Should I Focus on Mindset or Strategy?
Mindset is a popular buzzword among entrepreneurs world right now. Moreover, there are many coaches who focus on mindset only. All this talk about mindset begs the question, “Should we focus on that or strategy?”
While I agree with Tony Robbins that 80% of success is from psychology and 20% is from strategy, I believe you need both to be successful.
First, what the heck is this “mindset” term everyone keeps throwing around? The word mindset refers to the set of assumptions or beliefs you hold and how those determine the way you handle a certain situation. For example, if you believe wealthy people are greedy, you may not be too concerned with climbing the ladder or maximizing your profits. If you have a “scarcity mindset” you most likely compete for jobs or clients because you don’t believe there is enough to go around.
The reason this has become a popular topic in the entrepreneurship field is because starting a business takes guts and confidence. All of a sudden these negative thoughts and limiting beliefs you never knew you had start coming out of the woodwork! Thoughts like, “I don’t know if I have enough experience to start my own business. Are my prices too high or too low? I can’t directly sell my product until a number of people have bought it and gave a positive testimonial. I can’t afford to outsource or hire anyone. What if I hire someone and my business goes under?” It makes perfect sense to deal with these thoughts but should you focus on mindset or strategy first?
I believe you need both to be successful and you should start with mindset first.
Why mindset?
In short, because if you don’t, your growth will be limited. Think about it. If you’re holding off on launching your website, or doing a live video, or offering your product, or raising your prices, how will you ever be successful?! Say you’re an action-taker and you sit down to formulate a strategy without dealing with your limiting beliefs. You will set your goals and targets way too low and you will fall apart each time you receive criticism. If you recognize your limiting beliefs, understand how they were formed, call out how irrational they are, and practice saying the counterarguments, you will be so much more confident and increase the probability of success.
Why strategy?
Journaling, meditation, and daily affirmations, WITHOUT action, will not lead to results. Common sense, right? However, I see so many entrepreneurs go to conference after conference, coach after coach, but they never seem to move the needle. At some point, you have to take action. Yes, you will fudge up from time to time. If you did the mindset work, you should have developed some good strategies for dealing with negative thoughts and limiting beliefs so that shouldn’t be holding you back anymore. As for tactical steps to get unstuck, start with this:
Go back to your vision and goals. Do you still have the same vision? If not, you need to determine whether you can make small adjustments or if you need to completely scratch it and start over. Ask yourself why you don’t enjoy your career or business anymore. What can you do differently? Do you have the same vision but you’re just off-track on your ideal lifestyle?
Reverse-engineer your vision or dream lifestyle. Where do you need to be in 1 year? What can you do this month and this week to get closer to that target?
Analyze your time, clients, and products/services. Are you focusing on the most profitable task, client, and product? If you want to raise your prices, outsource a task, or increase your product offering, this analysis will help you decide.
Even after the mindset work, strategic planning, and action-taking, sometimes we need to talk it through with someone else. Trust me, I get it. It’s hard to talk to friends and family about your career or business. That’s why I’m here! You can learn more about my process here.
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