A business perspective is essentially the way a business owner thinks about their business, their industry, and their goals. It’s a way of looking at the world and approaching challenges. For example, a business owner might have a “growth mindset,” which means that they believe that they can always improve and grow their business. Alternatively, they might have a “fixed mindset,” which means they believe that their business is limited in its potential for growth.
Now let’s dig into the details. How can a positive perspective be a powerful motivator? Studies have shown that people with a positive attitude are more productive, creative, and resilient. So, a business owner who maintains a positive perspective can encourage the same in their employees, leading to better overall performance.
The importance of a growth mindset is key to having the right business perspective. A growth mindset is the belief that your abilities and intelligence are not fixed, but can be developed through hard work and dedication. This type of mindset is important for business owners because it allows them to embrace challenges and setbacks as opportunities for growth. It also encourages a willingness to take risks and learn from mistakes.
Different perspectives can lead to very different outcomes. For example, a business owner who views a failure as a total disaster may give up on their business, while a business owner with a growth mindset may see the same failure as an opportunity to learn and improve. So, the same situation can have completely different results depending on the person’s perspective.
Take this example. Two entrepreneurs start a new business together. They face some initial setbacks and experience some financial struggles. One entrepreneur views these challenges as a sign that the business is doomed to fail, and they become discouraged and give up. However, the other entrepreneur views the challenges as an opportunity to learn and improve, and they work hard to overcome them. As a result, the second entrepreneur’s business is eventually successful, while the first entrepreneur gives up and never realizes their full potential. Other factors required to shape the right business perspective are examined below.
Another important aspect of perspective is self-awareness. A self-aware business owner can recognize their strengths and weaknesses, and use that knowledge to make better decisions. They can also be more understanding and empathetic towards others, which can improve relationships and create a more positive work environment.
The power of reframing is another mechanism for getting the right business perspective. Reframing is the process of looking at a situation from a different perspective, and it can be a very useful tool for business owners. For example, a business owner may view a problem as an insurmountable obstacle, but by reframing the situation, they may see it as a chance to try a new approach or learn something new. Reframing can help business owners to stay positive and motivated, even in difficult situations.
In the Nigerian business environment, the ability to reframe situations and maintain a positive perspective can be especially important. With the challenges of a developing economy, unpredictable government policies, and other factors, it can be easy to get discouraged. However, reframing situations and maintaining a growth mindset can help Nigerian entrepreneurs stay focused and resilient.
Let’s take the example of a small business owner who is struggling to make a profit due to high costs and low sales. They may view this situation as a sign that their business is doomed to fail. However, if they reframe the situation, they may see it as an opportunity to find ways to lower costs, increase sales, or pivot to a new business model. For example, they could explore ways to use technology to reduce expenses or reach new customers, or they could consider moving to a new location with lower overhead costs.
Another example is a business owner who is having trouble finding qualified employees. Instead of viewing this as a sign that they should give up, they could reframe it as an opportunity to invest in training and development for their current employees. This could help them to build a stronger and more skilled workforce, and improve their business in the long run.
A core aspect of perspective is the ability to take a long-term view. In the fast-paced world of business, it can be easy to focus on short-term results and lose sight of the big picture. However, taking a long-term view can help business owners stay focused on their goals and make decisions that will benefit their business in the long run.
Let’s talk about the concept of perseverance. This is closely related to taking a long-term view, but it also involves the ability to stay motivated and determined in the face of challenges. In the Nigerian context, this is especially important because businesses often face a lot of uncertainty and obstacles. But by maintaining a sense of perseverance, Nigerian entrepreneurs can weather the storms and continue to move forward.
Building strategic habits
Instead of focusing solely on goals, we could focus on habits. Building positive habits can be a powerful way to improve business performance over time. For example, a business owner could set a habit of checking their financial reports weekly, so that they can stay on top of their finances and make informed decisions. Or they could set a habit of reaching out to one new potential customer each day.
Focusing on business progress. One other perspective that can be helpful for business owners is the idea of focusing on progress rather than perfection. It’s easy to get discouraged when things don’t go perfectly according to plan. However, by focusing on the progress they’ve made, no matter how small, business owners can keep moving forward and making improvements.
It is instructive to further expand on this idea. One way to focus on progress is by tracking small wins. For example, instead of looking at a big goal like increasing revenue by 25% in the year, a business owner could set a goal of making one sale each day. This way, they can see their progress and feel a sense of accomplishment daily, celebrate every win, no matter how small. For example, instead of thinking of a new sale as just a small step towards a larger goal, a business owner could take a moment to acknowledge and celebrate this win. This can help to create a positive mindset and build momentum.
There is the concept of “failing forward.” This perspective recognizes that failure is an inevitable part of success. Instead of seeing failure as a setback, a business owner can view it as an opportunity to learn and improve. Some of the most successful businesses have experienced many failures along the way. For example, J.K. Rowling’s “Harry Potter” books were rejected by 12 different publishers before finally being accepted for publication. This shows that failure can be a necessary part of the path to success.