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Defining Your Why with

With Dean MercadoEP 134

If you’re a small business owner, you obviously want to create a profitable company. But have you ever stepped back to ask – really and truly – why you want to be financially successful? The ability to answer that question might be the difference between prosperity and failure.

It’s one thing to want to make money; it’s quite another to think about why making money is important to you. Dean Mercado, the Founder, and CEO of Online Marketing Muscle and Best Selling Author of The MINDStretch: 49 Inspiring Insights for Business Breakthroughs, suggests that answering this question may be the key to growing your business more than you ever thought possible. Join Meny as he and Dean talk about why the “Why” matters, Dean’s recommendation that a small business owner should make himself unnecessary, the secrets to finding a good business coach, the importance of having an accountability partner, and much more.

Transcript

Key Highlights:

[00:01 – 07:32] Opening Segment

• Introducing “The Mind Stretch: 49 Inspiring Insights for Business Breakthroughs”

• Dean shares his background and story

His expertise in helping small business owners around the globe raise their game and level up their business
[07:33 – 14:37] Staying Focused on What’s Important

• Clarity is key for entrepreneurs to be successful and happy

Why business is simple but not easy
• Keeping focused on what moves the needle is essential

• How a coach can help bring clarity and truth to an entrepreneur’s goals

[14:38 – 22:07] Unlocking Business Growth Through Mind Stretch

• Accountability is a key factor in successful coaching

• The best reason to hire a coach is that they can recognize patterns that most people don’t see

A business will only grow to the degree that the owner’s mindset will grow
• Why it is important to stretch the mind before stretching the business

[22:08 – 29:13] Maximizing What Works for Entrepreneurs

• Why vision is the core, and mindset is the outer band that needs to be stretched

How habits are what make goals successful or not successful
• Goals should be SMART (Specific, Measurable, Actionable, Realistic, Timely)

• Why reflecting on what worked and didn’t work is important for success

Maximize successes and reduce failures
[29:14 – 36:23] How a Coach Can Help Leaders Make the Right Changes

• How getting a coach can help you change habits and hold you accountable

Set realistic goals that are aligned with your mission and vision
• Make sure to break down goals into 3 strategic initiatives per quarter

Create a game plan so you know what to do every day
[36:24 – 43:32] Get Real About Your Numbers & Understand the Truth Behind Your Business

• Mindset is the most important investment for an entrepreneur

Entrepreneurs need to be honest with themselves and their numbers
• Knowing your numbers is essential to understanding the truth of your business

Having a good coaching system that aligns with your values is key
• Chemistry between coach and client is important for success

[43:33 – 52:51] Closing Segment

• The best coaches will hold you accountable and fire you if it’s not a good fit.

• Dean on the rapid four questions

• Q&A: How could I make sure that I don’t fall into that category?

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Practical Pointers
Step back and ask yourself honestly what you want, and why you want the things you do. If you just work on making more and more money, but never ask why that interests you, you’re going to miss opportunities for happiness and success.
Sometimes, one of the most important changes in mindset is to build a business where you, the owner, are not necessary. Instead of creating a company where you are indispensable, learn to delegate and automate. It’s not easy to accept that the business can succeed without you, but that mindset leads to sustained success.
When you’re figuring out what isn’t working, don’t forget to also note the things that are working. If you set new goals to turn everything around, you take the chance of ignoring what is actually going well. So make sure to move forward with the positives even as you change the bad habits that got you stuck in certain areas.
Have an accountability partner. Because the habits that are hardest to change are often the habits that you must change, you need someone - whether it’s a coach, another entrepreneur, or a friend - who will hold you accountable to accomplish the goals you set out to do.
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Guest Bio
Person Image
Dean Mercado

Dean Mercado is a well-respected small business coach, author, and speaker with expertise in helping small business owners raise their game and level up their businesses. With a professional career spanning four decades, he has served many roles, mostly revolving around his passion for marketing, technology, and leadership. Dean’s articles have appeared in numerous publications, including Inc. Magazine, Investor’s Business Daily, and Crain’s Business News.

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