Creating a Business Mindset for Success – John Lee Dumas

The Inspiring Show Podcast

So this happened!…

What a thrill to interview John Lee Dumas! John Lee Dumas (JLD) has been so inspiring to us with his surviving to thriving success story.

JLD is the Founder and Host of one of the world’s top podcasts: Entrepreneur On Fire. EOFire is an award-winning Podcast where he interviews the world’s most successful Entrepreneurs 7-days a week. Past guests include Tony Robbins, Barbara Corcoran, Gary Vaynerchuk, and thousands more.

What’s unique about John is that he posts his income and expense reports every month so people can see how he’s making his money and the related expenses. It’s a realistic look at astonishing growth and monetization.

With over 2000 episodes, 70 million downloads and 1 million monthly listens, JLD has built a media empire with a massive fan base aptly called ‘Fire Nation’.

JLD has inspired Fire Nation to take control of their life and take the Entrepreneurial leap.

Quote from John Lee Dumas

“The mind is everything. Be intentional with your thoughts.”
John Lee Dumas

What Is a Business Mindset?

The success of any plan depends on your mindset. This is also applicable when starting up your own business. If you’re an aspiring entrepreneur, you will learn how to cultivate the right business mindset through this podcast episode.

Hosts Paul and Jennifer Henczel got the opportunity to interview one of the most successful podcasters, John Lee Dumas. John, also known as JLD, is the founder and host of the popular podcast, Entrepreneurs On Fire (EOFire), where he interviews inspiring and successful business people every day. He also has a fan base called Fire Nation, of which the members have easy access to JLD’s entrepreneurial advice.

Let this podcast episode motivate you to dream big. JLD shares his tips on starting up, developing a business mindset, and thriving in business.

How Do We Get More Business-Oriented?

Mahatma Gandhi once said, “Your belief becomes your thoughts, your thoughts become your words, your words become your actions, your actions become your habits, your habits become your values, and your values become your destiny.”

For JLD, this just means one thing—being successful starts in your mind. You have to believe it and work on it to become a reality. When starting a business, you should not only rely on your funds and resources to be successful; you should also cultivate business-oriented thinking. If you’re struggling with achieving this, here are some tips from JLD that you can follow.

Just take the leap of faith

Paul and Jennifer explain why they admire JLD. First, they say that it is because of his boldness, even when he’s just starting in the industry. In 2013, podcasting was not that of a popular medium. However, John still took a calculated risk and started a fresh idea that no one has done before. Although there were already a few podcast shows during that time, nobody’s doing it daily.

This realization made John quit his job and just follow his idea. Of course, he had second thoughts. But, he took the chance of putting himself in a new situation. After a few years, he became successful in podcasting, dedicating his time to helping others grow in the same kind of business.

Get a mentor

A mentor can help someone become business-oriented.

When JLD was just starting, he knew that he was not an expert in the podcasting business. He admits in this show that, in his first episode, he sucked. But that didn’t stop him from pursuing the craft. He knew he needed help, which is why he got himself a mentor.

A mentor is someone who is knowledgeable in a certain field, business for example, and is willing to pass on their insights to a protégé. The top duties of a mentor are to exhibit effective leadership behavior, guide and give counsel, teach, motivate, and above all, inspire their mentees. According to this study, immersing yourself in a mentorship program can bring positive behavioral, attitudinal, health-related, relational, and motivational outcomes. Furthermore, it can lead you to a highly favorable career path.

As for John, he looked for the right mentor not only to master the art of podcasting but also to gain an entrepreneurial mindset. He didn’t just choose anyone. He made sure that they were currently on the level of where he wanted to be in both life and business aspects.

Surround yourself with the right people

Aside from getting a mentor, you must choose the people you journey with. If you want to be successful in something, say podcasting, be with people who are talented in the field. As you continually build a relationship with them, you can be sure to acquire and develop essential skills.

Also, most successful people do not hesitate to encourage others to grow personally and professionally. With their guidance, you are guaranteed to get the motivation you need.

Even when John moved to Puerto Rico, he still made sure that he’s surrounded by smart and brilliant entrepreneurs in the area. And, this has become a huge factor in his success. So, be careful in choosing your company, as they can definitely affect your future.

Keep track of your progress

John says that it was only in his 480th podcast episode when he realized that he was finally getting better in the podcasting business. His guest back then complimented him and felt his authenticity.

So, you must recognize your achievements, may it be big or small, as these will push you to do better.

Look at failure as a learning opportunity

JLD stresses that his success wasn’t something achieved overnight. It actually took him eight years to where he is right now in the business. As mentioned earlier, he was terrible in his first episode. John even mentions that he knew he wasn’t confident in communicating with people on a microphone, walking people through conversations, or asking the right questions.

Some people stop when they fail. With JLD’s positive mindset, he still went on and on with podcasting until he gradually gained enough skills and became better. Today, he has done more than 2,000 podcast episodes and has no plans of stopping anytime soon.

How Do You Develop an Entrepreneurial Mindset?

One of JLD’s most famous quotes is: “The mind is everything. Be intentional with your thoughts.”

He explains that our mind is a highly compelling mechanism. Negative thoughts can bring anxiety, fear, depression, and all sorts of pessimism that can lead to our downfall. On the other hand, positive thoughts ignite passion, expose opportunities, and create engagements, which allow us to grow.

The business world is tough. You may have fresh ideas, in-depth knowledge about something, or even enough money for capital. But if you don’t have an entrepreneur’s business mind, there’s a big chance that you will fail.

No matter what situation you are in right now, you can hone a sound business mind. According to John, you can create an entrepreneurship mindset with these steps.

Set a goal

Once you have that “Aha!” moment, don’t forget to write it down so you won’t forget about it. And, if you want to make it work, come up with a smart goal. Take your time to develop a comprehensive plan as to how you’ll be able to achieve that goal.

JLD says that he is constantly planning his podcasts, and his mindset always includes the future of each show. He always thinks of ways about how an episode will last for one more day, week, month, and year. He reiterates that he took a step-by-step journey just to get to the level of where he is right now—one of the most successful podcasters in the world!

Be decisive

Entrepreneurs always have to make the call in every decision they face. Because of this responsibility, you should possess the ability to understand a situation, absorb essential information, and decide what is best. Imagine if JLD wasn’t decisive enough back then. There will be no Entrepreneurs On Fire and no Podcasters’ Paradise, the podcasting community that he built. Good thing John made the tough call of quitting his job and channeling his focus on a new opportunity.

Turn failure into something positive

Failure is inevitable. No matter how experienced or knowledgeable you are, you’re still prone to committing failures because of our human nature. What you can do is to practice a mindset of turning failures into motivation to improve.

When John was starting, he didn’t know anything about interviewing people. He even says that his first episode was a disaster. However, he made sure to pull through with the situation. He even got a mentor to learn more.

Remember that there’s nothing to be ashamed of from failing. The important thing is that you tried.

Overcome impostor thoughts

Fear, anxiety, stress, and doubt—these are some of the words that hinder you from reaching your full potential. Having impostor thoughts that affect your mindset is natural. But if you don’t do anything to overcome them, you will remain stuck at where you are.

JLD says that there’s only a small percentage of individuals who are living the life they truly want. And, these are the only people who were brave enough to rise above these negative thoughts and get rid of them. Do you want to belong to this group of bold people? Then don’t let pessimism get in the way.

Always play with curiosity

Curiosity is a valuable trait every entrepreneur must possess. The demands in a market can change so easily. Because of this, you should always be willing to learn and adapt to new things. If there’s an opportunity to expand in the future, you should be open to meeting and working with new people as well.

What Makes a Strong Business Mind?

A great business mindset is not just all about earning money. It must also be something you’re passionate about. Someone with a superior business mind must be able to find ways to follow their passion while building an exchange of value with someone else.

“If you do what you love, you’ll never work a day in your life.” Marc Anthony’s words remain the same until today. Therefore, a strong business mind is a combination of purpose and passion with a dash of thinking about the greater good. One of the questions entrepreneurs should ask themselves is if they have a strong business mindset because this will play a vital role in how they’re going to run their business.

Check out these traits to know if you possess a strong business mind.

Captivating

You are someone who inspires others and does engaging work. Your ideas are special that you can turn them into a value-generating system.

John has captivated the hearts of thousands of people through his podcast. He encourages his listeners, most especially aspiring entrepreneurs, by providing valuable business content. He even posts his income and expense reports monthly on his website—not to brag but to show people realistic points of view of his podcast’s growth and monetization.

With more than 2000 episodes, 70 million downloads, and 1 million monthly listens, you can truly say that JLD has a strong business mind because he was able to capture an enormous amount of audience.

Vision-oriented

Individuals with a strong business mindset should always have a vision. Short-term goals are those you want to achieve in the soonest possible time. Meanwhile, long-term goals are something you want to accomplish further in the future.

It could take years of planning, hard work, and dedication to fulfill long-term goals. While short-term goals can be achieved in a matter of hours, days, weeks, or months, they still make an integral part of your overall success journey. In fact, short-term goals serve as milestones in attaining your long-term goals.

When John was just starting, his short-term goals were to start a podcast show and improve his communication skills. His long-term goals, on the other hand, were to gain more listeners and monetize from them. Without going through his short-term goals, it would be impossible for him to achieve his long-term goals.

Laying out a big picture of your business plan can be overwhelming. But someone who has a strong business mind will be smart to segment them into short and long terms.

Igniting

What is your passion? People with a strong business mind never set aside their passion. Hence, they incorporate their passion into something that can generate income or perhaps can be a replacement for a traditional job, just like what JLD did.

Just like passion in relationships, passion in business is equally important. It ignites fuel for being on the lookout for new and exciting things. It pushes an individual to be and want more. Warren Buffett, Mark Zuckerberg, Chris Gardner, and the late Steve Jobs all believe that passion is one of the secrets in being successful.

Purpose-driven

Passion is not enough, though. You should also have a purpose as to why you’re doing something. This should also provide an answer to the question “What you care about?”

John has successfully created a successful lifestyle and financial freedom for himself and his family. With everything he has earned and achieved, you may be wondering why he’s still working as hard as he was as a beginner.

When asked what’s his current “why” in this episode, JLD answers that he believes he still has a lot to learn and achieve, as well as failures and challenges to go through. He adds that he’s currently writing his first traditionally published book to help more people.

What we can see from John’s answer is this: develop your focus. Focusing on your purpose aligns your work with your deepest values. He values learning and growing so much that is why he’s still pursuant of his work. A person with a strong mindset will always go back to the core of why he started in the first place.

Starting up any kind of business can be intimidating at first. And, one of those businesses that some people may find it difficult to start is podcasting. Let John Lee Dumas be your mentor in your podcasting journey. Rest assured that you’ll learn how to launch your podcast, gather everything you need to know in this industry, and acquire essential tips to achieve success. Make your dream of becoming a podcaster a reality today!

FAQs

What is a business owner mindset?

In The Financial Times, Alain Fayolle defines an entrepreneurial mindset as being in a distinct state of mind which conditions human conduct toward entrepreneurial activities and results. To run a business successfully, you need to think like a business owner. Possessing a business owner mindset will help you go a long way in navigating every challenge you may encounter in your business.

Here are some points to remember if you’re trying to cultivate the mindset of an entrepreneur:

Maintain strong relationships

Build and share close communication with people in the industry. And we’re not only talking about your fellow business owners but your customers as well. Having a good reputation with clients makes your business reliable and trustworthy which establishes credibility.

Empower staff members

People who possess a great mindset of an entrepreneur know very well that a successful business is not achieved alone. A large percentage of a business’s success also comes from the hard work of your staff. Be sure to prioritize work ethic and individualization on your employees. When you do this, your staff will respect you in return.

Be open to feedback

As an entrepreneur, you must be receptive to constructive criticism. If you turn a blind eye on this, you might miss greater opportunities to make your business grow. People with a strong business owner mindset know that they don’t know everything, which is why it’s important to listen to others.

Get rid of hierarchical misconceptions

A person with a business owner mindset is someone who is not abusive to their role as a boss. Yes, you are the boss, but that doesn’t mean you get to “boss around” people as if you own them. Instead, you influence them to become better at their work. You can do this by interacting with your staff every day. Let them know that you are willing to help. This is a sure way to bring mutual respect to the table.

Ensure fast implementation

Getting things done right quickly, while still being able to deliver quality results, is important. It also puts you on a pedestal with the competition. Individuals with a superior business owner mindset know that acting fast, rather than reacting, opens doors for more opportunities.

What is a success mindset?

Having a success mindset means you can look at things out of perspective. People with such thinking can develop flexibility in taking in situations, no matter how good or bad they are, and see them as possibilities to create a better future. To pursue and strengthen a success mindset is equivalent to maintaining a high level of positive energy in ourselves.

These strategies can help you have the success mindset you need.

Be more grateful

Instead of searching for what is missing, look at all the blessings you have. You’ll be surprised to know that you’ve already received so many, that sometimes, you take for granted some of them. Practicing gratitude will bring in positive energy in your life and business.

Help others

Lending a helping hand doesn’t just benefit other people. There is a different kind of feeling it can give you. So, create a positive impact on someone today.

Have some quiet time

With all the chaos in this world, it makes sense to sometimes stop for a while and get rid of all the negativities. You can meditate or pray just so to refresh your mind. This can also be a perfect time to do some hobbies or learn something new.

Dream big

Your mindset should always be about believing that the possibilities are endless! But remember to start with your short-term goals. Working on long-term goals instantly may just eventually overwhelm you. Remember that small wins, when combined, eventually lead to big achievements.

Never stop moving forward

There will be times that you will feel tired or demotivated. It’s perfectly alright to rest. But, never ever quit on your dream. When impostor thoughts come into your mind, just always go back to the very core reason why you started.

How do businesses shift mindsets?

A mindset shift is like giving your thinking cap a makeover. It is necessary before actual growth can take place. JLD’s biggest mindset shift is confidence because, when he was starting, he absolutely had no idea how to interview people or how to ask the right questions. But since he hosts podcast shows on a daily basis, he eventually developed industry techniques and became confident. The next thing he knew is that he landed on top of the list of the most successful podcasters in the world.

To get back on track with your vision, here are three business mindset shifts you can apply:

Have faith in your ideas and capabilities

If you don’t trust yourself, then who else will? Never doubt yourself because this will just drag you down the road of failure. Your mindset should be focused on lifting yourself up and continuing with your work until you have accomplished something.

Keep in mind the mission and vision you have created in the beginning. Also, make sure that your goals are realistic and attainable. Lastly, never compare your journey to that of others. You can look at their stories as an inspiration, though.

Always remember what you’re worth

The cost of living and inflation rates constantly go up. In line with this, don’t be hesitant in raising fees or prices for your business if you see a need for it. This mindset shift will help you save your business. But of course, you have to make sure that your customers get what they are paying for. To do that, you must keep on improving so you’ll be able to charge the right price unapologetically.

Seek help

You may have all the skills a business owner should possess, but if you work alone, you’re working to fail. Don’t be afraid to ask for help. Look for someone who is competent, has a proven track record, or has the same capability as you are. Outsourcing can free your hands of some responsibilities and gives you an opportunity to take care of other important aspects of your business.

How do you develop a good mindset?

Human thinking is powerful. The universe will just act on what you plant on your mind, may it be positive or negative. Without a doubt, always try to be optimistic in all circumstances. To develop a good mindset, take a look at these suggestions:

Start your day with a prayer, meditation, or positive affirmation
Concentrate on the good things, whether big or small
Find humor in challenging situations
View failures as valuable lessons
Do a positive pep-talk on yourself
Focus on the “now”
Go with people who radiate positivity

A lot of individuals are afraid to start a business, including a podcast show, due to a variety of reasons. Don’t be one of them. The journey to success begins by taking the first step. And, that is contacting John Lee Dumas.

JLD is one of the world’s leading podcasters. Let him teach you proven ways how to launch your podcast and how to maintain it. Take action on pursuing your goals and learn how to successfully grow your podcast!

Connect with John Lee Dumas

Book by Kate Erickson (JLD’s partner in life and business)

Download “42 Thought Provoking Questions that Enlighten and Empower Entrepreneurs to Take Action, Get Results, and Experience a Fulfilling, Balanced Lifestyle”