Growth & Jobs | Create a business that can thrive without you
Published:Tuesday | April 30, 2024 | 12:07 AMKeisha Hill/Senior Gleaner Writer
THERE ARE many ways that you can shift your mindset to set your compass towards success. Mindset is particularly important for entrepreneurs because you are often working alone and charting new paths, so how you think about things is one of the main drivers of your business.
According to David Mullings, chief executive officer and chairman of Blue Mahoe Capital, during the inaugural BizCon: Innovation and Financing Conference for MSMEs held recently at the Jamaica Pegasus, the way you think about things can shape your beliefs, actions and relationships. Your thoughts, he said, dictate what your life looks like, and they are instrumental in building a successful business.
“Shift your mindset and cultivate your entrepreneurial journey for growth. See the bigger picture in what you are trying to achieve, and give yourself the confidence and drive that will take you through the challenges,” Mullings said.
He added that instead of thinking about your business in terms of profits and losses, think about how much value you are creating for your customers. The more value you create for your customers, the more they will keep coming back.“Work smarter, not harder. Hard work beats talent when talent does not work hard,” Mullings said.
“Start studying business owners and investors. Find a role model that you can emulate. Learn from the mistakes of others so that you do not repeat them. In addition, find out what people want and deliver it. Talk to your customer. You can’t sit in an office and assume that you know what your customers need,” Mullings said.
Failing time and time again and learning from these experiences, he said, can set you up for eventual success as an entrepreneur. The key here is learning not to tie failure to your personal sense of worth as this can be particularly difficult if you are the face of your brand; but it helps to remind yourself that failures are just opportunities for growth.
“What are you doing to improve yourself? You have to be willing to accept the rules and do the research and ground work that is required. Read, and take the steps to get started. Pioneers can be identified by the arrows in their back,” Mullings said.
People who believe that there is always an opportunity to learn and grow are more likely to succeed. This is because having a growth mindset helps you tackle challenges, learn new skills, and openly accept feedback and support. These qualities, he said, are important for everyone in the workplace but are absolutely essential for leaders.
“Talk about what you are doing and why you are doing it. Have a group of advisors - and they do not have to be formal. It also doesn’t have to be anyone that is in your space or line of business but people who can identify with the subject matter,” Mullings said.
As an entrepreneur, you need to be able to pivot quickly and go with the flow. If you are set on a specific path or outcome, you might actually hinder the growth of your business.
“You never know who is going to end up helping you. It does not have to be someone with a lot of capital. As long as they are aligned with your mandate; you can get by with what you aspire to do. Remember you are building a team, and in order to empower your team, you have to allow them to score the goals sometimes,” Mullings said.
Mullings, who was one of the keynote speakers, delivered an inspirational fireside chat moderated by communications specialist Brithney Clarke, also shared nuggets of his entrepreneurial journey.
“Are the persons on your team aligned with the vision and objectives of your business? Are you empowering them, allowing them to feel like they own the business. What incentive are you giving them to help grow the business that is in their interest to get the work done? You have to give people equity. That will help to build and improve your team,” he said.
“It’s not about the quantity but the quality of the hours,” he concluded.
The BizCon Conference was spearheaded by chief vision officer, Next Step Digital Solutions, Mohan Beckford, who envisioned that the conference would bring together entrepreneurs from the micro, small and medium-sized enterprise sector.
Additional presentations were made by local and international experts including Mark Stewart, chief executive officer, Wenworth Strategy Group, Canada; Herbert Hall, founder and chief investment consultant, Ambassador Capital; Eldred Garcia, senior-vice president of Business and Partner Development; and Ricardo Durrant from Jamaica Promotions Corporation.