Business Crushing Mistakes: The Self-Imposed Impediments Holding You Back
I’ve often heard it said that money is loud, and wealth is silent. After 20 years of walking into 10+ households per week (wealthy, rich, and poor) I know this too be true.
This article shares the curt reality that MINDSET can often hold entrepreneurs back from achieving their ambitious goals and clearing hurdles to grow their business. If any of the following errant mindsets apply to you, it’s time to come clean for yourself and your team.
#1. Luxury Spending Before You’ve Earned It
Are you spending money on pool tables, a sports car, annual five-figure vacations, or even hundreds of thousands of dollars an Ivy League college education fund for your children’s education? But you don’t have an estate plan, a 3-month emergency fund, or your credit card debt paid off?
If so, your priorities are out of control, and your life and children are simply vanity projects. You are not serious about building wealth and leaving a legacy. You just like to sound good on paper and in front of your peers. I’ve often heard it said that money is loud, and wealth is silent. After 20 years of walking into 10+ households per week (wealthy, rich, and poor) as an Investment Advisor and or business solutions entrepreneur, there are no truer words.
Do you tell yourself your investment portfolio isn’t very big yet? That you’ll reprioritize when you have more capital to deploy? This is a poor, illogical excuse. As a former Investment Advisor, I know that if you have less assets it becomes even more important to deploy them intelligently. If you have less, your family needs you to have your affairs in order even more because you cannot afford to squander anything. Also, the attitude comes before the altitude. You’ll never have the capital until your attitudes, commitments, and habits create the capital.
To share a specific example from my community, the African Diaspora in the United States is slated to possess 0% of the global net worth in approximately 20-30 years. If you are African American, stop lying to yourself, believing the social media hype, and thinking you can afford your luxury lifestyle without the income generation and streams of revenue needed to support it. Your friends, your family, the influencers, and YOU are lying to you. Pick up the phone, set an appointment with me, and let’s get things pointed in the right direction today. Do it TODAY.
#2. Believing You Will Earn Income Forever
No one rehearses disabilities, illnesses, or car accidents. The chance of becoming disabled between age 20 and normal retirement age is 25% for both men and women according to the Social Security Administration.
Take steps to mitigate this risk. Ideas include: a) Acquiring a life insurance policy with a disability income rider, b) Pursuing “ownership” occupations that do not require your physical labor to generate revenue, c) Acquiring a business expense disability plan to cover business expenses like rent and operations costs in the event of disability.
#3. Holding Onto Your “I Don’t Do Sales” Attitude
Your attitude is going to hurt or kill your business. At some point in the future, someone who IS willing to do sales is going to take your customers. Or, you’ll never take on enough customers to scale your impact and revenues, and your business will detonate during the next downturn, pandemic, or unforeseen macroeconomic challenge.
You may not need to take home six, seven, or eight figures to live your best life personally. Great! Your business still needs you to do so. Your employees need you to build a lucrative business. Your vendors need you to. Anyone who benefits from your business’s existence needs you to. Your children’s and your unborn children’s education or entrepreneurial dreams need you to. Your refrigerator does too, because eggs are getting more expensive day by day.
There are a few ways to overcome this mental hurdle:
Understand What Sales Really Is: Sales is simply the transference of belief and passion for what you do, to others. It’s not about waking up in the morning and asking people to buy stuff, but rather asking people to learn how your product and or service (your passion) can solve a problem they may be having in their lives.
Hire: If you simply cannot overcome the hurdle, set aside capital to hire someone who can (I.e. an effective salesperson with a proven track record)
No good comes from spending beyond your means, irrationally believing you are invincible, or shying away from sales because you are averse or afraid. What will you do today, to begin overcoming these mental stumbling blocks?
Take the first step towards elevated performance by scheduling your consultation with JSB Business Solutions. Click this link and schedule a day and time that works best for you.
The world around us wasn’t built by the exceptional. It was built by everyday people who were willing to do exceptional things. Go build something.
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