When one of my mentors told me to ‘think like an entrepreneur’ I wasn’t sure exactly what he meant. Another told me to ‘act as if…’ meaning do all the things an established business would do from the start.
So what does it mean to think like an entrepreneur and act as if? Here are some ways:
- Create multiple sources of income: entrepreneurial business owners don’t just rely on one source of income. They will have several businesses each of which deliver income in different ways, even if it is just with a side hustle. In recent years most entrepreneurs will have at least one on-line business either as a separate business altogether or as a channel for their main business.
- Buy your time back: we all have the same amount of time but the best thing about money is that it can buy you time, which is what entrepreneurs do all the time. The temptation is to use wealth to buy stuff: cars, boats and other men’s toys. The clever money buys back time. Here’s just some ways you can outsource the tasks you don’t want – or need – to do
- A virtual assistant for basic admin tasks
- Automation software
- A tech-stack of software that can run your online life
- A housekeeper and gardener
- Shopping online.
- Manage your mental load: don’t try and make time for everything in your day. If you do you’ll never have time for the peace and quiet and mental clarity to get the real stuff done that moves you forward and will set you free. Successful entrepreneurs know that it’s the major things that matter if you want to reach the level of success you aspire to.
- Hire a bookkeeper: you’ll never find an entrepreneur doing their own books. Outsource your bookkeeping to a bookkeeper who will automate the process with software, bank feeds, receipt capture and other apps. Not only will it save you time it’ll enable you to have up to date financial information to populate your business dashboard and allow you to make better decisions.
- Add more value than you’re charging: the only way entrepreneurs get wealthy is by finding a way to add more value than they are charging – and then repeating it over and over again. Don’t get caught up in complexity. It’s that simple.