What should be the mentality

Discussion in 'Self Improvement and Being Successful' started by descorpio, Sep 21, 2008.

  1. descorpio

    descorpio
    uix_expand uix_collapse
    New Member

    Joined:
    Nov 22, 2007
    Messages:
    28
    Likes Received:
    0
    During the start of the business, what should be the mentality? I feel like for most earning money will be the first and foremost for them. But out of my experience what i learnt is that, one should be willing to learn while doing the work. Blindly working will take him no where in his career.
     
  2. deepak_sharma

    deepak_sharma
    uix_expand uix_collapse
    Member

    Joined:
    Aug 10, 2008
    Messages:
    162
    Likes Received:
    1
    Ya may be you are right, but at last ultimate goal is to earn money..right.Also i agree with you that you must be willing to learn and that you can do by accepting your mistakes and not blaming to others...
     
  3. Nazreen

    Nazreen
    uix_expand uix_collapse
    Member

    Joined:
    Apr 16, 2008
    Messages:
    1,727
    Likes Received:
    40
    At the start of the business, I think that we should already be goal-oriented. I think this is the most important and we should always keep our business goals in sight. Most would want to earn money at the start of the business but this is not often the case and we usually end up spending money in setting up the business.

    I do agree that in the course of setting up the business and running it, we're often faced with issues that we might or might not have handled properly. It is good that we be open-minded about this and learn from the experience.
     
  4. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    It is very important to be customer focused right from the business start. Concentrating on what your customer wants and satisfying these wants profitably is fundamental to business success. When you start your business you will probably have more direct contact with your customers than you will when the business has grown somewhat. Hence, at start-up you will have an excellent opportunity to learn about your customers.

    You should also concentrate on getting good systems in place in your operation when the business is starting out. As the business grows you will begin to recruit people to do various jobs in the business. These people will perform much better if you have good systems and job targets in place that make it clear to your employees as to what is expected from them.
     
  5. jigyasa

    jigyasa
    uix_expand uix_collapse
    Member

    Joined:
    Sep 22, 2008
    Messages:
    33
    Likes Received:
    0
    The mind set at the time of starting a business is optimism. You should already have done market surveys and risk analysis. After that, you should clearly set your monetary goals. You must ensure that unexpected failures do not dissuade you.
     
  6. harmin

    harmin
    uix_expand uix_collapse
    Member

    Joined:
    Sep 16, 2008
    Messages:
    41
    Likes Received:
    0
    I think,mostly people started their business or job with the mentality of earning money.They selects only that job in which they can earn more income.But there is no limit of making money.
     
  7. Nazreen

    Nazreen
    uix_expand uix_collapse
    Member

    Joined:
    Apr 16, 2008
    Messages:
    1,727
    Likes Received:
    40
    Aside from being goal-oriented, customer focused and being optimistic, I also think that we should instill in ourselves discipline in starting our business. Discipline is not one that can be taught easily however. I might tell you to cut your losses at 25% of your principal but it's still you that will make the decision to stop or not. It's all up to us to discipline ourselves and this discipline will be one of the deciding factors whether we become successful in our business or not.
     
  8. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Self-discipline is indeed very important, if you want to be successful in business, or in anything else for that matter. When you are "your own boss", it is crucial to remember the "boss" part of that expression. You must manage and discipline yourself accordingly. You must set targets for yourself and constantly monitor your performance.

    It can also be helpful to depersonalise the business from yourself, to some extent. By depersonalise I mean that you launch the business and make decisions on the business for business reasons. If you make decisions based on your ego or based on what will make you feel good or worse still based on what you believe will impress other people, you are much more likely to make the wrong decisions.
     
  9. Kay

    Kay
    uix_expand uix_collapse
    Member

    Joined:
    Sep 29, 2008
    Messages:
    1,816
    Likes Received:
    21
    If your focus first and foremost is just money, you'll struggle I feel. I think building your customer relationships is far more important. Fergal made a good point about how that is especially important in the beginning.

    Now's the time to meet prospects, sit down with them if at all possible and gather information on what their expectations are of you and your product/service. The busier you get, the less time you have. In the early days you'll have some lulls. Don't waste them! Use that time to your advantage to nurture customer relationships. Always be just as respectful of them and their time as you would like them to be of yours.

    Mentally you need to focus on what you can do for clients that others can't. Why are you going to stand out from the crowd? What are you offering that's better? Figure out why, in essence, the customer should select you over anyone else. Have that straight in your head and at the forefront of your mind. Keep the positive energy and enthusiasm flowing because customers pick up on that.

    The other points already mentioned - keeping an eye on the goal, building good systems and being self-disciplined - are also very important. Remember to keep tabs on your budget as well.

    One that rarely gets brought up but should is this: don't allow your work to take over your life. If you have friends and family, make time for them. Right now is the opportunity to set boundaries such as not working on Sundays or being finished by a certain time in the evening. You can still be flexible within that but at least have it incorporated into your mindset.

    Clients soon get used to you not being on call 24/7. Clarify it from the start and most will respect your commitment not only to your family but to your own health. Being burned out within six months is certainly not one of the goals. ;) Incorporate as many of the points mentioned in this thread as possible and the money will come.
     
  10. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Thanks for sharing those excellent points with us Kay. I agree with you that there will be times when you will not be very busy when you start out and it is very important to use this time productively. As you say it is a great time to develop closer relationships with your clients.

    You could also use this time to write down and document systems for your business. Analyse the tasks you are doing, determine what is the best way to complete each task and then write down a procedure for getting it done. This will prove useful to yourself and will be especially beneficial if you expand your business to the point where you take on employees. Wouldn't it be great to have a number of procedures ready, to show your new recruit how to do the job in the most efficient way possible?

    Your point about setting boundaries and not working too hard is also well made. You should endeavour not to let your business become your life. There is also a need for a little flexibility in this. For example, if you have not had any orders for a couple of weeks, you may need to stretch yourself if a few orders come in at the same time and you can't afford to turn any of them down.
     
  11. Nazreen

    Nazreen
    uix_expand uix_collapse
    Member

    Joined:
    Apr 16, 2008
    Messages:
    1,727
    Likes Received:
    40
    Yes Kay, this is often not mentioned and it's good that you said this. Aside from getting some quality time with family and friends and improving your personal relationships, this is also one of the best ways in expanding your network. I always make it a point to attend weddings, birthdays, house-warming, and other occasions when I get invited.

    By doing this, it's actually contradictory to Fergal's statement of not making your business your life. :)
     
  12. Kay

    Kay
    uix_expand uix_collapse
    Member

    Joined:
    Sep 29, 2008
    Messages:
    1,816
    Likes Received:
    21
    You're absolutely right, Nazreen, it can do that too. It's hard to network if you never leave your desk. :)

    I think the time out's really important, even to just give your brain a rest! I didn't used to - if I wasn't working, I was in bed dreaming about working, then wondering why I was so exhausted. Even in my dreams I never got a break. It's too easy to wrap yourself up to the exclusion of all else when you're passionate about something, and I have to consciously disengage myself and make time for other things.

    Life's too short to forget your blessings that are right under your nose. :)
     
  13. Kay

    Kay
    uix_expand uix_collapse
    Member

    Joined:
    Sep 29, 2008
    Messages:
    1,816
    Likes Received:
    21
    Yes! I can share a cautionary tale on procedures too for anyone thinking of skipping them. I once took on a role as an administrator for a graphic design company. The man had been doing it all alone for almost a year, had been successful fast and so decided to expand. He hired me and a designer.

    Honestly, it was a shambolic mess with absolutely no procedures in place for any kind of accounting or marketing activities, never mind keeping records of billable hours. Nor did he pursue payments or even give a timescale when they were due. Some clients hadn't even been billed for work completed months before so the bank balance had been depleted rapidly.

    How he'd stayed afloat for as long as he did I don't know. When he'd got around to it, he'd been billing clients far less than he should have been because he simply would have to guess at what hours he'd put in to a job. :eek: There wasn't a single formal contract anywhere, just a few scribbled ambiguous notes on what was agreed with phrases like "around a grand" or "maybe give him a discount?". From that I had to decipher if he'd really quoted that or offered a discount. Half the time he couldn't remember.

    This man was hugely talented as a designer and I had the greatest respect for him but as for managing the business, he wasn't interested. Paperwork was too tedious in his eyes and it showed - he had piles of it everywhere with no clue as to what was where. No folders, no filing cabinets, no nothing apart from an address book and an almost blank accounts ledger. It had got to the point where it was so bad he had to do something, which was where I came in.

    He really was doing himself a lot of harm neglecting that side of it. His major client (whose company I'd worked for and he'd poached me from) admitted to me once he knew the designer was charging less hours than he should have been but saw no reason to query it since it was in his favor. Neither did he pay the designer on time either simply because he knew he'd not be pursued for it anytime soon.

    Some of the designer's clients got a bit of a shock when I took over all that side and suddenly their bills were higher and getting chased up as well! :rolleyes: It was nothing less than they were due to pay though and I could account for every penny I'd billed them. All that happened was proper procedures were put in place to keep track of time and billing. Within months we were doing much better as a company and the finances were looking healthier than they ever had.

    The sad reality in business is someone will always take advantage if they can (like my old boss did). Not having the procedures in place gives them that chance. Not only that but it looks so unprofessional! I was horrified the day I walked in and actually saw how disorganized it was. If I'd been a client, I'd have turned tail.

    Clients want to see a smooth running operation. They don't want to see you scrambling in mountains of paperwork trying to find what you quoted them in the first place and when, only to give up and ask "How much did I say again?" (Yes, he did that and it wasn't pleasant to witness...)

    Anyway, that was a long way to say, yes I agree 100% with you Fergal on procedures - and also on flexibility. :D
     
  14. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Thanks for sharing that excellent example with us Kay. Most entrepreneurs don't like administration and paperwork, their minds are generally focused on coming up with new ideas and driving the business forward.

    However, good administration is an essential part of any business. The business will not survive without it. You need to either do it yourself or find someone like Kay to take care of that side of the business for you.
     
  15. djschwab

    djschwab
    uix_expand uix_collapse
    New Member

    Joined:
    Sep 22, 2008
    Messages:
    28
    Likes Received:
    0
    I was once told when starting my business that there are only two good uses of your time, one is working with clients and two was working to attract new clients. I will often take a look at my activities to make sure they are productive in accomplishing one of these two objectives.
     
  16. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    DJ, you are right in so far as clients should be the primary focus of your business. If you don't have profitable clients you don't have a business. But there are other things that you need to work on. For example, where do tax returns and other necessary tasks fit in?
     
  17. youbetcha1018

    youbetcha1018
    uix_expand uix_collapse
    Member

    Joined:
    Sep 30, 2008
    Messages:
    110
    Likes Received:
    0
    As a start of a business, it is normal to think of how you will profit and how you will gain from it (business minded). But I also believe that building an employer - employees relationship is also important. Because your employees will help you reach whatever goal you have, right? I guess, building trust with each other is the key for a harmonious workplace. :)
     
  18. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    When recruiting your first employees you obviously need to focus primarily on their ability to the job that you are recruiting them for. However, you should also give some consideration as to whether or not they have the ability to grow and progress with the company.
     
  19. scifi

    scifi
    uix_expand uix_collapse
    Member

    Joined:
    Nov 2, 2008
    Messages:
    1,207
    Likes Received:
    44
    Absolutely correct !!!!
    I also think working blindly will take you nowhere rather working smartly & constantly towards realization of your goal will help you achieve your goal much faster...
     

Share This Page