Network Marketing is a business for entrepreneurs. It is by no means the only option out there, but it is especially attractive right now. As Robert Kiyosaki tells us, it is one of the least costly of the options, and it is pretty easy to find help. In the current economic downturn, many who would have borrowed money to buy or start a traditional business aren’t able to find funding. Often they are turning to MLM. Whether it is a traditional business or an MLM business you must know if you have an entrepreneurial attitude. If you don’t, it can get ugly pretty fast.
So how do you find out? I have done some reading on the characteristics of entrepreneurs. One book that provides a wealth of information about this is called The Entrepreneurial Mindset by Rita Gunther McGrath and Ian MacMillan. It is essentially a 300 page college level text that teaches business owners how to go beyond traditional business methods. Those who don’t are likely to get left behind in this changing economy. The first chapter has a list of 5 characteristics of the entrepreneur’s mindset. While not written specifically for the Network Marketer, the 5 characteristics are right on the money for any entrepreneur.
1. Seek new opportunities. You have to be able to stay alert for new things. Not just a new business opportunity, but new ways to succeed in the business you’re already in. You’re not sitting at the same job always doing the same thing anymore. If you can’t adapt your strategy and tactics to new and different conditions, you’ll have problems.
2. Discipline. The 21st century Network Marketer not only seeks new opportunities and methods, but he/she times them right. Entrepreneurs are hard wired to take action, but only when the conditions are favorable. They also constantly review their ideas and beliefs to make sure they are not stuck on something that doesn’t work.
3. Don’t be spread too thin. Understand not only what you can do, but what you can’t do. This applies in several areas. One example is the actual number of MLM opportunities you have going at once. I have known people with 3 or 4. Not a good idea for most of us. If you must have more than one, master the first one, get it going well, and then look for something complimentary. Another area is marketing. Don’t try everything at once. Master one technique and move to another. Still another is outsourcing. Time is your most important resource. Consider outsourcing repetitive tasks in order to free up time to do what you do best.
4. Avoid paralysis by analysis. If entrepreneurism is new to you, over analysis is a pitfall to watch out for. Successful people in this arena understand how to execute and adapt on the fly. In Network Marketing, waiting until everything is perfect before taking action is a recipe for failure.
5. Create and nurture networks. This may not be something a traditional business owner would think of, but it is a very important part of success. For those of us in Network Marketing, it is the name of our business. If we are unable to build networks, we are dead in the water. In Robert Kiyosaki’s book, The Business Of The 21st Century, there is a chapter on networks. If you get into this business thinking only of recruiting, you are making a mistake. The key is what happens to those recruits once they become part of your network. Their success determines your success.
The nuts and bolts of The Entrepreneurial Mindset probably go beyond what most Network Marketers will need. This is because our business plans, product offerings, and compensation plans are already determined by our MLM company. This is not true of our marketing plan. We have choices. Once we understand our MLM company, marketing is what determines our level of success. Develop an independent, entrepreneurial attitude toward your marketing and increase your level of success.
