Entrepreneurial Mindset: Your Vision, Mission and Plan of Action to Success Should Start Now

entrepreneur

Contrary to popular opinion, entrepreneurs are made, not born. What it takes to be a successful entrepreneur can be reduced to skills. And the good news is, all skills are learnable.

You can become a successful entrepreneur, even if you have tried and failed in the past. Entrepreneurs who rose to the pinnacle of their industries did so by having a vision, mission, and a success plan and most importantly, they worked hard at it till they succeeded.

You too can develop the mindset of an entrepreneur and succeed beyond your wildest imagination in your chosen business.

How Do You Develop an Entrepreneurial Mindset?

Regardless of the path each entrepreneur took to succeed, everything can be boiled down to this: entrepreneurs add value

Think of Mark Zuckerberg who enabled friends and family to connect and share their lives regardless of where they are in the world. Think of Travis Kalanic of Uber who made getting from one place to another regardless of the time of day and without cash as simple as tapping a few buttons on your smartphone.

To develop an entrepreneurial mindset, you need to think in terms of service and value. The rest is down to grit and the mentality to persevere until you reach your goals. Other techniques that can help are modelling the entrepreneurs you admire, reading books that inspire, joining an entrepreneurs’ network, and putting all you’ve learned into practice.

Your Business Vision

How will your business change the future? That’s your business vision. Vision provides you and your team with clear direction and focus. It helps you to make the right decisions easily. It attracts talents, investors, and strategic partners. Without a vision, no business can exist. Take the time to develop your overall business vision in line with your short and long-term objectives.

Your Business Mission

Your mission is what drives you and wakes you up every morning. Your business mission is more than the common empty statements filled with corporate-speak and intention of what companies intend to do. For FedEx, their mission is to get it there. TED’s mission is to spread ideas. Google’s mission is to organize the world’s information and make it universally accessible and useful. What’s yours?

Your Business Success Action Plan

A well-known axiom of success states that if you fail to plan, you plan to fail. Your action plan is a breakdown of tactics and steps you need to take to pave the way to business success. The plan should include how you intend to make money, how you plan to win customers, how you intend to attract talents, how you intend to protect your business, handle emergencies, and so on.

Why Now Is the Best Time to Start

To develop an entrepreneurial mindset, you need to have a vision, mission, and action plan to succeed in business. There is no better time to start developing an entrepreneurial mindset, articulating your vision and mission, and formulating a plan of action than now.

Starting to work on these important components of entrepreneurial success will give you clarity, help you build momentum, test things in the real world. And if you’re the first in your marketplace, you could also enjoy the first-mover advantage.

5 Tax Mistakes Freelancers Need to Stop Making

tax mistake

Freelancing is a big responsibility and you should be proud to be have taken it. But along with also comes a lot of additional concerns that many freelancers fail to address. One such concern is your future financial security or a retirement plan.  

In a 9 to 5 job, your employer does all the taxation and provides a retirement saving plan like 401 k. As a proactive freelancer, you have to take care of these things all by yourself.  

Here are the 5 mistakes freelancers need to stop making to achieve complete financial stability and flexibility.

1) Mixing your personal and business finances

Most freelancers don’t consider freelancing as a serious business. Hence they fail to correctly regulate their income. They use their business account to buy personal things and vice versa. This can cause a lot of problems when assessing tax at the end of the financial year. In addition, they never come to know about their business expenses. Mixing your personal and business finances is not only a tax mistake but also a poor way to run a business.

2) Not saving for retirement

retirement

Retirement plans and saving money for the future have always been linked with a stable 9 to 5 job. Freelancers don’t consider themselves in this category so they never think about saving money for the future. It is true that freelancing is a small business and not a job. But saving money is one of the very basic financial lessons that everyone show know.

3) Not paying self-employment tax

The employer is supposed to notify the IRS of the amount of tax owed by his/her employees. But since you are self-employed, it is your obligation to report your income to the IRS. And you can do this by paying self-employment tax. Usually, the self-employment-tax consists of Social Security and Medicare. And by making contributions to both you can cut your overall tax. For a freelancer, not paying self-employment tax will result in a hefty penalty and high tax on gross income.

4) Neglecting health care contributions

Health care

You probably would love to know that, as a freelancer or a self-employed person, you are eligible to deduct premiums for health care. That being said, you still have to apply for a healthcare plan and pay the premiums initially. The IRS will adjust the healthcare premiums that you paid by lowering your taxable income. [1]

5) Not having an emergency fund

It’s a great feeling to be self-employed as it provided freedom and endless opportunities, but if the unexpected should happen, who will pay for your expenses? In life, nothing is certain and in crisis situations of need, you will someone to back you up financially. This is where emergency funds come in play. Not having an emergency fund is a huge tax mistake.

Conclusion

Lastly, to help manage your finances, you can use accounting software like QuickBooks Self-Employed. With QuickBooks Self-Employed, you can also collaborate with your accountant or bookkeeper–in case you decide to hire one.    


[1] “Emergency Fund Definition – Investopedia.” Accessed May 29, 2019. https://www.investopedia.com/terms/e/emergency_fund.asp.