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Pierre Pinkerton

The Power of Mindset: Building a Successful Small Business

Jammed-packed day today with trainings, projects, and Zoom meetings—and I wouldn't have it any other way. Ending the day with family over a good home-cooked meal is the icing on the cake. It's like a slice of heaven on earth. Good times indeed.


Today, I was fortunate to have a few conversations with small business owners. The theme that kept emerging was the importance of having a solid mindset and staying consistent with daily activities aimed at a clear and definite end goal for the business. This is where many small business owners miss the mark.



Having worked with small business owners for close to 20 years—in financing, accounting, bookkeeping, business planning, operations, tax advisory, and CFO services—I've found that strategic planning and goal setting are paramount for achieving success. Too often, the only metric that gets attention is the amount of money the business makes and how much the owner keeps. While financials are crucial, they shouldn't be the sole driving priority. Focusing only on money can blind you to other non-monetary aspects that are vital for ensuring your business is sustainable and valuable.


business owner frustrated because he has no clear goals for the business.
Not having clear goals will often frustrate you as operate your small business.

There's an undeniable rush of adrenaline when you decide to start and operate a small business. God bless the USA for giving us the privilege, freedom, and resources to seize such opportunities. But don't be fooled for a second—operating a small business is one of the toughest feats you'll experience in life. I believe this is because running a successful small business is a selfless journey rather than a selfish one. Many of us are so focused on ourselves that we lack the discipline to shift our focus outward. Building an asset that serves not just us but also our employees, suppliers, creditors, investors, clients, and the community requires a different mindset.


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**Preparing for the Rigorous Journey Ahead**


So, how do you prepare for the rigorous mental challenges that a small business will inevitably bring? Here are my three suggestions for strengthening your mindset as you operate your small business:


**1. Test the Waters Before Diving In**


Don't make the grand mistake of being like Nike and "just do it" without preparation. Take the time to consider various scenarios, especially the worst-case ones. Think outside the box and plan (Plan Your Business - SBA.gov) for what you'll do with the business if the worst possible thing happens. This doesn't mean you should be pessimistic, but being realistic can save you from potential pitfalls. By anticipating challenges, you're better equipped to handle them when they arise.




**2. Know Where You're Going and Why**


Start with the end goal for your business. What does success look like to you? Once you have that vision, reverse-engineer the steps necessary to reach that goal into daily action items. Don't skimp on this step—it's vital. Clear goals (How To Set Goals You Can Achieve - Business News Daily) allow you to measure progress on a day-to-day basis. They keep you focused and motivated, especially during tough times when the path forward seems uncertain.


**3. Put Your Ego Aside and Build a Team**


Sorry to break the news, but small business is a team sport, and remember, there's no "I" in team. Drop the lone wolf persona and cultivate relationships with people who are strong in areas where you're weak. Will everyone you start with be with you for the entire journey? Probably not—life happens, and relationships change. However, don't underestimate the value others can bring to your business during the seasons they're with you. Their expertise and capacity can be foundational bricks in the long-term value of your small business.


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**Embracing a Selfless Mindset**


The journey of entrepreneurship demands a shift from a self-centered mindset to one that embraces community and collaboration. It's about serving others—whether they're your employees, customers, or partners—and finding fulfillment in the impact your business has on their lives.


When you focus solely on personal gain, you limit your business's potential. But when you open yourself up to collaboration and shared success, you create a ripple effect that can lead to greater rewards than you ever imagined. It's not just about the bottom line; it's about building something that stands the test of time and contributes positively to the world around you.


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**Final Thoughts**


Operating a small business is not for the faint of heart. It requires resilience, adaptability, and, most importantly, a strong mindset. By testing the waters before diving in, setting clear goals, and building a capable team, you're setting yourself up for success. Remember, the journey is just as important as the destination. Embrace the challenges, learn from them, and keep pushing forward.


So, as you reflect on your entrepreneurial journey, ask yourself: Are you prepared mentally for what's ahead? Do you have a clear vision and the daily disciplines to achieve it? Are you willing to put your ego aside to build something greater than yourself?


If you can answer "yes" to these questions, you're well on your way to not just surviving but thriving as a small business owner. And trust me, the rewards—both tangible and intangible—are well worth the effort.


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