Your money mindset can determine your success as an entrepreneur. Of course, when you run your own business, there is always some element of uncertainty. In fact, we believe that taking risks is necessary to grow your business. So it’s only natural to worry about money sometimes. The key is not staying in that negative place. Instead, you can step into your power and make choices that will move you toward to achieving your goals.
Money is abundant in our world and it is for you. It is not something shameful. It is not something hard to get. It is not something that is running away from you, that you have to chase down. Being open to receiving is super, super powerful.
Pamela Grice, Business Coach
In this episode, we talk about how personal experiences and societal belief systems influence our thoughts around money. We share how we challenge those messages and cultivate a mindset of abundance. Finally, we give our best advice to new entrepreneurs who want to develop a healthy mindset around money.
We’d love to hear from you. What are your biggest concerns around money as an entrepreneur? What one step can you take today to get you closer to where you want to be? Comment below and let us know!
A Successful Money Mindset for Entrepreneurs
What we Talked About
- Always revamping our mindset: How history influences our ideas about money [01:07]
- Making money out of thin air: The unique money mindset of an entrepreneur [06:36]
- Breaking the cycle of worrying about money [08:03]
- Having a mindset of abundance [11:02]
- The necessity of taking risks in order to grow your business [12:40]
- Getting the most value out of your investment [13:34]
- Fixing your money mindset before it hurts your business [14:39]
- Our best advice for new entrepreneurs [16:38]
- Being honest with ourselves: Acknowledging the issues [21:42]
- Avoiding self-sabotage: Believing that you can make money [22:23]
- Money comes to me easily: How can entrepreneurs improve our money mindset? [24:11]
- This or that: Hire help or DIY? [26:32]
The Entrepreneur’s Unique Mindset around Money
- “I think a lot of what happens in our childhood does come into play with how we think about [money]. And I think entrepreneurship is yet another layer of how this works, because really, you are responsible. You’re going to make it or break it. – Teri
- “I do like the saying, ‘Your job as an entrepreneur is to make money out of thin air.’ I don’t know who originally said that. I heard it from James Wedmore but I’m sure someone said it down the line. But it’s really true in that we do have the power to say, ‘Okay, what am I going to do?’ when something comes up and you have a bill to pay or you have an unexpected something that you have to take care of. You get to make some choices and just make money out of thin air. You make a new offer. You send something to your email list and you just capitalize on what you have already built. That’s a really powerful thing.” – Pam
Breaking the Cycle of Negativity around Money
- “It’s like getting out of that, asking the questions of, ‘What’s going on? What’s happening right now? Why do you all of a sudden feel out of control of something that you are in control of?’ That helps me to then make a plan and do something.” – Pam
- “When I get into that, if I do get into that, I always think on the other side of, ‘What can you cut? What is an expense sitting out there that you don’t really need?'” – Teri
- “I think when I’ve had those, over the past few years, panic about that, I’ve always been like, ‘Look at where you were five years ago. Look at where you are now. Somehow, you made it five years ago so you must be able to make it now because you’re in a better spot.’ For me, it’s definitely a reflection of, ‘You’ve been there. You’re okay. Keep going. Move forward.'” – Teri
- “I think the more you say, ‘I don’t have, I don’t have, I don’t have,’ I think the more you don’t have. So really, shifting our language and the things that we say around that of, ‘Oh, I really want … I really want to get a new domain name. How am I going to make that happen?'” – Pamchoice
- “We get so caught up on even those small things. And the strategies we use for the small things, we can then use those same strategies for big things.” – Pam
Investing in Your Business and In Yourself
- “I think that there is always a risk in what you put money into in your business. But I believe in my heart that if you don’t put some risk into your business, that you will always be in the same place, year after year.” – Teri
- “Making the decision of, ‘I’m going to make this worth it. I’m going to get as much value out of it as I can and take action as much as I can to make it worth it. I’m going to implement as much as I can.’ It’s the person doing the work that creates the value in those kinds of investments. You can’t just pay for the thing and expect that it’s going to work for you.” – Pam
- “Mindset of money feels like a drain that you just keep going down if you don’t figure out how to physically move to the next spot with it–and physically, I mean your brain, really, because your brain is so powerful.” – Teri
- “Every dollar that you spend is an investment in your own self.” – Pam
Our Best Money Advice for New Entrepreneurs
- “Start right away keeping track of your numbers. Don’t wait until you’re five years in and then be like, ‘I don’t have any idea.’ Even if you start with a spreadsheet and get in there right away, you’re going to know what’s happening.” – Teri
- “Our goals shift and change over time. And when we re-evaluate, ‘Where is my business going in the next year and what things am I doing in my business that are not leading me there–that are actually leading me away from or distracting me from working towards the goals that I have for my business?’ and not being afraid to cut those off so that you can invest in the things that do get you where you want to go.” – Pam
- “I think that’s really what mindset is, is really being honest with yourself and then dealing with it.” – Teri
- “Really, checking in with yourself and saying, ‘How am I sabotaging myself because of my own belief systems or the societal belief systems?’ … Check in with that because the ways that we think about money really will repel money on our behalf.” – Pam
- “I think we have to recognize that money is abundant in our world and it is for you. It is not something shameful. It is not something hard to get. It is not something that is running away from you, that you have to chase down. Being open to receiving is super, super powerful.” – Pam
- “I would say to stay in your lane and not look to the side … I think it’s about really driving forward with what you believe and having faith that, ‘This is what I can do. This is what I can offer this world. And this is how I’m going to make money at it.'” – Teri
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