I will end this small article series — part I is here & part II is here — about the basics you must know of Entrepreneurship by writing about one important thing entrepreneurs don’t usually talk that much about….
Society has built a culture around money that is all about consumerism, security and ultimately, a problem-free and happy life. In our current days, is preached that you should chase money in order to live a good life, experience new awesome things and become a rockstar overnight. Money is beautiful. Money is the solution. And money is….
The ultimate goal.
And you should always focus on money.
That’s society’s rules.
But entrepreneurs have a much better approach for money, they are obviously much smarter than society and they know how to play the game. They are different, entirely different. Which makes me want to test you with the following question:
Do you know the answer? How do successful entrepreneurs view money? Is money good or bad? Do they chase money around when they are building a business? Do they focus on savings? What’s the real meaning of “money” for an entrepreneur?
Let’s find out.
Just give me 5 minutes and I’ll change your perspective about money.
Ultimately, these lines of thought will help you do more for your business, with less time.
THE 1ST RULE: MONEY IS NOT A PRIZE, IT’S A TOOL
The common misconception is that money is the ultimate prize, especially by wanna-be entrepreneurs of this Era. Money is associated as the end result because when people speak about entrepreneurship it is very common to hear a comment here or there about how someone is now extremely successful, influential and smart. The problem is that, in the end, people always associate money to all these qualities.
Money means success for the majority of these wanna-be entrepreneurs of our Era. It’s a reality. It’s how they evaluate if you are successful or not, if you are moving forward or backward and if you are doing things right. That’s the only key factor they hold themselves into. Money.
And this line of thought BLOCKS YOU from unleashing your true entrepreneurial spirit. Why? Because if you focus on money you’ll constantly check your bank account, your savings, and all the costs all the time, without looking at the big picture.
Money is NOT the goal of entrepreneurship at all.
Money is instead, a tool to speed up the process in your entrepreneurial journey.
I’ll keep it simple. Look, if you own lots of dollars in your bank account and you want to start a business — which should be passion-based — then it makes no sense at all holding yourself to move forward in the process.
What do I mean?
Let’s suppose you have $10.000.
Now let’s assume you have already spent $2.000 to build your current business.
This leaves you with $8.000.
And here lies the important mindset which successful entrepreneurs have:
It sounds simple, right? Well, it REALLY is simple! But…..even nowadays there are several wanna-be entrepreneurs out there who see their money as a prize. Just something to spend on unnecessary things like shoes, jewels or cars, instead of using it as a resource to build a way to generate more income in the future. To sum up, they spend on things that won’t upgrade their businesses.
Money is not the prize in an entrepreneurial journey, it’s just part of your toolset that will help you save time and do things faster to see if the paths you are pursuing, are right. But yes, you can also do it yourself if you put enough effort, but it will usually demand more time from you.
Yes, it is true: Time is Money.
Which is why you must delegate things if you’ll spend too much time developing or executing it. Does your bank account allow you to delegate? Do it. You can hire someone to do what you need to be done and at the same time you are developing your skills for a bigger purpose.
That’s what money is for, my friend. To help you do things simultaneously and that’s all.
Now let’s open your eyes a little more and present you the 2º rule.
THE 2ND RULE: MONEY OPENS THE GATE TO NEW OPPORTUNITIES
Ok, this has to do with FAITH. Faith is a tremendous power, especially for entrepreneurs who work based on their instinct day and night without remembering to eat or rest. Putting yourself in front of the best opportunities is also faith-related.
Because there are opportunities that will only appear AFTER you take a leap of faith.
NEWSFLASH: Those opportunities can involve money too.
If you believe in what you are doing, if you are working hard and trying to build a business which will make a difference in people’s lives (and yours), you probably won’t care about how much money you will spend.
And why is that? Well, because in the end, it will all worth the sacrifice.
With money, you can buy ads and put your business in front of thousands of customers.
With money, you can bring great professionals to work with you and make your business better.
With money, you can buy a more strategic place to run your business.
And all these things can generate you more income, more clients, more partners and more visibility. When you are running a business, a few times you’ll have to take BLIND ACTION so the gates of new opportunities sees you. Nothing will fall into your lap. Nothing.
Some opportunities will be hidden from you until you decide to use what’s inside your pocket (and I’m not talking about that 1-week old cookie).
Faith is ESSENTIAL for entrepreneurs, and money is just a way to express your faith sometimes.
It’s like investing hard in your marketing campaigns when your country is experiencing a financial crisis. You HOPE a new client will pop up from the crowd and save the day, by giving you the opportunity to offer him your best services and products.
But you wouldn’t get that opportunity in the first place if you didn’t invest MONEY! Money is what opened the doors! The money you used as a tool to put yourself in a different spot, that sweet spot where clients can now see you!
Certain opportunities will only be presented to you AFTER you stop caring about money and force yourself to an unknown ground where you can’t predict the results. Stop loving money and use it correctly. Use it as a tool.
THE 3RD RULE: USE MONEY TO FAIL FAST SO YOU CAN BUILD THINGS FASTER
Money is an accelerator, a BOOSTER, a NITRO (if you are a fan of Fast & Furious)! That’s what entrepreneurs think about money. Why spend so much time of your life holding money, creating that illusion of a safe world and forcing yourself to slowly walk on the road you are and forget the one that matters? Why bother having that much “paper” if you are not living your dream?
Let me ask you a simple question:
Yes, you would. I know you would.
If you could fast forward your life to your success, why wouldn’t you do it? Why would you lose that chance? Why let an opportunity pass by? It makes more sense to invest money in YOURSELF and your BUSINESS!
That’s another important mindset entrepreneurs must have about money because, in order to go really fast on your journey and learn as fast as possible, it’s crucial that you focus on investing on the NOW to extract the maximum amount of information possible.
And sometimes, those learnings come only from…..FAILURE!
Think about it. If you try all 25 marketing strategies available (25 is an example) for your company’s niche in less than 3 months, you’ll have gathered enough data to take smarter actions in the next months which will ultimately give you an advantage on the market you are running your business.
By forcing yourself to fail using money as your main weapon, you will be able to save the time you would spend learning from experiences in the future, by just injecting money on different approaches, strategies and tools RIGHT NOW in order to learn all your lessons faster.
This approach will turn you into a smarter entrepreneur in less time. You’ll evolve faster and learn what you must learn like if you were in a Matrix movie (without the nape plug, though).
And here’s something to remember:
I’ll show you some examples so you can connect the dots better:
- You can inject money on a business strategy that is entirely new in the market
- You can invest money on a new tool that nobody has heard anything about it
- You can spend money on different Ads styles and check which ones have a higher ROI
Can you fail by trying those unusual things? Absolutely. Can you lose money in the process? Of course! Will you learn faster than others and save yourself a lot of time? YOU CAN BET YOUR LIFE ON IT!
That’s what real entrepreneurs do, they explore. They try. They take chances and try something new. Entrepreneurs are always finding a way to do things differently, make something unusual work or explore a possible opportunity which sometimes can cost money.
But that’s not a problem, because if you find out first what works and what doesn’t work you are already ahead of everyone else, plus you’ll be saving a lot of your time because you’ll live more experiences faster, which will make YOU the winner in the end. The piece of gold will end up in your hands sooner or later.
And that piece of gold can be:
- More Money
- A New Business Strategy
- A New tool
- A New Piece of Knowledge/Information
That’s how real entrepreneurs discover things. They use money as a digging tool so they can constantly keep trying to find out where the next treasure is hidden. You can do what others are doing or you can LEARN what others are doing, implement part of it and try to go further, deeper and faster.
ARE YOU USING MONEY LIKE A SMART ENTREPRENEUR?
Money is a tool used to explore paths that can fast-forward you to your podium. Very few entrepreneurs see money as a tool, as an additional weapon that will save your time and energy. Those who at least understand that concept will succeed faster. Much faster.
By investing more, you can narrow your learning window from 2 years to 1 year. Or perhaps 1,5 year to 9 months. Or maybe 1 year down to 2 months. The reality is that if you can understand that money only works as an eye opener to new paths and opportunities and that it was made to leverage you to your success, instead of being the success itself, you are half way there.
The important thing is answering this question below and not feel guilty about it:
If you care about fast results and you enjoy being ahead, then forget about money.
But most of all, remember that true entrepreneurs don’t care about money, because after all, money is….
Just a tool.
See you next time.