Last updated on November 15th, 2019
Many entrepreneurs turn their creative thinking into ideas and believe that business growth truly depends on tried-and-tested business practices. But that’s not the case. Small business growth requires out-of-the-box thinking. It is critical for your business model, market penetration strategy, better customer experience, new positioning, and business life cycle.
But critical thinking is not something which comes naturally. Many startup owners lack this skill. However, they get training in school and even trained by experts that entrepreneurship needs logical and analytical thinking.
Considering the fact that entrepreneurial thinking fuels business growth, Designhill — a top-notch platform for professional graphic designers and businesses seeking design services — thought of deciphering the mantra of outside the box thinking with the help of industry experts.
The leading design platform has taken a series of webinars off the ground. The webinars cover business-related topics to help entrepreneurs grow their business and take better decisions.
In one of the episodes, Designhill organized a free webinar on “How to Finance Your Business” on June 12, 2019. The webinar was 1.5-hour long in which the guest speaker — Ron Malhotra explained — How your thinking fuels your business growth. Ron is the founder of The Successful Male and the Managing Director of Maple Tree Wealth Management. He’s an award-winning author, wealth planner, influencer, and global speaker.
Ron elaborated that success in business is all about thinking. While answering the questions from webinar attendees, Ron shared his own experience and advised.
Check Out The Webinar Video
Here Are Some Excerpts From A Specific Section Of The Webinar
01. Don’t Just Focus On Tactical Stuff
Many people are addicted to the tactical stuff. They look for the steps, checklists, etc. but it does not work to make you a successful entrepreneur. In business, one of the key skills is your thinking. You have to understand the macro before you work in the micro. You have to understand the bigger picture before focusing on the smaller one.
So, you must have this ability to think big. You should have context before going for content. That explains a few things that may not look relevant on the surface, but they are. Thinking big also helps you explore ways to speed up your entrepreneurial success. At some point, they make sense to you and contribute to the growth definition.
02. Consider These Three Roads In Business
I have three paths in business. I have never seen any entrepreneur breach these paths and become successful— be direct, don’t be overly sensitive, don’t be casual.
I am always direct. This is because people are going to be offended by how straightforward I am. However, they are not going to make in business anyway. One of the things I realized in business is that if you are overly sensitive, you are not going to last.
Those who don’t focus on tactical things tend to fail. Don’t be sensitive! You shouldn’t be passive as well. Business is an ongoing endeavor that requires your full focus, concentration, and attention. If you take your focus off for a little while, it starts sliding quickly.
You can’t be casual too. I have never seen anyone in business being casual. You can’t be casual and think of making money. Many people who may tell you to sit back and create passive income. Actually, they themselves don’t do so, they work very hard. Sometimes as an employee, you strive to survive; but in business, you strive to thrive. That’s the difference!
You’re creating an impact; you are leveraging your income, tools, networking, etc. Even if you aren’t working directly in your business, that doesn’t mean it doesn’t require your focus. In business, bad things happen. If you are oversensitive, people may lie, take advantage of your time and waste your time. You can’t be sensitive about it. It’s all a part of the business.
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03. Expand Your Mindset
As per business statistics, between 80% – 90% of businesses fail in the first five years; while out of the ones that survive, fifty percent fail in the next ten years. You have to ask yourself why these businesses fail. It’s because people don’t have the mindset to succeed.
Business is a lot about mindset. Resilience, the ability to navigate complexities, to able to think out of the box, the ability to take risks — all these steps will come into play.
Mindset management incompetence is one of the primary factors why businesses fail. You need to build yourself up this stuff. The growth of your business depends a lot on the way you think.
You can put your systems in place, you can put people in place, and you can have the best products and services. But your own thinking is going to put a lead on the growth of your business. Your business cannot grow past your own thinking. It is because you are the one who is driving this business!
So, first, you need to develop your mindset. Here is an analogy I’m going to discuss to clarify it — let’s suppose there is a jug of water. Let’s just say that water represents the financial opportunities in business.
There is also a small glass. Once you start pouring water from that jug into the glass and once it gets to the top, it starts overflowing. It overflowed not because there is enough water in the jug; it is because the glass’ capacity is limited. So, the most important thing you need to do is to grow the capacity of your business.
Here, the result is — unless you expand your thinking, there won’t be any business opportunity.
04. Take 100% Responsibility
Taking responsibility is helpful in mindset development and expansion. Whatever happens in your business, you need to take 100% responsibility for it. Whether your employee steals something from you, whether your products don’t do well, whether you can’t get enough sales; if anything happens, it’s you who is responsible.
Anytime, you find yourself blaming somebody or holding somebody responsible, you start becoming weak as an entrepreneur. Blaming someone else not only cripples business growth strategies but severely affects your business development plan.
Even if you are not at faults, you have to take a hundred percent responsibility. I don’t say to blame yourself as it is negative, but taking a 100% responsibility is positive, and you need to do that.
It takes extra efforts and concentration on some special techniques, along with the pointers we discussed above to accelerate the growth of your business. It also helps you get an edge over your competitors to attract new customers and retain them.
Ron Malhotra highlighted the need for quality thinking to become a business owner. He advised startup owners to cultivate positive thinking for market penetration. It’s the thinking that makes you succeed or fail.
As a business owner, you need to make crucial decisions on many issues that may have a significant impact on your business. These may include product development strategy, marketing strategy, market expansion, people to hire, and business growth. The quality of your thinking that influences such decisions can have a significant impact on your company’s growth and its future.