Every day there are articles written about the practical steps many entrepreneurs take to achieve success. And while the practical aspect of entrepreneurship is important, we seldom discuss the healthy money mindset that needs to be in place in order to set the stage for success.
Money mindset is important because it guides the action and energy you bring to your business. It doesn’t matter how many business plans you write — if your money mindset isn’t up to par, none of it will come to fruition.
This is because whether you look at this from a practical or even psychological perspective, it all bears true. The “mirror effect” is alive and well in money and business as it is in our personal lives. The thoughts we hold about our business shapes the feelings we have which then influences the actions we take and the results we get.
Say, for example, you have a fantastic business idea validated by several investors ready to move forward with your venture.
However, deep down you have serious doubts about your ability to pull this off (thoughts), you then feel depressed and unmotivated about your plans (feelings) and ultimately this results in a lack of action on your part (action).
Your investors then pull out because you’re not moving forward as planned and now you don’t have the capital needed to move forward, so your business idea is now a bust (result).
That’s your money mindset in action.
Let’s take a look at six crucial money mindset hacks entrepreneurs should be taking to generate consistent income.
Setting the intention
In the example above, the entrepreneur’s intention was to create a successful business. Or, was it? Given the ultimate lack of action, the intention wasn’t set with actionable goals. Instead, their mindset created doubts which impacted their ability to take action.
When you create actionable goals, set the intention that you will follow through as this sends the message to your subconscious that you are literally in business and moving towards your goal. Your brain then sets in motion the tasks necessary to move you towards your goal.
For example, if you’re planning to take a five-hour trip to your vacation beach house, then you’re going to make sure that you have gas in the car, money to spend and accommodations for your family for the weekend.
The energy which carries out these actions sets the intention that you will arrive at your beach house ready for the weekend. This is what it means to set the intention.
You’ve accepted that you will go to the beach house and thus take action from that energetic space in order to make it happen. The same applies to your business and setting your intentions for success.
Identify your money blocks
What are some deeply rooted feelings and attitudes you have about money? If you didn’t have enough of it growing up then you might not trust that it will be there for you now as an adult. This might result in a lack of or inconsistent action towards your financial goals. In the example above, one apparent money block that’s present is the confidence to create a successful business.
This can result from early messages around success which may impact the ability to create money today. It’s important to discover the money blocks that lie in your subconscious as they can derail the best-laid plans for financial success.
Forgiving your financial past
If you’re like most people, you’ve probably made a few money mistakes. However, some mistakes resulted in grave consequences in the early stages and business owners often forget to forgive themselves for mistakes made in the beginning or on the way to entrepreneurship.
This can include high credit card debt, not budgeting properly, late payments and any other financial “mistake” that causes some guilt today. Guilt is an unproductive emotion and nothing borne from it will produce positive results.
If you haven’t forgiven your financial past you may find the same issues repeating themselves today. This is because if your “mental tape” keeps playing “you’re going to fail,” then you’ll simply take actions to ensure failure.
Check out part two of this series as we discuss taking massive action, decluttering and finally detaching yourself from the outcome after you’ve put in the work.