Employee to Entrepreneur: The Mindset Shift for Building Your Dream Business | Ep 172

Second Act Success Career Podcast
Season 1 - Employee to Entrepreneur: The Mindset Shift for Building Your Dream Business | Ep 172
Episode - #172
Host: Shannon Russell
Transcription (*created by Descript and may not be perfectly accurate)

[00:00:00] Speaker 3: Are you ready to quit your nine to five job and start a business of your own? Well, you're in the right place, my friend. Welcome to the second act success career podcast. I am your host, Shannon Russell. I am a former television producer turned business owner, career transition coach, and boy mom. My mission is to help you produce your best life.

This podcast will teach you how to get from where you are now to where you want to be and how to build a business that fits your life and lights you up. Let's get started.

Welcome back to the podcast. My name is Shannon Russell. I am your host. And guess what? I am also the host of the, how to quit your job and start a business podcast. It is my limited series podcast. There are 20 episodes in the series. That's it. And it walks you from how to quit your job with your exit strategy all the way. Through launching your dream business.

You can check out how to quit your job and [00:01:00] start a business. On apple, Spotify, or anywhere you listen or head over to second act success.co forward slash listen to get the links.

There is an episode in that series that is all about a growth mindset and how you can start thinking like an entrepreneur rather than an employee. I want to play that episode here so that you can start thinking about what it really would be like to own a business,

or if you are a newer business owner, you will get some really good gems of wisdom on how to shift that mindset and really start thinking like the boss. All right. Let's dive in.

Okay.

Transitioning from being an employee to being an entrepreneur. Isn't just about changing what you do. It's about changing how you think.

Yes. You've been working in the workforce for many, many years.

Yes. You have skills? Yes. You have leadership. Yes. You have management experience. Yes. To all of it. You know how to work as an employee and a [00:02:00] successful one.

But if you want to thrive as a business owner, you're going to have to change how you think.

Let's talk about the idea of embracing the risk of it all.

When you work as an employee, you have a clearly outlined role. You have a salary, you have your work hours, you have your team, you know who to report to. You might have people who report to you. This is a very outlined job. When you are entering into entrepreneurship, it's a whole new ball game.

You are now in charge of every layer of that business. You are running the show. You're also acting like an employee. You are doing the accounting, you are doing the marketing. You're doing the outreach. You are juggling it all.

And by juggling it all, there is a higher risk when you're working for someone else. Chances are it's pretty steady when you are launching a business, there is a great deal of uncertainty.

So, if you are used to security, [00:03:00] which I'm sure if you've been working in your career for any period of time, you have gotten used to that steady paycheck, those hours, that routine, and now things are going to switch up a little bit for you.

They're going to be a little different. The benefits, the steady paycheck, the clear structure is going to go to the wayside because entrepreneurship involves that risk, that uncertainty and most days are never the same. You won't have that safety net you have to be able to be fluid. Flexible and fluctuate. From the day to day.

It's a mindset shift.

You are now going to have to think like a boss, you are going to have to think about the person running the show, and instead of fearing risk, you have to embrace it. There is something about that risk that uncertainty, that fear, that scarcity mindset that really makes you push forward. I have felt it actually, I feel it every day. In my [00:04:00] businesses that I own, I feel the need to hustle.

Get out there, make the money for my family and do my best. And there's something. Yes, fear-based and scary about it, but there's also something so empowering. Knowing that I pulled the strings. I control how successful my businesses are. Because I'm in charge. I want you to embrace that feeling as well. View the challenges that are ahead of you as opportunities, definitely for personal growth, for innovation, for your creativity. Every day is different.

When you are an entrepreneur, there are problems that arise. Left and right. You can have a perfectly set up to do lists, which I often do when I sit down at my desk in the morning. But then something comes up. I have to put out a fire. This happens, that happens in your day, evolves as it is. So you go with the flow. So embrace those challenges.

Brace those hiccups, [00:05:00] embrace the messy. And know that it's all yours. And that everything is going to get done in the time it gets done. And the beauty of it is you don't have a deadline. You are the boss. You don't have someone to report to. You may have employees, you may have partners, clients, customers, but at the end of the day, you control your schedule. And your business. Remember that every successful entrepreneur has faced this uncertainty.

And truthfully, I think most of them would say that they have emerged stronger. Because you're learning about yourself, your pushing past those insecurities. You're growing as a person.

And if you are someone who is a lifelong learner, if you are someone who. Loves bettering yourself. If you want to improve the person that you are, then this is a great route for you because you will be tested and you will prevail.

When it comes to the work that you do day in and day [00:06:00] out, you might have to change your mindset. And think of it more like taking that initiative. Stepping outside of your comfort zone to try new things, maybe in your corporate role, you had a more defined job. You had certain responsibilities that were yours and other things that were passed on to the members of your team or your supervisor. But as an entrepreneur, You are the one in charge.

So you have to take that initiative because no one else will. So you have to make those decisions. And you're responsible for any outcomes. You are responsible, my friend for successes and failures and that's okay. That is what we are. Signing up for when we launch our own business, you don't know what's going to happen.

You can only steer that ship and control that path. You're on so much.

But you're taking responsibility for it.

That is my point that your mind knows that you are in charge. Whatever happens, [00:07:00] happens, whatever fails, fails, but you're in charge. These are your decisions. Not everyone is going to get it right. And that's okay. But this is your new job title. Ultimately you want to create that proactive mindset to be always looking ahead. The coming weeks, the coming months, the coming seasons, depending on your type of business. You also want to be looking out for any obstacles that might be in your way.

If you have a team of employees and someone is showing up a little late too often, you want to know to be proactive and keep an eye on that person, or have an intervention and having a chat with them before things get out of control. You want to anticipate any challenges and also look for opportunities for partnerships ways to bring on new customers or clients it's kind of like that saying of having eyes in the back of your head. You are looking forward, you're looking back, you're looking around. You want to be thinking about all of the pieces that make up your [00:08:00] business, and you're thinking about them all at once. So it's just that mindset shift to know that, Hey. I am taking full control of this baby.

Next is adopting a growth mindset. A growth mindset is really the belief that your abilities and your intelligence. Can be developed through your hard work. You know, you're coming into this business and you have these transferable skills. You have this past experience, this knowledge of the field or the industry or your customer base, but now you're building this new foundation for your business and you need to learn how to foster it and grow it. And think about all the different ways that you can do.

So.

A growth mindset is really knowing that your dedication, your hard work is going to lead to growth. Yes, you will have those challenges we discussed, but you will be learning continually. You are constantly on that trajectory to learn more because every entrepreneur starts [00:09:00] out with $0 in the bank and they are growing to make their first dollar and then their first 100 and so on.

So You're learning as you grow and. I think it's cool as an entrepreneur to be able to. Be realistic with yourself and have those internal conversations with yourself to say, Okay. I tried that, but it's really not working. Let's pivot and try step be. You want to be able to pivot because you're growing and you're learning and that growth mindset, if you foster it correctly is going to take you very, very far.

To go along with the growth mindset.

You also want to really have a resilient and persistent mindset. You want to value those two skills because resilience is going to take you very far, not only in your business, but in life in general. To know that it is not a sprint. It's a marathon. You are in it for the long game and to be resilient when challenges come up and when you get a bad customer [00:10:00] review or you have an employee quit on you during a really busy day, those are things that will happen and you want to be resilient.

Okay. I acknowledge that that happened. That sucks. And now we're moving on. Being resilient. What can I do to move forward past these setbacks? And there will be setbacks, rejections, tough times. But to know that you have the key traits to be resilient when it does happen. We'll make you a better boss, a better leader, and it will trickle down into the people around you as well.

They will be able to lean on you during any difficult times because they see that you are a resilient person.

Being persistent kind of goes along with that because you want to stay the course for this long game. You want to be persistent, keep pushing forward. Something can knock you down and you get back up and you are, you know, what you want at the end.

You know what your end goal is.

You might have a monthly revenue goal. You want to reach that [00:11:00] each and every month. So you're going to keep pushing forward. You're not going to lose sight of that goal and you're going to be persistent, making sure that you're pushing your way there.

Resilient as always until you reach your goal. Shifting from being a task oriented person, have a yes. Ma'am no ma'am type of employee. You are now going to shift that mindset to being more vision oriented, because you are holistically looking at your entire business. You may want to start looking at your business as a whole. An entire vision. You have a vision of how your business is going to start from day one and grow to six months in one year, three years, five years, you have this overall vision and yes, it can change and turn and twist

But you know that you're looking at your day to day as more of a vision oriented, a larger picture person. A lot of employees can do their work during the day and then close that laptop and go home and not think about it. [00:12:00] My friend as a business owner. You are going to be thinking about this 24 7.

That's just what happens when you are a business owner.

you Will be working on those tasks as you focus on the bigger picture, your vision for what you want this business to eventually be.

And you'll be making those decisions based on that overall picture of where you see your business going.

My first business, my franchise business, I opened as a mobile service business. We did not have a brick and mortar location, but I knew I wanted a brick and mortar location. So about 18 months into the business we were doing so well that I started looking for rental properties and eventually, slightly over two years into the business, I opened a storefront location. I was working. To build my business while having that bigger vision Casad I knew what I wanted and everything I did led up to getting that storefront. [00:13:00] In my coaching business, for example, I started my first podcast. I had one-on-one clients and then eventually. I saw what my clients needed and what they wanted from me.

And I made a course. And I made a group coaching program and I made a membership program and I got certified in different. Coaching methods. In that I started evolving and growing my business to really serve the needs of my clients. That helped me grow exponentially because I was looking at the bigger picture of what I wanted my business to be.

And now I have a book coming out within the next year, and there's so many different opportunities that are. Falling in my lap, if you will.

And it's because I was looking at my business on a grander scale.

Lastly, as we wrap up this conversation on mindset. It's important to think about your network being broader than maybe just your team or your office mates. You're now thinking [00:14:00] about your network. Your customers, your partners, your clients,

your community that you are networking with other business owners in your niche. You're going to be thinking more about your network and growing that bigger and bigger. To get that support and to help market your business. So in the corporate world, you had your small built-in system. As an entrepreneur, you're building this network of mentors, peers, advisors. People that have built businesses similar or other people who are entrepreneurs as well, who can teach you? About things that they do to make their businesses grow and you can teach them and you'll learn from other people.

That's an incredible way to think about your world being much bigger than where you do your day to day work.

Ideally, you want to surround yourself by people who have a similar vision for their lives.

People who are like-minded and people who can provide guidance, support, and insights. In what they [00:15:00] do, and then you can do the same and reciprocate.

You might have a small local business or an online business and your world might seem rather small, but your network can be very, very large because you're taking bits and pieces of what you're learning from these people. And how your cross promoting and partnering and sharing ideas. To grow your business.

I go to at least one conference a year. To meet with other like-minded professionals. And it is something that fills me with such joy and excitement. That I come home so enthusiastic about my business and it's something that I truly look forward to. I try to go to more than just one conference, but normally it's about one a year.

It really just infuses me with excitement and a new breath of love about what I do.

And I meet people that I can really learn from and see that these other people in my [00:16:00] network think like me and they. Have a love for their businesses like I do with mine. And they really care for their clients. Like I care for mine. If you think about it in your personal network, You might have friends and family members who have never owned a business and they won't understand the blood, sweat, and tears that you're putting into this baby of yours.

I have experienced this in my life that the people that I've met through my business, Uh, other business owners. I ended up talking to multiple times a day online or via text message, whatever it is more than I talk to my actual friends because they are in it with me because they are in the thick of it with me.

They understand, they appreciate what I'm going through. I appreciate what they're going through and we can come together and help lift each other up. And that's, what's really cool about having that mindset to really grow your network.

Okay. That was a lot of [00:17:00] mindset. I know that can be kind of heavy, but I just wanted to help you steer your vision.

As you're thinking about the business that you want to create. And think about. Where your mind should be and how you should think a little bit more big picture. Then maybe what you're used to thinking about. Making that mindset shift from employee to entrepreneur can be a challenge, but it's also just really rewarding.

So if you can get excited and just really embrace the risk and take that initiative and adopt that growth mindset, you are going to be on your way to build your network, to focus on that vision, to really dial in on what you want this business to do for your family and for your customers or clients. That will allow this mindset shift will allow you to think bigger picture and really help prepare you for the journey you have ahead.

Okay. All right.

All right, this was a special episode of the, how to quit your job and start a business podcast. It is a 20 [00:18:00] episode limited podcast series. Meaning that it walks you from how to quit your job. All the way through to how to launch a business in those 20 episodes. So go check it. Now it's on apple, Spotify, anywhere you listen to podcasts or head over to second act success.co forward slash listen, and you can download the episodes there.

Until next time, my friend make it a great day.