by their mindset.
What is your favorite business book and why?
Think & Grow Rich by Napoleon Hill
It is the most thorough and in-depth study in what a “successful business mindset” is that has ever been published in a single book.
END OF OUTLINE
Are you a business owner? Did anything from this episode resonate with you?
Please shoot me an email today at [email protected] and let me know the most powerful insight that you took away from this episode.
I look forward to hearing from you.
Sincerely,
Cliff
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