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Money Mindset for the Small Business Owner
| Guest post by: Edward Abel |
Article Overview: Making money is probably a big part of why you are in business. In business, as in life, money matters. With it, you can make a difference; without it, you’re limited in what you can do.
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Free Download - Are Your Goals SMART? By Edward Abel |
Money Mindset for the Small Business Owner
Making money is probably a big part of why you are in
business. In business, as in life, money matters. With it, you can
make a difference; without it, you’re limited in what you can do.
You
cannot run a business without knowing where you stand financially. It
takes awareness of your finances to navigate difficult economic
times. It takes money for your business to maintain itself and to
grow. It takes money for your business to reach new levels of success,
prominence, philanthropy, and expansion.
Money is
often difficult to discuss. It represents an emotional minefield for
most people. It is a symbol for success and failure. It is sometimes
used as a weapon. Money can get you what you want or get in the way of
getting what you want. It is the currency that is tied closely to
meeting your basic needs for food, shelter, and clothing, and it is
often associated with obtaining higher-level needs, such as comfort
and peace.
To complicate
matters, people perceive money differently. Unfortunately, personal
and professional relationships are often destroyed because of
differing perceptions about money. The origin of your money
perspective can be found in your childhood - what you learned from
your parents, your church, your school, your friends, and society. The
economic climate of your childhood had an influence on your money
mindset too.
For many people,
money carries a stigma – a negative or unpleasant association that
influences what they believe about money.
How you
view money – your money mindset – directly influences how you perceive
money in your business and how you manage your financial affairs. For
example, if you carry a money stigma, you may under-value or
over-value your products or services. This could lead to a struggle
with how you price your offerings.
Do you want to change your
money mindset? If so, it requires awareness and action. Here is one
process to follow to improve your money mindset:
- Become aware of your current money mindset. You’ve already started this process by answering the questions above.
- Embrace positive money beliefs.
- Set a goal based on what you desire.
- Make an action plan.
- Stay committed to the plan.
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Discover your Financial Mindset
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About the Author: Edward Abel RSS for Edward's articles - Visit Edward's website Determined to find a way to educate and advise others in the construction and sustainability of a vital business, he founded ABEL Business Institute. Over the course of this process, he developed The SkillPreneur Business System, a systematic approach to the construction, maintenance, and growth of a business's--an approach that has become the philosophy and methodology of ABEL Business Institute. Ed is an adjunct professor of entrepreneurial studies at New York University (NYU) as well as the Director of the business division at the world class Institute for Professional Excellence in Coaching (iPEC). At iPEC, Ed directs the business division that is responsible for supporting the graduate coaches in their business development process. Click here to visit Edward's website   Are you Prepared to Sell Customer Loyalty and Chinese Food How to close the deal with an effective Sales Conversation ARE YOU GUILTY OF THESE 7 BIG TIME KILLERS by Ed Abel Getting Your Horse Customers to Drink Water |
Related Forum Posts
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Job titles
- [quote:3shpwvxj]In fact, I've had friends tell me that "Founder" is better than "Owner" since it's less possessive.[/quote:3shpwvxj]
For myself, I don't care for the term "Founder" [i:3shpwvxj]because [/i:3shpwvxj]it's not possessive. You can be the founder of a company and have sold it - so it no longer belongs to you.
However, if you call yourself "Owner" - people know the company is still in your hands.
But I don't like Owner, either. I'd prefer President or Director, because one can be an absentee owner, whereas if one is a President or Director, people assume you're involved in the day to day activities.
Manager, on the other hand, wouldn't work if its your business, because (to me, anyway) that implies that you "manage" for someone else - like at a restaurant.
These maybe the coldest franchises out there:
- Here are the worst 15 performing franchises in regards to having the highest Small Business Administration (SBA) loan failure rates. The list is dotted with sub sandwich shops, fitness centers and car shops.
WORST FRANCHISE LOAN FAILURES Failure %
1 OBEE'S SOUP SALAD SUBS 55.56%
2 LADY OF AMERICA 41.94%
3 COUNTRY CLUTTER (BED & BREAKFAST) 41.18%
4 COPY CLUB 36.36%
5 ALL TUNE AND LUBE 35.71%
6 PICKERMAN'S 35.71%
7 PHILLY CONNECTION 35.59%
8 ROLY POLY ROLLED SANDWICHES 34.78%
9 COTTMAN TRANSMISSION 34.48%
10 HAIR COLOR EXPRESS 33.33%
11 LEE MYLES AUTOMOTIVE TRANSMISSIONS 33.33%
12 GODFATHER'S PIZZA 33.33%
13 SMOOTHIE FACTORY 33.33%
14 BLIMPIE 31.39%
15 GOLF U.S.A. (RETAIL GOLF EQUIP.) 30.77%
Source: Small Business Administration, SBA Loan Performance Within Franchise Code for the Period of FY 2001 - 2005
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Re: Biz Plan Competition
- i just wanted to say that posting Small Business Events on CanadaOne is a great resource. Thanks Julie!
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