August 30, 2024 • 35 mins
What if every business challenge you faced could be transformed into a stepping stone for success? Join me, Jonathan Wagoner, as I invite you on a journey to cultivate a growth mindset that's pivotal for entrepreneurial triumph. Through candid personal stories from my business ventures, I unravel the stark differences between a growth mindset and a fixed mindset. Discover practical strategies to embrace challenges as opportunities for growth, turning setbacks into valuable lessons that propel you forward.
Ever wondered how resilience and positivity can reshape your business trajectory? This episode underscores the power of genuine connections and open discussions among entrepreneurs. I dive into my experiences in the fire damage restoration industry, illustrating the essence of hard work, dedication, and adaptability. By fostering a "move on" mindset and strategic thinking, learn how you can skillfully navigate through business hurdles, transforming them into opportunities for innovation and growth.
Curious about the unpredictable nature of business expansion and marketing efforts? Listen in as I recount the rollercoaster journey of adding new services and the trials of hiring high-paid representatives. Hear about the lessons learned from financial setbacks and how a positive mindset can pave the way for recovery and success. Plus, get insights from a restaurant owner's challenging direct mail campaign. Engage with this episode by sharing your thoughts and feedback – your input is invaluable to our collective growth.
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Transcript
Episode Transcript
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Speaker 1 (00:01):
Hey everyone, what's going on?
It's Jonathan Wagner and I amyour host of the Business Guide.
Thank you for tuning in foranother episode.
Today we're diving into one ofthe most powerful tools that an
entrepreneur can have in theirtoolkit, and that is a growth
mindset, but, more specifically,a mindset for success.
(00:24):
So if you're looking to takeyour business and personal
development to the next level,then this episode is going to be
for you.
Have you ever wondered whatsets entrepreneurs apart,
specifically the ones who makeit and the ones that struggle to
make it?
It's not just about skills orluck, it's about their mindset.
(00:46):
Stick around on this episode aswe explore how cultivating a
growth mindset can unlock yourfull potential and set you on
the path to success.
I want to share a quick littlestory from my own journey of
(01:09):
being a business owner.
You know, I think, when Ioriginally started my first
business the carpet cleaningrestoration business I had faced
so many different challengesand those challenges
continuously change, right?
So you know, at first it's, youknow, securing clients.
(01:31):
How do I make the phone ring?
Maybe it's as I got into doingthe restoration, it was managing
cash flow.
I'm billing my services out,and sometimes it's taking me
three or four months to get paid.
I think every business ownerdeals with this.
But it is keeping up with yourcompetition.
(01:53):
You need to be able to changeand adapt to your market I've
spoken about that on previouspodcasts always adapting to the
ever-changing market.
And I think that sometimes, withall of these different issues,
as you're dealing with them, youcan feel overwhelmed, and I
know that I have feltoverwhelmed in the past.
(02:14):
I know sometimes I still feeloverwhelmed.
I don't think that's ever goingto go away, but I am like you
and most other business owners,and it is.
We face struggles and ups anddowns in business, but when you
start looking at thosechallenges that you have in your
business and you start lookingat them as opportunities, that's
(02:38):
where you're going to reallylearn and grow your business.
Specifically, when we have anissue in one of my businesses, I
like taking that problem headon and creating a solution so we
don't deal with that again.
And if it's different systems,if it's different policies, the
way we do our work, the way ouremployees handle our customers,
(03:00):
we're always adapting and Idon't think that ever changes.
It's always giving me a freshperspective on my business.
I've been in business a littleover 12 years and I can tell you
that every single day issomething new that I'm dealing
with.
Now we do deal with gettinginto our rut of the same thing
over and over again, but I'malways dealing with something
(03:23):
new.
Over again, but I'm alwaysdealing with something new.
So when I started to look at mychallenges as opportunities and
opportunities to specificallygrow within my business, that's
where my mindset started toshift right, and that's
something that I would say I'vebeen able to carry in all of my
(03:44):
business ventures since islooking at those challenges and
turning them into opportunitiesand at the end of the day, I am
succeeding, right, my businessesare succeeding.
So I do have somewhat of amindset for success.
I don't look at all of thesehurdles and say how am I going
to get out of this?
I don't understand this, andjust kind of give up.
(04:06):
I'm always adapting, I'm alwayswilling to learn and willing to
grow, and I think that when I'mnot wanting to grow anymore,
that's probably when I'm notgoing to be in business.
So if you're dealing with achallenge, look at it as an
opportunity and change yourmindset to grow within your
business.
Okay, if you're having problemsgetting the phones to ring.
(04:28):
Dive into your advertising Ifyou're having issues with your
cash flow.
Time to dig into the books.
See where you can cut waste.
Make a better cash flow planOkay, there's so many different
things that you can do to growyour business right.
Okay, there's so many differentthings that you can do to grow
your business right.
So in today's episode we'regoing to talk exactly about a
(04:49):
growth mindset and how itdiffers from a fixed mindset,
right?
So I want to say back in my daybut it's not really back in my
day but I've seen with oldercompetition, if you would, they
are so stuck in a fixed mindsetLike I've been doing this
business for this long and Idon't need to change it and
(05:09):
unfortunately, those particularpeople slowly lose sales over
and over again until maybethey're non-existent or they
sell their business.
So we have to continuouslyadapt and we have to have that
growth mindset, not the fixedmindset.
We're also going to dive intopractical strategies that you
can start using today tocultivate that growth mindset,
(05:33):
and I'm going to share somecommon challenges that you might
face along the way and how toovercome them, because, again, I
have probably faced the samechallenges as you and I want to
work through them and talk withthem, with you.
So first we're going to jumpinto understanding the growth
mindset.
(05:54):
Specifically, what is a growthmindset?
Let's break it down Simply put,it is a belief that your
ability and your intelligencecan be developed over time with
effort, learning and persistence.
On the flip side, a fixedmindset is a belief that your
ability is static.
(06:16):
You're either born with talentor you're not.
You don't deviate from that.
If you have a fixed example,you might have thought I'm not
good at this and I'm just goingto give up.
And as entrepreneurs, I mean, Ithink for the most of us we
don't really have that fixedmindset because we don't take no
(06:39):
for an answer.
We see the challenges and weget over them and unfortunately,
the people that don't are nolonger in business.
But with a growth mindset,you're gonna see challenges as
an opportunity to learn andimprove, not just on your
business but on our personalside.
(07:02):
The distinction in this crucial.
I'm sorry, I'm trying to readmy notes and talk.
This is a first time Againremember guys, unscripted
podcast here, and I'm trying tomix up a little different.
I jotted a ton of notes downand I'm trying to read them to
you, but I feel like it'sunnatural.
So bear with me on this episode.
Maybe I won't do this in thefuture, we'll see.
(07:25):
So going back to on thisepisode Maybe I won't do this in
the future, we'll see.
So going back to the growthmindset right, you're going to
give up If you have a fixedmindset.
You're either born with this oryou're not.
If you have a growth mindset,you're going to see
opportunities to improve andlearn, right?
So this distinction is crucialin business, because it's how
(07:45):
you view your abilities.
It's how you view yourabilities that impacts your
success.
Now I can tell you on apersonal level right, you're
running your business.
Things are going great.
You know what?
And maybe you're working toohard.
Work, work, work, work, work.
You're running your business.
Things are going great.
You know what?
And maybe you're working toohard.
Work, work, work, work, work.
(08:07):
You're not taking a step back,you're not letting off the gas
and, by the way, I suggest youdo.
It's going to help you in thelong run.
Right, I forget the analogy ofa rabbit and the crossing line,
or whatever.
That story is right.
Who makes it past the finishline first?
The rabbit or the crossing lineor whatever.
That story is right.
Who makes it past the finishline first, the rabbit or the
(08:27):
turtle?
And it's the turtle because theturtle went slow and took his
time right and didn't burnhimself out.
Same thing in businessSometimes we're so focused on
pushing the gas that we don'tlet off the gas to let ourselves
breathe and have that break.
And sometimes and I am guilty ofthis, I am so guilty of this we
get burned out.
And for me, what my burnout isis I know that I have to be this
(08:52):
motivator in my business.
I need to motivate myself andfor me, I lose that motivation
to motivate others and that canplague your business very
quickly.
So right, if you're theoutgoing talkative person in
(09:13):
your business and you like toengage your employees and you're
always giving them thatfeedback and that TLC that they
need, that's what I like to do.
And then, when your employeesdon't get it, they know
something's wrong, what's goingon.
Well, if Jonathan's not engaged, I'm not going to be engaged,
and you know you do need a goodteam that kind of can see past
(09:34):
that or see when you're dealingwith a burnout.
But being able to step back andre-get your motivation is super
crucial and super important andthat is really in the mindset,
right.
I mean, earlier in this episodewe talked about struggles that
you can overcome.
Let's see cash flow issues, youknow, maybe getting the phone
(09:58):
to ring, things like that butfor me, this mindset for success
is really in the motivation,right, if I don't apply the gas
to my businesses anymore, thenthey're not going to grow.
If I'm not going to grow, myphone's going to stop ringing.
I'm going to have less work,maybe layoffs, maybe downsizing,
(10:22):
layoffs, maybe downsizing,right.
So it is so important that wekeep the business going and we
keep our mindset right.
So I have learned it has takenme time to learn, it's literally
taken me years where when mymindset is not right, I take
some time off, I take a breather.
I mentioned this, I think, onthe last couple episodes, but I
(10:45):
just got back from a little bitof a vacation.
I was fortunate enough to takeabout a month off, a little
checking in on the business, butfor the most part, completely
off.
That gives me the reset that Ineed and that is so important.
Now, I'm not saying thateverybody needs to take a month
off.
I happen to have a lot ofcamping scheduled and it was a
(11:05):
well-deserved break.
But take the time as you needand your mindset needs right.
That is something that I saw asan opportunity to learn from my
business.
Sales actually decrease when Iam not motivated to pump up my
team and be the person that theyneed me to be, and that happens
(11:25):
to be the cheerleader.
I really don't do much in mybusiness.
I've hired well, I've put themessage across of what we do,
I've trained well.
My businesses for the most part, can run themselves, but I'm
the motivator that goes in andchecks in, and that's really my
job, right?
Of course, there's other thingsthat I do, but being that
(11:48):
person that can bring thatculture into the business is
important for me and my business.
So, understanding your mindsetand it's not going to happen
overnight you may be dealingwith a struggle, you may be
dealing with something, you maybe in that rut and you're not
noticing it.
I know of somebody that justrecently got out of a little bit
(12:10):
of a rut and they didn't evenknow they were in that rut until
it hit them like they slammedinto the wall.
Right, they said, gosh, Ireally need a break, I need to
take a couple steps back and Ineed to get this figured out.
And then, hey, guess what?
Business starts to grow again,mvp is back in the playing field
(12:32):
and just a heads up the sportsreference.
I'm not a huge sports guy, so Ihope that that little analogy
worked All right.
So, moving on to the benefits ofbeing able to cultivate a
growth mindset, and just amindset for success, first, I
(12:55):
mean, just right off the bat,having a growth mindset is going
to make you more resilient.
I mean, in business we have somany setbacks and you know
hurdles right, it's inevitableyou're going to have a setback
or something is going to happen.
And when you have that growthmindset, you really see your
setbacks as learningopportunities rather than
failures.
(13:16):
And again spoken about this inthe past on previous episodes
but being able to scale mybusiness and then taking some
steps back and saying you knowwhat actually this is not what I
want made my business moreprofitable, made me more happy
or happier as a person, as abusiness owner, so being able to
pivot, you're going to look atthose opportunities.
(13:36):
I'm just I'm.
I mean, I've got, I've got somenotes here that I think I want
to talk about, but I also.
I also feel like I have to swimback and and and talk about
(13:58):
that setback.
Right, there are so many peopleand so many business owners out
there that deal with setbacks ona daily basis.
But as you talk with them, asyou go up and you shake their
(14:19):
hand, say, hey, how's business,how's it going?
They're going to look like thebest salesperson in the world
and say, everything's goinggreat, I'm doing good, business
is great, but they're dealingwith a setback.
Maybe their mindset's not right.
As entrepreneurs, we reallyneed to come together and take
that.
(14:39):
Let's take that stigma away.
If you have a group you'venetworked with other
entrepreneurs, business owners,you've got a group of people
that you network with or you'vemade friends.
Check in with them.
(15:00):
But really check in with them.
Create the friendships that youcan break down and say, hey,
what's going on with business?
What are you dealing with?
This is what I'm dealing with.
Open up, offer something that'sgoing to help your mindset as
well.
Now you've got other peoplethat you can transparently talk
to that have skin in the gamewith you as well.
(15:22):
Hey, I'm dealing with thissetback.
Unfortunately, this happened.
Was there a time that you dealtwith your phone's not ringing,
the customer's not paying,competition taking over your
(15:43):
market How'd you handle it?
How'd you get in that rightmindset?
But it's going to open up thedoor for you to think about
turning these into opportunities.
I make the joke, but whenthings aren't going my way,
(16:07):
that's when I work the hardestand my business thrives because
of it.
For whatever reason, salesaren't coming in, I'll amp up my
advertising, right?
So I think that there's so manydifferent people in business
that you can talk to and reallyhelp cultivate your, your
mindset for success.
I've met so many differententrepreneurs and business
owners, some that have succeededand have been in business and
(16:29):
some that have failed.
And pretty early on when Istarted my business, I started
having people ask me hey, couldyou come down?
And you know, sit down, havelunch with me, have dinner with
me, can we talk about maybe mynew business venture or whatever
.
It is what I really noticed.
There were clearly two types ofpeople there and you can really
tell in their mindset what theywere willing to do to be a
(16:51):
successful business owner.
Sometimes they weren't willingto work the hours, sometimes
they weren't willing to do whatthey needed to do or they just
kind of had a mediocre orlukewarm attitude going into
opening your business or theirbusiness and unfortunately,
(17:12):
those people nine times out of10, did not succeed right.
Being a business owner is hardwork.
You have to check in everysingle day.
You're finding yourselflistening to this podcast on
your way to work, your way to ajob site, your way to buy in
some inventory, whatever it is.
What struggle are you workingthrough today and how are you
(17:33):
going to turn that into anopportunity to grow your
business and grow your mindset?
Once you start understandingthat, that's going to get the
juices flowing.
Right, that's going to get thejuices flowing of cultivating
that mindset.
This kind of funnels into thepractical strategies for
(17:57):
developing the growth mindset.
It's just, you know.
Recapping again embrace thechallenges If things aren't
going your way.
Look at it as like a board gameor a game that you know.
(18:18):
I don't know.
I'm trying to use an analogyhere, but I think a board game
pretty much sticks or some sortof frustrating strategy game.
Right, I like to go to Monopoly.
By the way, anybody ever wantsto play me on Monopoly?
You got a seat right here.
Let's do it.
I love playing Monopoly.
But look at those challenges asstrategic moves.
(18:42):
Write them down.
How are you going to navigatethrough this?
How are you going to succeedand how are you going to grow?
Ironically, I do fire damagerestoration.
I do fire damage restorationand I have seen more than my
(19:08):
fair share of businessesunfortunately affected by a fire
damage that puts them out ofbusiness essentially for six
months to a year and a half.
Water damages where they're outof business for three months to
six months.
These business owners now havetheir livelihoods completely
pulled away from them and someof them unfortunately close up
shop, but most of them you knowwhat it's a part of doing
business.
(19:28):
We got to get this done.
Let's get this done as quicklyas possible and they adapt.
So how are you going to adaptto something that you are
struggling with?
Roll up your sleeves and get towork on them.
(19:51):
I know when we decided at mybusiness to I don't want to say
it, I mean I.
I mean I could talk about somany different challenges, but I
think I also have something inmy, my mindset and my wife often
will point this out, but I havea very move on mindset, right.
(20:12):
So, uh, we have a challenge.
I solved the challenge.
Tackle it head on, but I don'tdwell on it, I move completely
on and that does fade into mypersonal life, for sure.
So there are things that Ican't remember because I've just
I've put them in the back of mymind and I have moved on.
I'm just trying to think abouta time that really sticks out.
(20:42):
Okay, I'm going to give you avery vague where I could have
given up, but I didn't, justbecause I still have some
business relationships there andI want to be careful.
(21:06):
So there was a service that Iwanted to add on in my company
and I thought it through, did myresearch thoroughly over a
couple months and decided, hey,we're going to do this.
And this is when I'm on my upand up.
Right, we want more, we want togenerate more revenue, we want
(21:29):
more employees.
So we took on almost like abusiness development rep, if you
would, but something slightlydifferent, super high paid.
It was an occupation fromanother field.
Once they retired, we broughtthem on and I had this whole
buy-in thing and it was a bigthing.
(21:51):
I spent a lot of money on it.
At the end of the day, let metell you that, and for you know,
probably a solid six months.
I mean I put all of my personalresources into this.
So right, the business is doingwell.
I've got great leadership thereor, excuse me, management.
I've got great employees, soit's running.
(22:12):
So now I can break off to putthis new service on.
I dedicate a lot of money and alot of my time and the person
just ends up not liking whathe's doing there.
And that was the first timethat I was really really putting
all of my eggs in a basketwhere I had to.
I don't want to say trust anemployee, but I put a lot of
(22:33):
eggs in one basket for anemployee and it didn't work out.
And you know, through this kindof this pivotal time, there was
something I belonged to where Ihad to pay like an exit fee
because I no longer had somebodydoing that and this cost me a
lot of money and I was totallybummed out about it, totally
(22:59):
bummed out that, you know one.
I put all my eggs in one basketwith somebody that can just
leave, right.
I felt that, you know, I did myresearch, I did my due
diligence and some things stillcrossed or still slipped through
the cracks and I was definitelydown feeling bummed out.
(23:23):
But it took me about a month.
I put it in my back, you know,back of my mind for about a
month, moved on, went back intothis business and got back to
work and when my mindset camearound which is, it's always
grow, it's always learn, youknow, learn from these
(23:43):
challenges, turn them intoopportunities I decided to go a
different route.
I was trained up and knew whatwe were doing and I knew exactly
who I needed to look for.
I didn't have to play byanybody else's rules we can talk
about this in another episode,which I really would break it
(24:04):
down because I feel like it'snot fair, being vague.
But I went out, I hired anotherperson, I put this team back
together.
I went out, I hired anotherperson, I put this team back
together and quickly excelled atthat service and it was on my
(24:31):
own terms.
So, yeah, it was a hugechallenge that I spent money on
this particular guy.
I spent money on this training,I spent money on this program.
I spent so much money and thenthe rug was gone right, super
down.
But I took it as an opportunityto grow, took a break, pressed
(25:02):
a giant reset button and gotback into it and made my money
back well over.
So, again, talk about it onanother episode, where maybe I
can disclose what it was.
I'll let you in on this.
It's something called afractional franchise.
If you don't know what it is,we'll talk about it in another
episode and I'll have somewarnings on it for you.
But these are the challengesyou're going to deal with in
(25:23):
business.
Every single day there'ssomething new.
So I was able to use my set to,or my, my mindset to, help me
get out of that.
I mean, I'll be honest,cultivating that mindset isn't
(25:43):
always easy.
It it it takes time, and thatsituation took me a month.
Now I don't go aroundcompletely unmotivated, but
there are certain setbacks thatjust take you a couple minutes
to digest and move on from.
But I'll tell you what I think.
(26:11):
Out of everything I do inbusiness, I walk in with a
positive mindset and a positiveapproach.
There's not where I'm goinginto something lukewarm.
Into something lukewarm.
Look, if you're deciding toopen a business, as I've decided
to, for me it's months Shoot,my media company's taken me over
(26:37):
a year where I was like, okay,now I'm ready.
So it's gonna take you time,but write it down.
This is a strategy game, right?
You are playing the game ofbeing a business owner.
Win that sucker, win thatsucker.
(26:58):
Don't let the setbacks overcome.
Don't let the setbacks overcomeyour everyday life and your
(27:23):
business.
I think little things.
That I can kind of give you anexample of is my marketing
campaigns.
Sometimes you'll spend money onmarketing campaigns that don't
always work, or sometimes you'llhave marketing campaigns that
are doing a great job and thenall of a sudden just completely
go flat, dive into it, right toit, right.
(27:44):
I talked to a restaurant ownerwhere they were doing these like
these, direct.
What is it called Direct mail?
So you get these postcardsprinted out, right, you spend
money on that, you sort them out.
There's a lot of legwork in it.
(28:04):
If you decide to do it, yousort it out, you go to the post
office, you pay for it, you goto the post office, they send
them out.
That worked really, really wellfor this business owner for
about a year had it down, had anemployee dedicated to it,
consistent stream of incomecoming in because of it, and
then overnight, for whateverreason, just stopped working.
(28:24):
And of course, there's ascale-up that this particular
business owner did right Gotmore employees, there's a little
bit more overhead and now thisportion of his sales were
completely gone, definitely downon his luck.
We spoke about it, so I had asuggestion.
(28:45):
They were going to throw in thetowel.
There was something that I hadtried years ago and a little bit
more.
I would say cost effectivebecause you could reach more
homes.
But it was essentially one ofthese packs.
I don't want to say the name,just in case you know.
I don't know, I'm not allowedto, or whatever.
Come after me.
Copyright, I guess I'll sayit's ValPak.
I don't know, I'm not allowedto, or whatever.
(29:05):
Come after me.
Copyright, I guess I'll sayit's ValPak.
I don't know.
Is that a nationwide thing?
I think it is.
These ValPak books have youknow 20 businesses in it and
instead of spending you know1500 bucks on reaching you know
maybe a thousand homes that hewas doing before right With this
direct mail, he spent maybe1500 bucks or $2,000 and
(29:28):
reaching five times the amountof people.
So he launched this campaign,didn't throw in the towel,
definitely was discouraged, butdidn't throw in the towel, saw
it as an opportunity, changedhis marketing up a little bit,
changed his marketing up alittle bit and that book does
well to this day.
(29:48):
And we're four years into itright now.
So now direct mail would besomething he doesn't talk about.
When you see these challenges,you have to have the mindset of
(30:10):
how can I strategically fix thisand move on.
That's what I'm trying to hithome on this episode, because if
you don't have that, you'regoing to get stuck in a rut that
you can't get out of that.
You're going to get stuck in arut that you can't get out of.
So be willing to adapt, bewilling to change, be willing to
(30:33):
see these things asopportunities and and
strategically get yourself outof them.
Okay, okay, yeah, I don't know.
I think that I'm sorry, as wedeal with challenges of our own.
(30:58):
I'll tell you right now I'vegot my little studio that I've
put together and done a prettygood job at soundproofing, but
I've got a guy over on the otherside just completely yelling so
I can hear it.
We are all not immune to littlechallenges.
Today I think it's interesting.
I got at my office at aboutprobably 6.30.
(31:20):
I was up about 5.30.
And I've been working nonstopand wanted to jam an episode out
.
Today I'm a little bit moretired and wrote all my notes
down and I could tell that theepisode didn't go super well,
but nonetheless I'm going to putthe episode out and see how it
did with you guys.
I know this isn't my best, butthank you for being here today
(31:41):
on this episode.
I hope that.
I really hope that I was able tojust get the juices flowing in
your brain of being able tocultivate that mindset that you
need to grow your business and,overall, just succeed.
And having that, I am going tosucceed.
(32:04):
Right, what defines asuccessful person?
It's a person that was able tomake something out of nothing,
and that's what you've done as abusiness owner.
You have made something thatdid not exist, and there are
going to be so many challengesalong the way, but not getting
(32:27):
discouraged and continuouslysaying gosh, I did not think I
was going to deal with this typeof issue starting my business,
but here I am.
How do I get over it and howcan I help a fellow business
owner that is dealing with it,right?
So surround yourself in anetwork, open up to these people
(32:48):
transparently, like nobodywants to hear everybody's
problem, right?
So you need a friendship as yougo into these, genuinely,
engage about other people'sbusinesses, and you would be
surprised at how many people andfriendships are made because of
that.
And now that funnels into hey,I'm dealing with this issue.
(33:11):
Have you dealt with it before?
Absolutely.
Here's how I handled it.
Thank you so much.
That's right.
Business is roller coaster ups,downs, bumps.
We need to be able to have ourmindset, be the right mindset at
all times, or at least be ableto think that we've got the
(33:31):
mindset right, because I mean,I'm a normal guy that deals with
it.
I'm not going to lie to you,I've got my burnout.
I've got things that unmotivateme and I have to figure out how
to get out of it.
And in business we have to keeppushing.
So we want to put that food onour table for our family and I
(33:53):
mean, I just think it's supercool when you create something
out of nothing and you can turna profit with it.
That's pretty cool andsomething to be proud of.
So kudos to you for startingyour business and being in it
and working as hard as you doevery single day.
Guys, if you like this episode,please give it a thumbs up, hit
(34:14):
me with a comment in the commentsection, send me a text message
on the podcast link.
I really like reading what youguys have to say.
It means the world to me thatyou're listening and you've
taken the time Again.
I've dealt with so many thingsin business and being a business
owner and I just want to workthrough those, give you friendly
(34:35):
tips to get through.
You know, being a businessowner, where we all deal with
the same struggles.
So, anyways, that's it fortoday's episode.
Thank you again for joining me.
I'm your host, jonathan Wagner,and
Hey everyone, what's going on?
It's Jonathan Wagner and I amyour host of the Business Guide.
Thank you for tuning in foranother episode.
Today we're diving into one ofthe most powerful tools that an
entrepreneur can have in theirtoolkit, and that is a growth
mindset, but, more specifically,a mindset for success.
(00:24):
So if you're looking to takeyour business and personal
development to the next level,then this episode is going to be
for you.
Have you ever wondered whatsets entrepreneurs apart,
specifically the ones who makeit and the ones that struggle to
make it?
It's not just about skills orluck, it's about their mindset.
(00:46):
Stick around on this episode aswe explore how cultivating a
growth mindset can unlock yourfull potential and set you on
the path to success.
I want to share a quick littlestory from my own journey of
(01:09):
being a business owner.
You know, I think, when Ioriginally started my first
business the carpet cleaningrestoration business I had faced
so many different challengesand those challenges
continuously change, right?
So you know, at first it's, youknow, securing clients.
(01:31):
How do I make the phone ring?
Maybe it's as I got into doingthe restoration, it was managing
cash flow.
I'm billing my services out,and sometimes it's taking me
three or four months to get paid.
I think every business ownerdeals with this.
But it is keeping up with yourcompetition.
(01:53):
You need to be able to changeand adapt to your market I've
spoken about that on previouspodcasts always adapting to the
ever-changing market.
And I think that sometimes, withall of these different issues,
as you're dealing with them, youcan feel overwhelmed, and I
know that I have feltoverwhelmed in the past.
(02:14):
I know sometimes I still feeloverwhelmed.
I don't think that's ever goingto go away, but I am like you
and most other business owners,and it is.
We face struggles and ups anddowns in business, but when you
start looking at thosechallenges that you have in your
business and you start lookingat them as opportunities, that's
(02:38):
where you're going to reallylearn and grow your business.
Specifically, when we have anissue in one of my businesses, I
like taking that problem headon and creating a solution so we
don't deal with that again.
And if it's different systems,if it's different policies, the
way we do our work, the way ouremployees handle our customers,
(03:00):
we're always adapting and Idon't think that ever changes.
It's always giving me a freshperspective on my business.
I've been in business a littleover 12 years and I can tell you
that every single day issomething new that I'm dealing
with.
Now we do deal with gettinginto our rut of the same thing
over and over again, but I'malways dealing with something
(03:23):
new.
Over again, but I'm alwaysdealing with something new.
So when I started to look at mychallenges as opportunities and
opportunities to specificallygrow within my business, that's
where my mindset started toshift right, and that's
something that I would say I'vebeen able to carry in all of my
(03:44):
business ventures since islooking at those challenges and
turning them into opportunitiesand at the end of the day, I am
succeeding, right, my businessesare succeeding.
So I do have somewhat of amindset for success.
I don't look at all of thesehurdles and say how am I going
to get out of this?
I don't understand this, andjust kind of give up.
(04:06):
I'm always adapting, I'm alwayswilling to learn and willing to
grow, and I think that when I'mnot wanting to grow anymore,
that's probably when I'm notgoing to be in business.
So if you're dealing with achallenge, look at it as an
opportunity and change yourmindset to grow within your
business.
Okay, if you're having problemsgetting the phones to ring.
(04:28):
Dive into your advertising Ifyou're having issues with your
cash flow.
Time to dig into the books.
See where you can cut waste.
Make a better cash flow planOkay, there's so many different
things that you can do to growyour business right.
Okay, there's so many differentthings that you can do to grow
your business right.
So in today's episode we'regoing to talk exactly about a
(04:49):
growth mindset and how itdiffers from a fixed mindset,
right?
So I want to say back in my daybut it's not really back in my
day but I've seen with oldercompetition, if you would, they
are so stuck in a fixed mindsetLike I've been doing this
business for this long and Idon't need to change it and
(05:09):
unfortunately, those particularpeople slowly lose sales over
and over again until maybethey're non-existent or they
sell their business.
So we have to continuouslyadapt and we have to have that
growth mindset, not the fixedmindset.
We're also going to dive intopractical strategies that you
can start using today tocultivate that growth mindset,
(05:33):
and I'm going to share somecommon challenges that you might
face along the way and how toovercome them, because, again, I
have probably faced the samechallenges as you and I want to
work through them and talk withthem, with you.
So first we're going to jumpinto understanding the growth
mindset.
(05:54):
Specifically, what is a growthmindset?
Let's break it down Simply put,it is a belief that your
ability and your intelligencecan be developed over time with
effort, learning and persistence.
On the flip side, a fixedmindset is a belief that your
ability is static.
(06:16):
You're either born with talentor you're not.
You don't deviate from that.
If you have a fixed example,you might have thought I'm not
good at this and I'm just goingto give up.
And as entrepreneurs, I mean, Ithink for the most of us we
don't really have that fixedmindset because we don't take no
(06:39):
for an answer.
We see the challenges and weget over them and unfortunately,
the people that don't are nolonger in business.
But with a growth mindset,you're gonna see challenges as
an opportunity to learn andimprove, not just on your
business but on our personalside.
(07:02):
The distinction in this crucial.
I'm sorry, I'm trying to readmy notes and talk.
This is a first time Againremember guys, unscripted
podcast here, and I'm trying tomix up a little different.
I jotted a ton of notes downand I'm trying to read them to
you, but I feel like it'sunnatural.
So bear with me on this episode.
Maybe I won't do this in thefuture, we'll see.
(07:25):
So going back to on thisepisode Maybe I won't do this in
the future, we'll see.
So going back to the growthmindset right, you're going to
give up If you have a fixedmindset.
You're either born with this oryou're not.
If you have a growth mindset,you're going to see
opportunities to improve andlearn, right?
So this distinction is crucialin business, because it's how
(07:45):
you view your abilities.
It's how you view yourabilities that impacts your
success.
Now I can tell you on apersonal level right, you're
running your business.
Things are going great.
You know what?
And maybe you're working toohard.
Work, work, work, work, work.
You're running your business.
Things are going great.
You know what?
And maybe you're working toohard.
Work, work, work, work, work.
(08:07):
You're not taking a step back,you're not letting off the gas
and, by the way, I suggest youdo.
It's going to help you in thelong run.
Right, I forget the analogy ofa rabbit and the crossing line,
or whatever.
That story is right.
Who makes it past the finishline first?
The rabbit or the crossing lineor whatever.
That story is right.
Who makes it past the finishline first, the rabbit or the
(08:27):
turtle?
And it's the turtle because theturtle went slow and took his
time right and didn't burnhimself out.
Same thing in businessSometimes we're so focused on
pushing the gas that we don'tlet off the gas to let ourselves
breathe and have that break.
And sometimes and I am guilty ofthis, I am so guilty of this we
get burned out.
And for me, what my burnout isis I know that I have to be this
(08:52):
motivator in my business.
I need to motivate myself andfor me, I lose that motivation
to motivate others and that canplague your business very
quickly.
So right, if you're theoutgoing talkative person in
(09:13):
your business and you like toengage your employees and you're
always giving them thatfeedback and that TLC that they
need, that's what I like to do.
And then, when your employeesdon't get it, they know
something's wrong, what's goingon.
Well, if Jonathan's not engaged, I'm not going to be engaged,
and you know you do need a goodteam that kind of can see past
(09:34):
that or see when you're dealingwith a burnout.
But being able to step back andre-get your motivation is super
crucial and super important andthat is really in the mindset,
right.
I mean, earlier in this episodewe talked about struggles that
you can overcome.
Let's see cash flow issues, youknow, maybe getting the phone
(09:58):
to ring, things like that butfor me, this mindset for success
is really in the motivation,right, if I don't apply the gas
to my businesses anymore, thenthey're not going to grow.
If I'm not going to grow, myphone's going to stop ringing.
I'm going to have less work,maybe layoffs, maybe downsizing,
(10:22):
layoffs, maybe downsizing,right.
So it is so important that wekeep the business going and we
keep our mindset right.
So I have learned it has takenme time to learn, it's literally
taken me years where when mymindset is not right, I take
some time off, I take a breather.
I mentioned this, I think, onthe last couple episodes, but I
(10:45):
just got back from a little bitof a vacation.
I was fortunate enough to takeabout a month off, a little
checking in on the business, butfor the most part, completely
off.
That gives me the reset that Ineed and that is so important.
Now, I'm not saying thateverybody needs to take a month
off.
I happen to have a lot ofcamping scheduled and it was a
(11:05):
well-deserved break.
But take the time as you needand your mindset needs right.
That is something that I saw asan opportunity to learn from my
business.
Sales actually decrease when Iam not motivated to pump up my
team and be the person that theyneed me to be, and that happens
(11:25):
to be the cheerleader.
I really don't do much in mybusiness.
I've hired well, I've put themessage across of what we do,
I've trained well.
My businesses for the most part, can run themselves, but I'm
the motivator that goes in andchecks in, and that's really my
job, right?
Of course, there's other thingsthat I do, but being that
(11:48):
person that can bring thatculture into the business is
important for me and my business.
So, understanding your mindsetand it's not going to happen
overnight you may be dealingwith a struggle, you may be
dealing with something, you maybe in that rut and you're not
noticing it.
I know of somebody that justrecently got out of a little bit
(12:10):
of a rut and they didn't evenknow they were in that rut until
it hit them like they slammedinto the wall.
Right, they said, gosh, Ireally need a break, I need to
take a couple steps back and Ineed to get this figured out.
And then, hey, guess what?
Business starts to grow again,mvp is back in the playing field
(12:32):
and just a heads up the sportsreference.
I'm not a huge sports guy, so Ihope that that little analogy
worked All right.
So, moving on to the benefits ofbeing able to cultivate a
growth mindset, and just amindset for success, first, I
(12:55):
mean, just right off the bat,having a growth mindset is going
to make you more resilient.
I mean, in business we have somany setbacks and you know
hurdles right, it's inevitableyou're going to have a setback
or something is going to happen.
And when you have that growthmindset, you really see your
setbacks as learningopportunities rather than
failures.
(13:16):
And again spoken about this inthe past on previous episodes
but being able to scale mybusiness and then taking some
steps back and saying you knowwhat actually this is not what I
want made my business moreprofitable, made me more happy
or happier as a person, as abusiness owner, so being able to
pivot, you're going to look atthose opportunities.
(13:36):
I'm just I'm.
I mean, I've got, I've got somenotes here that I think I want
to talk about, but I also.
I also feel like I have to swimback and and and talk about
(13:58):
that setback.
Right, there are so many peopleand so many business owners out
there that deal with setbacks ona daily basis.
But as you talk with them, asyou go up and you shake their
(14:19):
hand, say, hey, how's business,how's it going?
They're going to look like thebest salesperson in the world
and say, everything's goinggreat, I'm doing good, business
is great, but they're dealingwith a setback.
Maybe their mindset's not right.
As entrepreneurs, we reallyneed to come together and take
that.
(14:39):
Let's take that stigma away.
If you have a group you'venetworked with other
entrepreneurs, business owners,you've got a group of people
that you network with or you'vemade friends.
Check in with them.
(15:00):
But really check in with them.
Create the friendships that youcan break down and say, hey,
what's going on with business?
What are you dealing with?
This is what I'm dealing with.
Open up, offer something that'sgoing to help your mindset as
well.
Now you've got other peoplethat you can transparently talk
to that have skin in the gamewith you as well.
(15:22):
Hey, I'm dealing with thissetback.
Unfortunately, this happened.
Was there a time that you dealtwith your phone's not ringing,
the customer's not paying,competition taking over your
(15:43):
market How'd you handle it?
How'd you get in that rightmindset?
But it's going to open up thedoor for you to think about
turning these into opportunities.
I make the joke, but whenthings aren't going my way,
(16:07):
that's when I work the hardestand my business thrives because
of it.
For whatever reason, salesaren't coming in, I'll amp up my
advertising, right?
So I think that there's so manydifferent people in business
that you can talk to and reallyhelp cultivate your, your
mindset for success.
I've met so many differententrepreneurs and business
owners, some that have succeededand have been in business and
(16:29):
some that have failed.
And pretty early on when Istarted my business, I started
having people ask me hey, couldyou come down?
And you know, sit down, havelunch with me, have dinner with
me, can we talk about maybe mynew business venture or whatever
.
It is what I really noticed.
There were clearly two types ofpeople there and you can really
tell in their mindset what theywere willing to do to be a
(16:51):
successful business owner.
Sometimes they weren't willingto work the hours, sometimes
they weren't willing to do whatthey needed to do or they just
kind of had a mediocre orlukewarm attitude going into
opening your business or theirbusiness and unfortunately,
(17:12):
those people nine times out of10, did not succeed right.
Being a business owner is hardwork.
You have to check in everysingle day.
You're finding yourselflistening to this podcast on
your way to work, your way to ajob site, your way to buy in
some inventory, whatever it is.
What struggle are you workingthrough today and how are you
(17:33):
going to turn that into anopportunity to grow your
business and grow your mindset?
Once you start understandingthat, that's going to get the
juices flowing.
Right, that's going to get thejuices flowing of cultivating
that mindset.
This kind of funnels into thepractical strategies for
(17:57):
developing the growth mindset.
It's just, you know.
Recapping again embrace thechallenges If things aren't
going your way.
Look at it as like a board gameor a game that you know.
(18:18):
I don't know.
I'm trying to use an analogyhere, but I think a board game
pretty much sticks or some sortof frustrating strategy game.
Right, I like to go to Monopoly.
By the way, anybody ever wantsto play me on Monopoly?
You got a seat right here.
Let's do it.
I love playing Monopoly.
But look at those challenges asstrategic moves.
(18:42):
Write them down.
How are you going to navigatethrough this?
How are you going to succeedand how are you going to grow?
Ironically, I do fire damagerestoration.
I do fire damage restorationand I have seen more than my
(19:08):
fair share of businessesunfortunately affected by a fire
damage that puts them out ofbusiness essentially for six
months to a year and a half.
Water damages where they're outof business for three months to
six months.
These business owners now havetheir livelihoods completely
pulled away from them and someof them unfortunately close up
shop, but most of them you knowwhat it's a part of doing
business.
(19:28):
We got to get this done.
Let's get this done as quicklyas possible and they adapt.
So how are you going to adaptto something that you are
struggling with?
Roll up your sleeves and get towork on them.
(19:51):
I know when we decided at mybusiness to I don't want to say
it, I mean I.
I mean I could talk about somany different challenges, but I
think I also have something inmy, my mindset and my wife often
will point this out, but I havea very move on mindset, right.
(20:12):
So, uh, we have a challenge.
I solved the challenge.
Tackle it head on, but I don'tdwell on it, I move completely
on and that does fade into mypersonal life, for sure.
So there are things that Ican't remember because I've just
I've put them in the back of mymind and I have moved on.
I'm just trying to think abouta time that really sticks out.
(20:42):
Okay, I'm going to give you avery vague where I could have
given up, but I didn't, justbecause I still have some
business relationships there andI want to be careful.
(21:06):
So there was a service that Iwanted to add on in my company
and I thought it through, did myresearch thoroughly over a
couple months and decided, hey,we're going to do this.
And this is when I'm on my upand up.
Right, we want more, we want togenerate more revenue, we want
(21:29):
more employees.
So we took on almost like abusiness development rep, if you
would, but something slightlydifferent, super high paid.
It was an occupation fromanother field.
Once they retired, we broughtthem on and I had this whole
buy-in thing and it was a bigthing.
(21:51):
I spent a lot of money on it.
At the end of the day, let metell you that, and for you know,
probably a solid six months.
I mean I put all of my personalresources into this.
So right, the business is doingwell.
I've got great leadership thereor, excuse me, management.
I've got great employees, soit's running.
(22:12):
So now I can break off to putthis new service on.
I dedicate a lot of money and alot of my time and the person
just ends up not liking whathe's doing there.
And that was the first timethat I was really really putting
all of my eggs in a basketwhere I had to.
I don't want to say trust anemployee, but I put a lot of
(22:33):
eggs in one basket for anemployee and it didn't work out.
And you know, through this kindof this pivotal time, there was
something I belonged to where Ihad to pay like an exit fee
because I no longer had somebodydoing that and this cost me a
lot of money and I was totallybummed out about it, totally
(22:59):
bummed out that, you know one.
I put all my eggs in one basketwith somebody that can just
leave, right.
I felt that, you know, I did myresearch, I did my due
diligence and some things stillcrossed or still slipped through
the cracks and I was definitelydown feeling bummed out.
(23:23):
But it took me about a month.
I put it in my back, you know,back of my mind for about a
month, moved on, went back intothis business and got back to
work and when my mindset camearound which is, it's always
grow, it's always learn, youknow, learn from these
(23:43):
challenges, turn them intoopportunities I decided to go a
different route.
I was trained up and knew whatwe were doing and I knew exactly
who I needed to look for.
I didn't have to play byanybody else's rules we can talk
about this in another episode,which I really would break it
(24:04):
down because I feel like it'snot fair, being vague.
But I went out, I hired anotherperson, I put this team back
together.
I went out, I hired anotherperson, I put this team back
together and quickly excelled atthat service and it was on my
(24:31):
own terms.
So, yeah, it was a hugechallenge that I spent money on
this particular guy.
I spent money on this training,I spent money on this program.
I spent so much money and thenthe rug was gone right, super
down.
But I took it as an opportunityto grow, took a break, pressed
(25:02):
a giant reset button and gotback into it and made my money
back well over.
So, again, talk about it onanother episode, where maybe I
can disclose what it was.
I'll let you in on this.
It's something called afractional franchise.
If you don't know what it is,we'll talk about it in another
episode and I'll have somewarnings on it for you.
But these are the challengesyou're going to deal with in
(25:23):
business.
Every single day there'ssomething new.
So I was able to use my set to,or my, my mindset to, help me
get out of that.
I mean, I'll be honest,cultivating that mindset isn't
(25:43):
always easy.
It it it takes time, and thatsituation took me a month.
Now I don't go aroundcompletely unmotivated, but
there are certain setbacks thatjust take you a couple minutes
to digest and move on from.
But I'll tell you what I think.
(26:11):
Out of everything I do inbusiness, I walk in with a
positive mindset and a positiveapproach.
There's not where I'm goinginto something lukewarm.
Into something lukewarm.
Look, if you're deciding toopen a business, as I've decided
to, for me it's months Shoot,my media company's taken me over
(26:37):
a year where I was like, okay,now I'm ready.
So it's gonna take you time,but write it down.
This is a strategy game, right?
You are playing the game ofbeing a business owner.
Win that sucker, win thatsucker.
(26:58):
Don't let the setbacks overcome.
Don't let the setbacks overcomeyour everyday life and your
(27:23):
business.
I think little things.
That I can kind of give you anexample of is my marketing
campaigns.
Sometimes you'll spend money onmarketing campaigns that don't
always work, or sometimes you'llhave marketing campaigns that
are doing a great job and thenall of a sudden just completely
go flat, dive into it, right toit, right.
(27:44):
I talked to a restaurant ownerwhere they were doing these like
these, direct.
What is it called Direct mail?
So you get these postcardsprinted out, right, you spend
money on that, you sort them out.
There's a lot of legwork in it.
(28:04):
If you decide to do it, yousort it out, you go to the post
office, you pay for it, you goto the post office, they send
them out.
That worked really, really wellfor this business owner for
about a year had it down, had anemployee dedicated to it,
consistent stream of incomecoming in because of it, and
then overnight, for whateverreason, just stopped working.
(28:24):
And of course, there's ascale-up that this particular
business owner did right Gotmore employees, there's a little
bit more overhead and now thisportion of his sales were
completely gone, definitely downon his luck.
We spoke about it, so I had asuggestion.
(28:45):
They were going to throw in thetowel.
There was something that I hadtried years ago and a little bit
more.
I would say cost effectivebecause you could reach more
homes.
But it was essentially one ofthese packs.
I don't want to say the name,just in case you know.
I don't know, I'm not allowedto, or whatever.
Come after me.
Copyright, I guess I'll sayit's ValPak.
I don't know, I'm not allowedto, or whatever.
(29:05):
Come after me.
Copyright, I guess I'll sayit's ValPak.
I don't know.
Is that a nationwide thing?
I think it is.
These ValPak books have youknow 20 businesses in it and
instead of spending you know1500 bucks on reaching you know
maybe a thousand homes that hewas doing before right With this
direct mail, he spent maybe1500 bucks or $2,000 and
(29:28):
reaching five times the amountof people.
So he launched this campaign,didn't throw in the towel,
definitely was discouraged, butdidn't throw in the towel, saw
it as an opportunity, changedhis marketing up a little bit,
changed his marketing up alittle bit and that book does
well to this day.
(29:48):
And we're four years into itright now.
So now direct mail would besomething he doesn't talk about.
When you see these challenges,you have to have the mindset of
(30:10):
how can I strategically fix thisand move on.
That's what I'm trying to hithome on this episode, because if
you don't have that, you'regoing to get stuck in a rut that
you can't get out of that.
You're going to get stuck in arut that you can't get out of.
So be willing to adapt, bewilling to change, be willing to
(30:33):
see these things asopportunities and and
strategically get yourself outof them.
Okay, okay, yeah, I don't know.
I think that I'm sorry, as wedeal with challenges of our own.
(30:58):
I'll tell you right now I'vegot my little studio that I've
put together and done a prettygood job at soundproofing, but
I've got a guy over on the otherside just completely yelling so
I can hear it.
We are all not immune to littlechallenges.
Today I think it's interesting.
I got at my office at aboutprobably 6.30.
(31:20):
I was up about 5.30.
And I've been working nonstopand wanted to jam an episode out
.
Today I'm a little bit moretired and wrote all my notes
down and I could tell that theepisode didn't go super well,
but nonetheless I'm going to putthe episode out and see how it
did with you guys.
I know this isn't my best, butthank you for being here today
(31:41):
on this episode.
I hope that.
I really hope that I was able tojust get the juices flowing in
your brain of being able tocultivate that mindset that you
need to grow your business and,overall, just succeed.
And having that, I am going tosucceed.
(32:04):
Right, what defines asuccessful person?
It's a person that was able tomake something out of nothing,
and that's what you've done as abusiness owner.
You have made something thatdid not exist, and there are
going to be so many challengesalong the way, but not getting
(32:27):
discouraged and continuouslysaying gosh, I did not think I
was going to deal with this typeof issue starting my business,
but here I am.
How do I get over it and howcan I help a fellow business
owner that is dealing with it,right?
So surround yourself in anetwork, open up to these people
(32:48):
transparently, like nobodywants to hear everybody's
problem, right?
So you need a friendship as yougo into these, genuinely,
engage about other people'sbusinesses, and you would be
surprised at how many people andfriendships are made because of
that.
And now that funnels into hey,I'm dealing with this issue.
(33:11):
Have you dealt with it before?
Absolutely.
Here's how I handled it.
Thank you so much.
That's right.
Business is roller coaster ups,downs, bumps.
We need to be able to have ourmindset, be the right mindset at
all times, or at least be ableto think that we've got the
(33:31):
mindset right, because I mean,I'm a normal guy that deals with
it.
I'm not going to lie to you,I've got my burnout.
I've got things that unmotivateme and I have to figure out how
to get out of it.
And in business we have to keeppushing.
So we want to put that food onour table for our family and I
(33:53):
mean, I just think it's supercool when you create something
out of nothing and you can turna profit with it.
That's pretty cool andsomething to be proud of.
So kudos to you for startingyour business and being in it
and working as hard as you doevery single day.
Guys, if you like this episode,please give it a thumbs up, hit
(34:14):
me with a comment in the commentsection, send me a text message
on the podcast link.
I really like reading what youguys have to say.
It means the world to me thatyou're listening and you've
taken the time Again.
I've dealt with so many thingsin business and being a business
owner and I just want to workthrough those, give you friendly
(34:35):
tips to get through.
You know, being a businessowner, where we all deal with
the same struggles.
So, anyways, that's it fortoday's episode.
Thank you again for joining me.
I'm your host, jonathan Wagner,and
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