Network marketing, also known as multi-level marketing, is a form of direct sales that offers exponential growth potential to people across the world. In the United States, for example, it has the lowest entry cost and lowest risk profile of any entrepreneurship pathway.
Part of the appeal is the industry’s profit potential. Overall, direct sales brought in $35.4 billion in 2018, experiencing growth of 1.3 per cent over the year. But many direct sellers don’t manage to get a piece of those profits.
The Role of Mindset in Network Marketing
According to researcher Jon M. Taylor, Ph.D., 90 per cent of network marketers drop out within five years. Ironically, it may be network marketing’s accessibility and ease-of-entry that also make quitting easy.
The takeaway here is that the barriers to success in network marketing are largely mental. If you treat network marketing as a casual experiment, you make it just as okay to fail as to succeed. But if you have the right mindset for network marketing, you can be one of the success stories.
What Is the Right Mindset?
Successful network marketers have one critical thought process in common: They treat network marketing like a business, not a hobby.
It starts with commitment and an understanding that success is in their hands—and yours. These three qualities are what set the mindset of a successful network marketer apart.
The only way to achieve success in any business is to put in the hours. Among US business owners:
- 29% work more than 50 hours every week
- 86% consistently work on weekends
- 53% work one of the six major US holidays
- More than 75% work on vacation
To prevent your network marketing venture from getting lost amongst the competition, you have to embrace a competitive work ethic.
When you view network marketing as a serious business, you embrace its success or failure. A survey of 17,000 working adults revealed that when compared to the general population, career entrepreneurs score significantly higher for personal accountability. They own not only their accomplishments but also their shortcomings, and they view those shortcomings as opportunities for learning.
Committing to accountability means taking control of your network marketing venture and its results. This sense of control lets you fix problems and move your business forward instead of blaming customers or the industry.
Growth Mindset Over Fixed
In the book Mindset: The New Psychology of Success, psychologist Carol Dweck theorizes that there are two basic mindsets: fixed and growth. This concept has become a foundational assumption of learning.
A fixed mindset assumes that your fundamental traits are innate. You are intelligent or unintelligent; you’re a good businessperson or you’re not; you’re outgoing or shy. When you fail at something, you either assume it’s because you’re not good at it or your external circumstances doomed you to failure.
A fixed mindset leaves minimal room for the development of new skills or improvement in weak areas. You assume that if your network marketing business doesn’t take off in the first year, it’s because you, the concept, or the market is inherently flawed. Instead of analyzing what went wrong and trying to fix it, you’re inclined to simply quit.
A growth mindset does the opposite. When you approach things with a growth mindset, you assume that you can develop your abilities if you work at it. Your innate talents are the foundation for your success, but they’re not the end of the story.
Growth mindset assists you on multiple levels when you’re a network marketer. First, it lets you embrace the learning curve and turn your mistakes into growth opportunities. Second, it makes you a more inspiring recruiter and effective mentor.
A Final Word
As Henry Ford famously said, “Whether you think you can or whether you think you can’t, you’re right.”
The right mindset for network marketing is the former. You need to assume that you can succeed if you put in the work, and then you need to follow through.
The final step is commitment. It’s not enough to decide on your first day that you plan to see it through. You have to keep committing every day, knowing that you’ll have to turn mistakes into opportunities over and over again. Only then can you start succeeding with network marketing in the long-term.