Being a successful business owner

If you own a business or are considering starting a business, you clearly want to know how to become a successful business owner. After all, no one goes into business with the goal of failing or being mediocre. Unfortunately, many business owners don’t even know what success looks like for them, let alone how to achieve it.

Being a successful business owner is not necessarily about the number of zeroes in your bank account or whether you can retire at 66. Instead, it’s about having clear-cut goals and knowing what makes you singular and truly an individual in your personal life and in your field so you can build a business that stands out.

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The psychology of success

This may come as a surprise to many, but almost all of what determines being a successful business owner is in your own head. Take Caleb, for example: His limiting beliefs about not having a degree from a fancy business school and that he should settle for 10% yearly growth were holding him back from being the successful business owner he could be. He shattered those beliefs after attending Business Mastery and adopted the psychology of a very successful business owner. It didn’t matter that he was younger than all his competitors or hadn’t gone to the best business school. Because he believed he could be successful, he was way ahead of the game.

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Finding what makes you stand out

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It’s not easy to stand out in today’s business world. How to be a successful business owner, though, is all about embracing and promoting what makes you and your company different. Successful business owners are not all cut from the same cloth and it’s important to realize that there is no single way for you to be in order to achieve success. Finding your own way is the path to new ways of thinking, innovative ideas and the products and services that will make an impact on today’s consumers.

Take some time to think about what makes you unique as a person. Were you raised in a different country or by a single parent? Did you go a non-traditional educational route by attending trade school or forgoing higher education altogether? Did you travel to remote and interesting places, and did those travels shape your beliefs? Dig deep and identify everything that makes you different from your competition, then find ways to integrate these differences into your role as a leader.

Identifying role models

Embracing your individuality does not mean you can’t learn from those who have already learned how to become a successful business owner. Even Tony Robbins relied on influential role models like Jim Rohn and John Grinder when he was establishing his own business. To identify role models, make sure you look at leaders in your industry as well as those in completely different types of businesses. You don’t have to limit yourself to one! Most truly successful business owners have multiple role models and mentors who span a variety of industries. You might also look into working with a business coach or doing some training to help you learn from others.

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Own your business; don’t let it own you

Business Owner

One common trap that business owners fall into is acting as an operator rather than an owner. This was the challenge Daniel Lanigan was having when he attended Business Mastery in Palm Beach. The owner of a successful brewing company, Daniel had been letting the business consume him and it was affecting his level of success as well as the rest of his life. After learning from Tony about how to be a successful business owner, he was able to change his mindset and step out of the role of operator. As a business owner, there is no reason you need to be working 80 hours a week and sacrificing your health and personal relationships in the name of success. You can run a successful business and still make your health and happiness a priority. In fact, running a business from this perspective will actually increase your level of success rather than compromise it.

Building the right team

Of course, to step out of the role of operator and still be a successful business owner, you must have the right team in place. Building a successful team is based on knowing the true natures of those you hire and making sure they are in the proper roles. Your team members must be able to understand themselves and how they fit into the bigger picture. Being a successful business owner is about inspiring others, and the leaders on your team must also have this skill so they can gain and keep the trust and loyalty of those who work under them. When you become adept in putting teams like this in place, you can hand over the reins and work on higher level issues in business development without having to worry about day-to-day issues that eat up your time and energy.

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