Business Mindsets & Investing In Your Company
Rock Star Mindset vs. Garage Band Mindset
For the past 14 months, tour buses have been parked due to the COVID-19 pandemic. We’ve had to rely on Zoom for virtual shows and to connect with our fans. Now, it’s time to get back out on tour again.
The pandemic has caused long-lasting ripples in the way we live and the way we do business. As a result, some companies have thrived, while others have barely survived. There’s a reason for this, and it’s based on two distinct mindsets:
- The Rock Star Mindset
- The Garage Band Mindset
Those who embrace the Rock Star Mindset see the world as a never-ending stream of opportunities. They are destined for greatness, gracing the largest stages in the world and moving millions with their powerful message. When asked, “is this happening to me or for me?”, they answer – “for me”.
Then we have those who are stuck in a Garage Band Mindset. These individuals are not open to change. They are fine with the way things are. If you ask them where they see themselves in 10 years, they’ll proudly assert, “Right here.”
One of the most obvious differences between these two types of people is how they view money. Rock Stars have an “investment mindset” while Garage Bands have a “spend mindset.”
How To Think About Investments
A Rock Star knows that if they invest their money in music lessons, new equipment, hiring a solid manager, it will likely make them better musicians and, therefore, more money and a better experience.
Do they have the money to afford these things right now? Not necessarily. But, if they invest in their futures, most often, that investment pays off 10x.
A garage band, on the other hand, can’t see the opportunity in front of them. Lessons, a new guitar, even advertising are considered expenses – and they don’t believe they have the money for that right now. They focus on the cost, not the value.
Musicians aren’t the only ones with these mindsets.
Imagine for a moment that an opportunity to purchase a business book presents itself. The book is selling for $25. What goes through your mind? Someone with a spend mindset will think, “$25 is a lot for a book, that’s more than the cost of dinner!”
A person with an investment mindset sees this much differently. They look at that price tag and think, “Only $25? This could be the breakthrough I need to help my business grow. This could make me tens of thousands of dollars!”
A Motivating Experience
A few weeks ago, I jumped off the stage after absolutely killing a rock star keynote. They were doing a quick photo shoot with the company’s top award winners while the other attendees headed to lunch. So I made a beeline to where my book table was set up, eager to greet the hordes of audience members who would be chomping at the bit to buy my Opportunity Rocks book.
I stood there, waving and saying “thank you” as attendees complimented my keynote presentation on their way to lunch. But only a couple of people bought a book. Ten minutes passed (which felt like a lifetime!) with no more sales. I was about to pack up when I noticed that 15 people were standing in line at my table.
“What just happened?” I wondered to myself after every one of them had bought a book. Then it dawned on me. The most of people that walked by my table saw my book as an expense or were really hungry. It would cost them money to buy… money they could use elsewhere. The 15 sales rock stars I’d just helped had investment mindsets… and that’s why they were the recognized top award winners in the company.
When COVID-19 became our reality, it sent many businesses into a tailspin – understandably! There was a time for survival mode and for getting expenses in check. The problem is those with a Garage Band mindset got stuck there. They cut their marketing budgets, laid off employees, and canceled training opportunities. They didn’t see these as investments in their business’s future.
Business Rock Stars saw these line items for what they were… opportunities.
You can (and should) invest your time and money in your business; advertising, training, education, hiring an assistant to free you up to do what you do best; and hiring more employees to provide the best possible service and customer experience to your clients. Games are won by playing offense. Yet, even when you do, there’s no guarantee that a specific investment will pay off. However, when you invest in your future self, your future self gets bigger.
British Philosopher Alain de Botton said, “Anyone who isn’t embarrassed by who they were last year probably isn’t learning enough.”
Embrace a Rock Star Mindset and invest in a better future.
As a hybrid keynote speaker, that is what we share and teach. To perform at a higher level, and focus on 10x thinking. That is a Rock Star Mindset.
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