I would like to take issue with the word micro business, I know it is a government definition, less than 10 employees and turnover under £2 million, however, it has created a mindset of thinking small. After all, all large companies start small, the difference is that they do not think small!
According to House of Commons Business Statistics, there were 5.4 million SMEs in the UK in 2016, over 99% of all businesses, of which 5.3 million are micro-businesses accounting for 96% of all businesses. This collective group of business owners drive the UK economy.
You will find that in skills and ability there may not be a significant difference between one entrepreneur and another; it is not the big things that make the difference between success and failure it is your mindset in business.
9 Ways to Excel Your Business Mindset
- You must to have a vision and purpose, this is what drives you through the challenges and attract others to support your vision. It is like a light somewhere in the distance that draws you closer and gives comfort that you have a compelling reason for doing what you do. For a small business to become a large business vision and purpose is critical.
- Understand that fear is a test of courage, commitment and conviction, like asking “do you really want this?” interrupted as “you should not do it”. Richard Branson said, “say yes to everything and find out how later,” well it did not do him any harm.
- Understand that failure is your path to success. If you do not like to fail and in your past, have let failure deter you from your path, then you had better get out now and save yourself the pain. Because you will not learn the lessons that are necessary for you to you get up and on your success path.
- If you believe it is not possible then you are right! If you do not believe in your vision and purpose, how can anyone else? Success is not that the goal is done, success is the belief and the achievement of the challenges in delivering the goal.
- You must decide your goal; self-directed goals are like promises to yourself and when you achieve them it adds a sense of personal expansion and strength. It is a gift to your confidence knowing that you can manage and conquer yourself.
- Practice mindfulness. This is being present to all that is available to you, your inner wisdom and your external senses. Be discerning about the company you keep and the relationships you nurture. Your inner wisdom will guide you to make better decisions if you are mindfully open, aware and listening.
- Love what you do and do what you love. Be willing to find purpose in all aspects of your business, until you can find someone that loves the aspects of the business you do not. All aspects of your business are of benefit to others, yes even the accounts!
- Love the numbers and let them guide you to success. Never hand over responsibility for your business to another professional and expect them to manage it as you do. Learn to read your numbers and make clear decisions based on what your number tell you.
- Check your ego at the door. Unless you have been a multi-millionaire of several businesses then you are an amateur and must learn the craft. Get an adviser or mentor, listen to advice and ask great questions (not your unqualified family or friends) of almost everyone.
You must meet every challenge as if it was expected and ninja roll with the punches. Business fundamentals have not changed it takes tenacity, commitment and a purposeful vision. So, the next time someone refers to you as a small or micro business owner, please reply “no I am the business”.