Recently I read a great article on Entrepreneur.com from Marc Pearlman specializes in behavioral finance and is the author of the Positive Money Mindset and host of the popular radio show Your Money Matters!
The article dives into how most business owners, never realize that their money beliefs are the thing that is keeping us from growing their business. Even worse – sometimes your money -mindset can destroy your business entirely.
In this great article Pearlman broke down the different kinds of money mindsets hurting businesses:
Fear Money Mindset | Desperate Money Mind Set | Gambling Money Mindset
I highly recommend checking out the article – but in the meanwhile I created a series of questions to help you uncover if you might be unknowingly hurting your business success.
Take a Moment to Answer these questions honestly to yourself…
Fear Money Mindset:
· Have you ever been so worried about losing a deal that you gave away most of your profit – just to secure the deal?
· Do you regularly discount because you feel that’s the only way you can close deals?
· Do you feel weak or a sense of scarcity when you are asking people for their business?
If you said yes to any of these – you are probably struggling with a Fear Money Mindset
Desperate Money Mindset
· Do you have anxiety when you speak with potential clients about your offerings?
· Are you feeling under the gun to close sales and can feel the worry inside when making calls to prospects?
Did any of these really resonate with you? Then you may be dealing with a Desperate Money Mindset
Gambling Money Mindset
· Are most of your business decisions are they based on wild hunches or gut feels?
· Do you engage in high risk and speculative ventures outside of your core business, that could directly or indirectly impact your financial stability?
From these questions, did you realize you are a Gambling Money Mindset person?
So how did you do? If you are like most business people, you probably felt like one or more of these was accurate.
I personally have done as similar exercise they suggest in the article – and suggest you try it too.
The first step in fixing those unhealthy money beliefs is to become aware of them.
EXERCISE 1: Get a piece of paper – and finish this sentence: “People who have a lot of money are…”
And write this sentence over and over again with all the answers that come to you
… “People who have a lot of money are smarter than me”
…“People who have a lot of money are greedy” …Etc.
It’s interesting to see what comes out, huh?
And one exercise Pearlman didn’t include- but it’s another good one to try out.
EXERCISE 2: Take out another piece of paper and write down how when you were growing up, your parents or family members talked about money? How did money impact your family, your life growing up? Usually this helps you uncover where some of the beliefs about money you hold today, came about.
Between these two exercises – can you see how they could be impacting your business success?
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