If you are deeply committed to getting positive financial results and achieving financial freedom sooner rather than later, then this wealthy entrepreneur mindset guide is just for you. It covers the habits, psychological principles and money management strategies that can help anyone to achieve and sustain a 7-figure income. It will help you to remove any mindset blocks that you may have, reverse unproductive habits, and cultivate millionaire mindset daily action steps.
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Many people want to become wealthy and be successful but do not want to pay the price to actually get the results they desire. Life is however about getting what you work for and deserve, not just about what you want. You cannot just talk about wanting success as an entrepreneur, you MUST take action too!
Many unsuccessful people like to dwell and complain about their problems and struggles in life, but when they receive information correctly telling them what they need to do to turn their lives around, they barely do anything at all.
They may get excited about motivational content that they have read or watched, but hardly implement anything, or they do not work on acquiring the necessary skills to be able to get the results they desire. Stop being like that!
You must turn what you learn into actions, steps, tasks, or activities and quickly implement. This will go a far way towards making you financially free as soon as possible.
The Truth about Money
Money can be viewed as a symbol of the life energy we exchange and use because of the service we provide to the universe. When money circulates and flows, it transfers value from one place to another, or converts different forms of value into others.
The business of making money is based on having a value for value exchange. YOU trade your value (skills, expertise, products, services) for someone else’s value (money). The more valuable you become and the faster you do so, the quicker and easier money will come to you.
Money is also considered a currency, reflecting the flowing nature of energy. If we stop the circulation of money by holding on to our money and hoarding it, we will stop its circulation back into our lives. For money to keep coming to us we must keep the energy circulating.
Your lack of money is not the cause but the symptom of a skill problem. You should hone and specialize on one or two skills that will make you stand out from the crowd and generate the most revenue. Then, articulate its value in a way that the world can understand.
If you want a better life, think about how you can increase your earning ability, what skills you need to develop, and what money habits you need to improve on.
How to Develop The Right Money Mindset
Entrepreneurial success is fundamentally about being consistent in taking action, and not about your upbringing, education, skill, luck or current access to capital. When you do something consistently, it will become a subconscious habit.
Improving yourself will improve your business and help you to become a more effective leader, marketer, or strategist.
And on this note, and without further ado, the following section outlines 17 things that you can do on your journey to developing a wealthy entrepreneur mindset.
1. Eliminate Self-limiting beliefs
Don’t allow yourself to be held back by excuses related to your age, family, economic circumstances, or life events just to maintain a self-victimizing narrative. This negative self-talk can do you no good. You should only feed your mind with positive thoughts.
Do not be overly sensitive to others’ opinions, perceptions and criticism and do not fear change or success.
Believe that you WILL be successful and that you WILL achieve your dreams through consistent, informed action taking.
2. Be accountable
Being accountable can create a massive shift in revenue growth for your business (online or otherwise). Each day, ask yourself the question: What have you done today to make more money and come closer to achieving your dreams? For example, have you built relationships, have you knocked on doors, have you started to direct message and provide value? Have you created content that’s going to help people and make them want to work with you?
Hold yourself accountable, but also surround yourself with people who can help to hold YOU accountable as well.
When you are implementing a proven process (which already takes the thinking out of doing something), and you announce your intentions (which reduces the probability of you backing out), others can help to hold you accountable. This also helps to turn what may seem impossible into something very probable.
3. Visualize success
Successful people think about their long-term plans very passionately. Instead of merely focusing on your daily or monthly priorities, you should think of the big picture and deconstruct ways to get there.
Evaluate where you want to go and who you must become to get there.
See yourself as the person that you want to become, with the successful business that you want to have, and act as if.
By behaving like you’re already successful and feeling the emotions and feelings that come along with it, you stand a much quicker chance of actually achieving that result. The universe does not comprehend the difference between pretense and reality. So the more often you do this, the better and faster your results will be.
Also, it’s good to have wealth triggers… objects, items or environments that trigger the feeling of wealth inside of you. This will help tremendously with the visualization process.
4. Show Gratitude
In order to receive more or to be in the financial position that you want to be in, you have to first see and appreciate what you already have. I had to shift my mindset around this in a big way and I started by doing a gratitude journal every single day.
Try creating a gratitude journal for yourself and test this out. Your gratitude journal could include being grateful for your family, that you are alive, that you are healthy, that you are not starving etc. The more things you find to be grateful for, the more you are going to receive.
5. Make Mindful Investments
Don’t look at investments or things that you need to spend money on as wasting money. Think about them mindfully and think to yourself if this is something which is going to help you in the long run. Is there a return on your investment? If there is and it’s allowing you to stay in the zone where you can focus on the things that are actually going to help you and your business grow, then that is a mindful investment which is ultimately going to be helpful for you.
Invest in yourself and learn how to make important decisions and become an optimistic problem-solver. Investing in yourself is the best investment because it will improve your earning ability. Before you invest in anything, however, learn everything that you can about it first. Read and watch every educational material and industry insights that you can. Subscribe to newsletters, follow professionals, buy tools/software, research etc. because you have to be very critical and knowledgeable of what you’re investing in.
Pay off your debt while investing in yourself. Doing both at the same time will give you a huge psychological payoff. Try to have a manageable debt ratio so that you’re prepared if the state of the economy should change for the worse.
As it relates to your business, invest more into acquiring and keeping that business. Save your net profit, and only once you’ve saved up enough money, should you then invest in other assets.
Think about how you could use all of the skills that you’ve accumulated, and all of the business acumen and knowledge that you have developed to build a great business.
6. Follow Principles
Have a clear set of principles which guide the way you think and do things, and which will ultimately produce positive results.
Instead of chasing tactics, you need to have a consistent set of principles. This will help you adapt into any situation and work with any mixed information that is out there.
7. Cultivate an abundance mentality
When you truly believe in abundance, you will work to make as much money as you can. Wealth is an unlimited gift from the universe that you can use to build an ecosystem where you’re not just helping yourself, you’re also creating opportunities, building a better lifestyle, and creating abundance for others.
We all come from a place of scarcity or a place of abundance. This is rooted from our childhood, stories we’ve been told about money, and from our thoughts and patterns when it comes to our finances.
Scarcity means that you’re constantly in fear and that you feel like there’s never enough and that you’re never going to be able to have what you want. Abundance means that you are set up to receive and you truly believe there’s more than enough for everyone.
Stop being anxious about spending money. How do you feel when you spend money on something? Do you feel nervous? Are you worried about how much money you have in the bank?
Your feeling towards money ultimately becomes a mirror for how money is going to show up for you. It all has to do with energy. As hard as it is, even when you are having to penny pinch, try when you make a purchase to put yourself in a position of “I got this”, “I have all the money in the world”, “I can do this”.
Also, when looking at an expensive purchase, instead of saying “I can’t afford this”, start saying “How I can afford this?”
These brain hacks will trick your brain into feeling abundant, which shifts your energy to bring in more abundance in your life.
8. Stay Focused on Value Creation
Learn how to say “no” to others and focus on the strategy towards achieving your goals.
Avoid get-rich quick schemes, as these will only destroy your relationship with family and friends, ruin your reputation and put you in more debt. Don’t catch the shiny object syndrome where you’re too quick to spend money on the latest fad that people put in front of you.
Focus on Value Creation by trying to provide something of significant value that the world wants and needs. Think deeply about a potential offer that is so unique, compelling, and helpful that nothing could ever replace it. Brainstorm this unique strength that will give you a competitive advantage. Develop that single, potential strength and become a Master of It.
Try to innovate. Either come up with new ideas to make a lot of money or take something that already exists and make it better. By becoming more valuable to a marketplace, and becoming better at communicating that value, you will dramatically increase your income potential.
By providing value, and giving knowledge, you will receive value in return because what you put out, you will get back!
9. Work in an environment that fosters success
The people you surround yourself with the most and the books you read will determine who you become in the next five years. When you analyze your life in terms of your environment, examine if there are things around you that help towards your success, or if there are things holding you back.
Collaborate with others. Find people in your industry who you can collaborate with. Joining a mastermind group or developing a high-performance inner circle of friends is a great way to find like-minded people. Consider getting a mentor, ideally someone who you respect, or someone that is already living your dreams. By surrounding yourself with very successful peers and mentors, you can learn from their successes and failures, which will give you a perspective that can ease your worries. A lot of people experiencing the same things will give you assurance that you’re not alone.
10. Manage your time well
When you are productive, you optimize the use of your time, talent, energy and resources in a calculated manner to move you progressively closer towards your goals.
When it comes to time management, priorities should govern schedules and not the other way around. Yes, you may have a family to take care of, and you may have a 9-5 job that you need to attend to during the daytime, but as long as there are 24 hours in a day, you can find the time to work on your business. Stop finding excuses and practice proper time management. You may have to put in a lot of sweat equity in the beginning, but think about the massive impact that putting in the work now will have further down the road. It will definitely be worth it.
Related article: Setting SMART goals and achieving your dreams
11. Build your assets
Leverage your assets and talent. You need to have income-producing assets to get and sustain millionaire status.
Your own assets are usually not enough, so you should also try to leverage other people’s money, resources, customers, and connections.
Over time, your assets adapt and grow with you as you reinvent yourself.
12. Think big
Have big goals. Dream big and don’t settle for less than you know you’re worth. Focus on how you’re going to make those goals a reality, and act decisively.
Scale globally, not just locally. Think of your customer base as the whole world and don’t just stay within your own little circle, town or city.
13. Always expect the unexpected
Always be prepared and have a back-up plan ready for all things in your business that could possibly go wrong.
Think about what you want to accomplish and think ahead about things that could go wrong, things that you don’t know, and things that you don’t see.
Try to be a realistic optimist.
14. Have a strong self-image
Develop an unshakeable, resilient and self-assured mental state which allows you to get things done without letting your inner emotional conflicts affect you.
Don’t worry about feeling overwhelmed. If you feel overwhelmed, it means you are making progress and growing. Just get used to it!
You will achieve greater results because of your belief that you are capable of and deserve more. This will also help you to stay calm in the face of adversity, which often turns out to be one of the greatest things that can happen to you.
Related article: Positive Self Image – A State of Mind
15. Keep moving forward even without getting support from anyone
When it comes to being more successful, one of the biggest things that holds most people back is their dependency on the approval of others. It’s not from the lack of knowledge or experience, or even the business idea. It’s because they can’t operate on their own. The best way to move forward with your dreams is to not expect support from people and learn to be alone without being lonely.
You should nurture a strong relationship with your spouse or significant other. Communicate well with them and ask for their opinion on your business ideas, but do not depend on their support because they may not give it.
Be self-motivated and do not wait on emotional support or approval from someone else to do anything that’s good for your business. Walk your own path and do what you believe is right because as an entrepreneur, you must learn to face adversity for long periods of time, even when nobody supports you.
16. Learn and practice the right money habits
In doing this, ensure that every year:
- You increase your earning ability (high income skill) by at least 10%. You may need to do a side hustle or improve your high-income skill, but just do it.
- You save more than what you saved the previous year.
- You increase the amount you save in terms of a percentage of your income, through investing, leveraging a team, and managing a business.
17. Have an Emergency Fund or Rainy-Day Account
Put aside some of your income each time, no matter how small the percentage, and try to have at least two to three months in emergency funds which, if everything were to stop and you no longer received an income, you would still have that safety blanket. That way you don’t have to act out of fear or be reactive towards negative events. You will be comforted by the fact that if anything should go wrong, you can rely on that money.
When you act out of fear or you act reactively it tends to leave you vulnerable to making poor financial decisions. This will help you to make decisions from a place of abundance and not from a place of being fearful that you are not going to be able to pay your expenses next month. Having that peace of mind allows you to continuously operate from a positive place when it comes to money.
The bigger the rainy-day account amount, the safer you will be, and the less you have to worry. This way, you’re not desperate and you’ll be in a good place in life.
Becoming a successful entrepreneur has a lot to do with having the right mindset. And as this article has shown, developing a wealthy entrepreneur mindset does not have to be difficult. It just requires making tweaks to your usual way of approaching things.
Having the right mindset is everything. It will either make you or break you. The real question is……what story do you tell yourself every day? Do you tell yourself that you are a winner or a loser?
Many of us overvalue what we don’t have and undervalue what we do have. We therefore need a mindset shift to a state of abundance, and not of scarcity, so that we take on life and our dreams from a place of gratitude and value.
Your financial struggles indicate an income problem, rather than a savings problem. It means that you need to generate more money. To do that, you need to think about how you can add more value to the world as your marketplace. You need to have a high-income skill or a side hustle to generate more income, and every year you need to strive to make more income than in the previous year.
If you never want to be broke again, you need to develop your high-income skills, as well as your communication skills, and closing skills. Being a good communicator and closer means you can move, influence, and persuade people. However, if you want to reach expert to celebrity authority status, you have to be spending more time working on who you are and what you want to be known for. At the highest income level, you don’t get paid for what you do, you get paid for who you are.
You need to think bigger than what is around you, and beyond doing things just for survival. You will only find fulfillment through giving, serving, and contributing to others. This will create your legacy, which consists of the people you’ve helped, your experiences, and your memories.
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