Business Mindset versus the W2 Mindset
A lot of people who have been underemployment in their lives have thought about quitting their jobs and starting their own enterprise. They are reluctant though, however, because they think you need a lot of things before you become an entrepreneur. They are true in some cases, but the single most important thing that you need is the mindset, and that costs nothing. But how do you know which mindset is the employee mindset and which is the entrepreneur one? I have that covered for you, here are the differences between the business mindset and the W2 mindset:
Employees work on weakness, businesspeople on their skills:
You get asked this every time you go for an interview or any review type situation, that what are your weaknesses and what have you done or are doing to improve them? That’s what W2 employees (or simply employees) do. They work on their weaknesses and how to eliminate them, this is what they are taught and this is what their mindset is. Businessmen/women however, work on their strengths and skill set rather than work on their weaknesses. They prefer to overcome them through strength, rather than work.
Entrepreneurs produce, Employees perfect:
Employees are under the constant watchful eye of their bosses and superiors, and so they strive for perfectionism. They want to improve their record in the eyes of their superiors, and so they strive for perfection. Entrepreneurs however, are the complete opposite. As far as they’re concerned, they are about production in large numbers. An entrepreneur is more focused on the volume of the content being produced, and they believe that it’s better to create and fail than to not have created at all.
Employees say yes, Entrepreneurs say no:
The employee mindset is to grab every opportunity you can get, regardless if its good or not. An employee needs a chance available. Whereas an entrepreneur will wait for the chance that is really good, in the words of Warren Buffet, “The difference between successful people and really successful people is that really successful people say no to almost everything.” The difference is, that entrepreneurs are focused on what they want, so they’ll only say yes to the opportunities that are relevant to that goal.
Entrepreneurs live on risks, employees avoid them:
We’ve actually talked about this earlier, and this is the major reason why most people are hesitant to start their business. So if you ask many people in the employee mindset why they won’t start a business, they’ll say they need the security of their day jobs. They are unwilling to take that risk and would rather live in the security of a steady pay check, pension and health insurance. Yet the businessmen/women thrive on risks, they take the first one to become what they are. Peter Drucker says this perfectly as: “Whenever you see a successful business, someone once made a courageous decision.” That is the main difference between the mindsets of an employee and a businessman/woman.