There is a particular mindset in business that will kill more opportunity than any other factor. It is so insidious, so deeply entrenched as “truth”, that most business people have a hard time adapting to this much more effective mindset. Possessing the mindset of an accountant, not that of an entrepreneur, limits creativity, risk taking, marketing innovation and making the bold decisions that are necessary to creating massive success. To succeed:
You must possess the mindset of an entrepreneur, not that of an accountant.
Think about that for a while and extrapolate all that can go wrong with your planning, budgeting, marketing and internal processes, when one views a business through a spread sheet. Any accountant will tell you that his own industry is in last place when it comes to marketing innovation and prowess. Accountants, EA’s and CPAs will freely admit that their industry is still hanging around the 1980’s when it comes to its marketing techniques. So, what is an entrepreneur?
- Merriam-Webster: “One who organizes, manages and assumes the risks of a business or enterprise.”
- Dictionary.com: “A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”
Now let’s compare an entrepreneur’s mindset in business to that of an accountant. Unfortunately, 90% of the business professionals in America have adopted the accountant mindset in business.
The Mindset In Business That Results in Financial Stress
Financial stress can only be overcome with bold decisions, innovation, investing heavily into your marketing and taking risk. Here are just a few topics at how the accountant views these topics versus the entrepreneur.
Marketing: To an accountant, marketing is an expense that is to be cut when times get tough. To an entrepreneur, he knows that down economic times are incredible opportunities to innovate new ideas and products. This is prime time to grab significant market share from those who are cutting back and hunkering down for the worse.
Innovation: Entrepreneurs thrive on it. Accountants are known to be super conservative.
Risk: By definition entrepreneurs take bold risks. Accountants tend to hedge against them.
Initiative: When was the last time you witnessed bold initiative from your accountant? You read about it everyday in business journals from those who are entrepreneurs.
Entrepreneurs Possess The Mindset In Business That Leads to Success
Regardless of what industry or line of business you are in, it is the mindset that I am taking about. Unfortunately, the accountant mindset pervades America’s world of Academia. Very rarely do entrepreneurs becomes college and university professors. This is because they’re so busy making money and starting new enterprises. You know the old saying, “Those who cannot do, teach.” Well, what has been taught in all these collegiate business classes for decades is some variety of the accountant mindset.
In an article in Forbes, We Are All Entrepreneurs: It’s A Mindset, Not A Business Model, it states, “We are selling ourselves short if we do not define ourselves as entrepreneurs – if we choose to accept that ‘entrepreneurs’ are the ‘other’ people who take a chance, who think and act differently when challenges arise.”
Rid yourself of the accountant mindset and you will begin on a new path of innovation, business growth and prosperity.