The mindset of entrepreneurs is often different from others. They tend to have a diverse outlook that contributes to their success.
Whether influenced by their industry or their own experiences, entrepreneurs tend to hold a set of attitudes and values that help to foster growth. Entrepreneurs must have a winning mindset.
Chairman and President of the Pearl West Group, Jason Kwan, shares his top 3 mindset tips for entrepreneurs and business leaders that have contributed to his success.
Always be curious
Entrepreneurs must continue to learn. Starting your own business is a constant process of growth and learning, so curiosity is integral. According to Kwan, “curiosity is an essential thing to have. The more curious you are, the more you learn, and the more you’ll want to learn. And success is just a byproduct of learning. Ultimately, if you’re curious about something, you will be successful at it.”
Become financially literate
It can be considered almost pointless for someone to have an entrepreneurial mindset without being financially literate, even if it may mean taking the time to learn and acquire the skills to understanding financial statements and your company’s accounts.
“It’s critically important for every entrepreneur to have financial literacy and to know and understand your numbers. You have to understand your business’s financial statements because your financial data is simply a reflection of the operating activities in your business. The operating activities are a reflection of the decisions you make for your business.”
While many may conclude that they can hire an accountant, this may prove detrimental in the long run. Entrepreneurs must have an understanding of how money works if they intend to continue making it. Kwan suggests that this can effectively aid in the decision-making process as well.
Be aware of influences
Becoming aware of the influences around us can help us make better decisions as entrepreneurs. “I believe it’s important for everyone to understand how their thoughts are influenced, why we make misjudgments, and have a set of tools to improve our thinking and decision-making.
If we know what influences us, we might avoid falling into traps and understand why others act as they do. And if we learn and understand what works and doesn’t work and find some reasoning framework, we will make better judgments.
There are mental models and cognitive biases that everyone needs to be aware of to think more rationally and make better decisions.”
Entrepreneurs who want to continue to thrive and grow do well to follow these tips. As Jason Kwan has shared, curiosity and the desire to learn more have helped him overcome numerous business challenges and obstacles. Coupled with a greater understanding of finance and the ability to be hyper-aware of our surroundings are 3 very successful tips to help any entrepreneur.
Business leaders like Jason Kwan share tips like these to help other entrepreneurs who may encounter challenges along this arduous journey.