The Instruction Manual for the Entrepreneur’s Mind

On 06.30.09, In business coach, business marketing, entrepreneur montreal, entrepreneur nlp, entrepreneurship montreal, small business marketing, small business montreal, By David Kynan

Paul Graham is the perfect example of an Empowered Entrepreneur. The acquisition of his earlier company, Viaweb, by Yahoo for $49 million and 145 start-ups since have made him somewhat of a hero to techies and entrepreneurs who dream of translating their ideas into some of the red-hot Web 2.0 companies Graham has helped launch.

In a suffering economy, few would think it possible to create bundles of wealth, but according to Graham there is opportunity everywhere in the world of software. His new company, Y Combinator, advices and funds 40 start-ups per year. His idea was to create a start-up machine by innovating the start-up process. His guiding principle is smaller, cheaper, faster, precisely those factors that lead to the innovation that fuels successful entrepreneurship. Graham has proved that even the process of innovation can be innovated.

According to Inc. Magazine, which features him on the cover of its June issue, “Graham’s system generates scores of ideas, churns out dozens of new companies, and creates hundreds of jobs – for a lot less than you might think.” Graham’s accomplishments prove that even when the economy is in decline, there is room for innovation and that innovation can be highly profitable.

What about the story of Millennium Music. With sweeping changes to the music industry and the sale of online music, Millennium music’s profit had declined by double digits each year. Kent Wagner and his partner Clayton Woodson did what any great business mind would do: adapt. Instead of folding up the business, they decided to transform it completely.

Although the focus of Millennium Music was around record and CD sales, the store also featured a used music section which allowed customers to trade used CDs for store credit. Wagner and Woodson used this as the basis for the company’s future and in 2006 launched FeedYourPlayer.com

By 2007, the site has brought in almost one quarter of the company’s total revenue. And the entrepreneurial pursuits of the two don’t end there.

What is it that enables Graham, Wagner, Woodson and others like them to turn even the most difficult challenges into opportunities for profit? Few would claim that the phenomenal success of these three is due to chance. There is a secret to success, and that secret is in the mind.

Behind the entrepreneurial results individuals like Graham have produced is the mind of an entrepreneur. Hiding behind the scenes are beliefs, perceptions and mental strategies, the very mental strategies that lead to extraordinary results.
If so, just what is hiding behind the scenes?

I define performance as the behavioral manifestation of aspects of cognitive functioning. Put more simply, the results we achieve in life are a product of what we have in the mind- our internal programming. How we get from the stuff of mind to results in life functions based on a simple formula: Thoughts lead to feelings which lead to actions which lead to results. You can try to do what Graham did, but without his beliefs, mental strategies and perceptual filters, you will quickly fall short.

What are the beliefs of an empowered entrepreneur? In working with and studying the mind’s of successful entrepreneurs, I’ve found a common theme, an idea they swear by that gets them up in the morning and inspires them to do what they do with unrelenting focus. What is it? Opportunity is everywhere.

They run this idea like software of the mind. The program acts like a driving force, pushing them to seek out and uncover hidden opportunities in the most unlikely situations. While opportunity passes by all those who believe that times are tough, the economy is in a slump, and now is not the time to be investing or taking risks, some entrepreneurs are seizing up opportunities and delighting in the returns.

Despite all the risks and difficulties involved, what is it that leads individuals like Graham to devote all their time and energy to starting a business (or 145 of them)? The belief that founding a company is the most efficient way to create wealth. Average individuals think that if you need money, you get a job. And that’s precisely how the successful entrepreneur sees it: If you need money get a job… if you want wealth, build a company.

But beliefs aren’t the only secret to success. In the back of the mind of the empowered entrepreneur are mental strategies that lead to success. To produce any result in life, whether its poor performance or impressive results, there is a strategy operating in the mind – a sequence of thoughts, perceptions and ideas that lead to decisions and actions. A strategy is like a recipe- when you combine all the ingredients in the right amount and in the right order, you get the desired result. What are the ingredients of a mental strategy? Thoughts, ideas, perceptions, and feelings.

The mind of the stunningly successful entrepreneur is filled with great questions. Bright questions lead to bright results, and questions are the first step in the mental strategy of the world’s most impressive performers. Questions direct thinking. Most people ask themselves poor quality questions. “Why do I always fail?” “What’s wrong with me?”

The interesting thing about the mind is that it will search for and find an answer to whatever question you ask it. If you ask poor quality questions you will get poor quality answers and poor quality results.

Running behind the scenes in the mind, individuals like Graham ask themselves first-rate questions, questions that lead to superior results. What’s the secret question that fuels the innovation behind successful entrepreneurship? How can I make this better, faster, cheaper? Brilliant business minds like Graham ask themselves this question as if it held the key to life. They might not come up with an answer right away, but it doesn’t matter. They plant the question like a seed and water it with continued focus. They ask and ask and ask as if they were chanting the question like a mantra until the seeds begin to germinate and answers begin to arrive.

The right questions lead to a flood of creativity that can lead to innovation. When you ask the right question, the mind becomes filled with images, snapshots and movies of ideas, possibilities and opportunities. Bright questions lead to bright ideas.

And the mind of the entrepreneur is filled with many more secrets. July 14th at the Fairmont Queen Elizabeth Hotel is The Empowered Entrepreneur Event. Some of Montreal’s brightest business minds have teamed up with local Entrepreneurial groups to connect, share and learn with the aim of fueling the economy by empowering entrepreneurs. I will be kicking off the day by giving the secrets to running your brain like a Paul Graham, Warren Buffet or a Donald Trump. What could you do with The Instruction Manual for the Entrepreneur’s Mind?

Become an Empowered Entrepreneur at The Empowered Entrepreneur Event July 14 at the Fairmont Queen Elizabeth Hotel. Visit www.E2connect.net for details and tickets.


 
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Breaking the Recession Illusion to Become an Empowered Entrepreneur

On 06.24.09, In business coach, business marketing, canada economic crisis, entrepreneur montreal, entrepreneurship montreal, financial coach, By David Kynan

More people became millionaires during the great depression in America than at any other time in history.

The stock market crashed in 1929 and hit its lowest point in 1932. The depression continued, but those who invested in 1932 became millionaires when the stock market exploded.

Sir John Templeton borrowed $10,000 and invested it when Hitler was invading Europe and there was a global sense of fear. His investment exploded and made him a multi-billionaire. He did the same thing in Japan after the war and in South America when inflation was exploding.

More people became millionaires during the great depression in America than at any other time in history and more people get rich when the economy is down than at any other time. “How can that be?” you wonder. Well, it’s easy to explain.

When the media reports that a recession has hit, most people fall into a perceptual trap. They believe that times are going to be tough, no investment will be secure and they will have to hold onto their money. They act out of fear and insecurity and eliminate risk-taking. It’s common knowledge that in a recession you save your money and you don’t take risks. Many fall into the trap of believing that the recession affects everyone everywhere and no one in safe. I call it “The Recession Illusion.”

Want some evidence of The Recession Illusion? The Economist magazine has an index to gauge an economic downturn, by counting the number of times the word “recession” appears within stories in the New York Times and Washington Post. That means the more it is talked about in the media, the more we think we are in one. The more we think we are in one, the more we cut back and save. The more we cut back and save, the more companies decrease production, and the more layoffs are reported. So we save more and cut back more and companies cut back more and lay off more employees. It’s the notorious self-fulfilling prophecy.

But not everyone falls into this trap. A select few don’t see it this way at all, and when the economy declines, they profit.

The Canada Government website defines recession as “a significant drop in economic activity, lasting more than a few months, as measured by employment rate and real gross domestic product (GDP). They are undesirable, but in a market economy such as Canada’s cycles of recession and prosperity are recurrent features of long-term economic growth.”

There is a natural cycle for everything. Nature, human beings and history all exist in a flow from season to season. What this means is that nothing ever stays the same. The economy too flows through seasons and cycles. It is never static, but in constant flux. Winter comes every year, but so do spring and then summer. The same is true of the economy; recessions comes, but they pass.

Those who profit during a recession recognize merely that winter has come. They see it as a time to plan, to strategize and to look for hidden opportunities. They see that there is opportunity in any challenge and in any season- they just need to discover it. They are able to take advantage of any season and thrive no matter what circumstances are thrown their way.

The season doesn’t determine your experience. What does is how you respond to the season that will determine your results.

What so many fail to realize is that even now, in one of the worst recessions in Canadian history, not everyone has been affected. I know many business owners whose business has improved in the past six months. While some are worrying about the economy, they are celebrating. I know others whose jobs have been unaffected and while many worry, they are out shopping. And then there are those who realize this. They are rolling in the cash because they looked for ways to capitalize on all the markets waiting to be tapped into in this economy.

When the recession first hit, Warren Buffet was quotes as saying he was “on the lookout for opportunities.” While he scouts out possibilities, everyone else buries their heads in the sand. Why should we leave all the profit to him? Right now, many are becoming millionaires.

Empowered Entrepreneurs model someone with a proven track record. They study the Trumps and the Rockerfellers and the Buffets and they adopt their beliefs and strategies. When everyone else is excited, I’m fearful. When everyone else is fearful, I’m excited,” said Warren Buffet. Take his advice and you will get pretty excited!

Consider the impact of your beliefs about the current economic situation. If you believe that the economy is suffering, that customers won’t buy and that there is nothing you can do, what effect will this have on your business? What actions will you take?

And what if you believe that there are hidden opportunities to profit? What if you believe that there are plenty of markets just waiting to be tapped into and that the recession is filled with opportunity? What impact will such perceptions have on your business?

The truth is that perceptions lead to actions. Limited and limiting perceptions lead to limited action and limited results. Empowering perceptions lead to impressive results. The difference between those who profit in the recession and those who do not comes down to perception. How they perceive the economy determines their results.

The recession is all about perception. How do you perceive it? In fact, if you tell me how you perceive the recession, I will predict your financial future for the next year. It’s that simple.

If it weren’t for the media, would any of us even know that the economy is in a recession? Read the newspaper, check the web or watch the news and you will find plenty of reports of declining profits, layoffs and an increasing rate of unemployment. But walk down some of Montreal’s streets and you see crowded restaurants, bars and people merely going about their lives. Some have firsthand experience of the recession; those who have lost their investments or their jobs have lives a real and true effect. But most people would be completely in the dark if it weren’t for the media.

Our perceptions of the economy determine our actions and our actions determine our results. What perceptions are you choosing?

More than ever before, having the right mindset and tools is key to financial success. While economy continues to suffer, many people are rubbing their hands together with anticipation and excitement at the opportunities available to them. If you’re prepared for difficult economic times and have the right beliefs, attitudes and mindset, there is no reason to worry about your financial future. You can create your own micro-economy and thrive.

Attend The Empowered Entrepreneur Event July 14th in Montreal. Visit www.E2Connect.net for details and tickets.


 
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