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The 7 Mindset Shifts That Will Change Your Life Forever: Employee To Entrepreneur (Episode 7)

May 01, 20238 min read

🗣️   In this episode, Lewis and James discuss the 7 mindset shifts that can change your life forever. They talk about the importance of embracing risk-taking, learning from failures, and focusing on value creation. 

They also discuss developing a growth mindset, being proactive, setting goals, and practising gratitude. The hosts share their own stories and experiences to illustrate each mindset shift. The episode provides valuable insights and practical tips for anyone looking to achieve success in their personal and professional lives. 

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Topics Discussed:

7 Mindset Shifts To Change Your Life: Employee To Entrepreneur (Dropship Unlocked Podcast Episode 7)" emphasises the importance of mindset shifts necessary for successful entrepreneurship. The speakers highlight the importance of taking risks, mitigating risks, and viewing failure as a necessary learning experience. They share actionable advice on taking ownership of the business, having a growth mindset, setting clear goals and intentions, and surrounding oneself with like-minded entrepreneurs. The video also includes a Q&A section on choosing a niche and finding suppliers. The hosts encourage listeners to implement these mindset shifts immediately and offer their program, Dropship Unlocked, as a step-by-step guide to implementing these shifts.

00:00:00 In this section, the importance of mindset and the shift in mindset necessary for successful entrepreneurship is discussed. The speakers emphasise that the mindset is critical and the foundation for success. As an entrepreneur, taking risks is necessary, and failure is a part of the process. The speakers note the importance of mitigating risks and making calculated risks. The seven mindset shifts for aspiring entrepreneurs are discussed throughout the episode, providing specific and actionable advice to change one's mindset towards running a successful business.

00:05:00 acquisition, but I took those challenges as opportunities to learn and grow from. The mindset shift here is to be willing to take calculated risks and not let the fear of failure hold you back from starting. By doing extensive research and creating a unique value proposition, you can differentiate your brand from competitors and overcome obstacles along the way. It's important to view challenges as opportunities to learn and grow from rather than as reasons to give up.

00:10:00 In this section, the speakers discuss the importance of taking calculated risks in entrepreneurship while also providing a safety net for potential mistakes. Failure is also stressed as a necessary aspect of entrepreneurship as it allows for a learning experience and helps in avoiding repeated errors in future projects. The speakers share anecdotes on their initial business ventures and the failures that accompanied them, highlighting the importance of having a positive attitude towards mistakes and embracing the learning opportunities that result from them.

00:15:00 In this section, the speaker discusses how embracing failures and analysing the mistakes played a pivotal role in shifting their mindset for success. Instead of allowing failures to shut the business down, the speaker uses them as an opportunity to learn and improve by shifting their focus from low maintenance to high-ticket products with high-profit margins. Additionally, it is vital to create value and solve customers' problems while making the business profitable in the long term. By bundling items together or creating tools relevant to the industry, customers get a better deal, increasing the average order value, thus adding value to the business.

00:20:00 In this section, Lewis shares two mindset shifts that are crucial in becoming a successful entrepreneur. Firstly, he emphasises the importance of creating added value to the market, with examples such as educating customers and enhancing their online shopping experience. This shift in mindset will ultimately lead to increased profits and organic traffic through word of mouth. The second mindset shift is taking complete ownership of the business which includes taking responsibility for the inputs and outputs of the business. By recognising all aspects of the business and not just the areas one is comfortable with, individuals can develop all necessary skills for success.

00:25:00 In this section, the importance of having oversight of all areas of the business, including finances, is highlighted. The speaker recounts how losing track of finances caused cash flow oversights that put them in debt, leading to a dark time for the business. However, the experience taught him the importance of taking extreme ownership of all areas of the business, even ones he may not be familiar with. The concept of fear setting is introduced, which involves identifying the worst-case scenario and planning for it, ultimately realising that the potential upside far outweighs the potential downside. The importance of taking full responsibility for the business is emphasised, and the speaker recommends reading the book "Extreme Ownership" by Jocko Willink to learn more.

00:30:00 In this section, the speakers discuss the importance of having a growth mindset as an entrepreneur, which involves treating challenges as learning opportunities and gamifying the process to make it more enjoyable. The growth mindset is contrasted with a fixed mindset, which views failure as a limit and believes there is nothing one can do to improve. The speakers also touch on the importance of being intentional with one's time and living with intention to achieve business goals, emphasising the need to focus one’s energy on the most important things to avoid wasted time and effort.

00:35:00 In this section, the speakers discuss the importance of setting clear goals and intentions in order to succeed in entrepreneurship. They stress the importance of writing down clear, measurable goals and affirmations and embodying the person you want to become. Visualisation and gratitude practices at the beginning of each day help to keep intentions clear and focused. The speakers also emphasise the importance of thinking and acting big, and surrounding yourself with like-minded entrepreneurs in supportive communities that help to shatter limiting beliefs. Doing so helps to normalise the process of thinking and acting big and encourages entrepreneurs to strive for greater success.

00:40:00 In this section, the speakers discuss the importance of thinking and acting big in order to break through limitations and achieve one's goals. They highlight the benefits of being part of a large community, which can help normalise and reinforce a growth mindset. They emphasise the importance of protecting one's subconscious mind from negative stimuli, such as news and media, which can create limiting beliefs and negative energy. Overall, the speakers encourage listeners to implement these mindset shifts immediately, even if it's just one of the seven discussed. They also offer a step-by-step guide to implementing these shifts through their program, Dropship Unlocked. Finally, they ask listeners to leave a rating and review of the podcast and offer to feature some of their favourites on the next episode.

00:45:00 In this section of the video, the hosts answer a listener's questions about choosing a niche and finding suppliers for dropshipping. They explain that their program helps with selecting a niche where other dropshipping retailers already exist, and where suppliers are open and happy to work with dropshippers. The hosts also caution against getting too caught up in trying to find suppliers with the best margins, as there may be several factors affecting this, such as the length of time a retailer has been in business. Instead, the focus should be on finding industries with price consistency and avoiding those who race to the bottom in terms of pricing. Finally, they read out a positive review from a listener who is also a member of their program.


Key Takeaways:

 ★ Taking calculated risks and not letting fear of failure hold you back.

 ★ Failures are part of entrepreneurship and can be used to improve your business and avoid making the same mistakes.

 ★ Creating value for customers should be the main focus, with profit being a byproduct.

 ★ Developing a growth mindset by embracing challenges and learning from them.

 ★ Taking initiative and creating opportunities rather than waiting for them.

 ★ Setting SMART goals and tracking progress to achieve success.

 ★ Practising gratitude to maintain a positive mindset during challenging times.

 ★ Lewis took a risk on a highly competitive niche and learned from his experiences to gain traction.

 ★ Lewis analysed his mistakes and learned from them to find success in his business.

 ★ James was proactive in creating a new business opportunity, which led to the success of his e-commerce business.


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