Success Requires Patience
(Your Mindset Will Determine Your Business Success)
“Entrepreneur” is such an incredibly ambiguous term, don’t you think?
Those who call themselves “entrepreneurs” are often so entirely different on every possible level. Some build businesses (solve problems), while others make money.
I don’t want to judge motives of being in business, but I’ve made a simple distinction, based on differences in mindsets.
And this was one of my first profound lessons in business — I was once in business with a person who operated from a different mindset.
I have recently written an article about my lessons in business — there were 10, — and I’ll share them with you one by one
Lesson number 1:
There are “entrepreneurs-investors” and “entrepreneurs-freelancers”. They don’t work well together.
And when I say “investor” or “freelancer”, I don’t mean nature of business, operations or company structure. I’m talking about a mindset.
When we started Mindvalley 16 years ago, it was just 3 of us. No employees. No complications. However, Vishen’s mindset has always been the one of “entrepreneur-investor”, even in those early years.
In contrast, my own business partner mostly operated from the mindset of “entrepreneur-freelancer”, even when we had a team of 20 people and million dollars in revenue.
So are you “investor” or “freelancer”? Here’s how you tell.
The main difference is patience. Have you heard about the Marshmallow Test? Kids were given a marshmallow and told that if they wait 15 minutes, they will get two marshmallows instead of one. Further research showed that kids who were able to wait for a greater benefit, did better in life — were more successful.
Well, business is the ultimate Marshmallow Test.
Back to the different mindsets in business:
- “Entrepreneurs-freelancers” want instant gratification, while “entrepreneurs-investors” are willing to delay payoff for a greater benefit.
- “Freelancers” get paid for their time, while “investors” get paid for the risk they take.
- “Freelancers” would rather have higher salary, while “investors” would rather have higher profit… and then invest them back into business.
- “Freelancers” want their lifestyle to reflect their business success, while “investors” care to create a business - “the goose who lays golden eggs”.
In short — “Freelancers” are creating their lifestyle, while “investors” are creating a business.
Now, it doesn’t mean that we don’t take decisions based on the opposite mindset from time to time. “Entrepreneurs-investors” also like to be rewarded, get paid for the time spent in business and create a good life-style… but if they were to focus on one, they’d naturally prioritize long term benefit over instant gratification.
And this simple difference in mindsets, in priorities, will translate in every business decision — instant gratification vs. long term sustainable gain.
So who are you? Investor or freelancer.
P.S. I’ll share all 10 lessons in business in coming posts, so stay tuned.