Last post I described an all-too-common scenario. A fellow business owner spent a fortune on the “necessities” of building her business (website, branding, top-level coaching, etc.) only to be frustrated because she had not dealt with the mindset issues that were holding her back.

Here are 2 of 5 Entrepreneurial Mindset Traps you must overcome to enjoy the success you’re looking for in your business.

#1 – I have to do it all myself
Raise your hand if you are a first born child. For most of us (me included) the role of being first born makes us the natural choice to be at risk for this mindset trap. If you have ever refused help, hated to ask for support, or just were frozen at the idea of you not being in charge of everything, you qualify. It’s pretty standard in the entrepreneurial psyche by now, but Michael Gerber in his classic book EMyth Revisited tells of the three roles that a business has to have in order to run – the technician, the manager, and the entrepreneur. Often in start up phase we are all things because there is no cash flow. But if you are a few years into your business and still doing your own books, we have to talk!

Let me give you an example. I was at an event where the keynote speaker sat next to me and shared that on Sundays she always did her bookkeeping. Here she was positioning herself as a rock star in her area, but had huge trust and delegation issues, so took the whole day on Sunday to do something that she could have outsourced easily. On stage she was selling $25,000 programs, but I could see huge reasons why her business didn’t work (nor her sales) because of this pattern of having to do it all herself. For me her presentation was an integrity disconnect because she was teaching people how to be powerful in one area, but in her own business she was defaulting to some old patterns. (And again, no judgment here because we all have some of this.)

#2 – People won’t pay higher fees

This is a revenue killer. It happens when a business owner is well meaning and tends to look at a prospective clients financial situation and decides for them what they can do and cannot do. Part of it is from a place of compassion, but it may come from poor boundaries, care-taking, or even the reality that YOU wouldn’t pay higher fees. It also could come by not having a clearly defined niche because if you are working right, your people will pay for what you offer. Good marketing, clarity on your value and who you serve best are the key here, but until you get this, the cost of this mindset trap is that you are under charging, under earning, or possibly working with people who aren’t your idea market because of the fee structure. The truth is that while the economy is sluggish, there are lots of people still spending lots of money! In a few weeks, I’ll show you how to shift your mindset to start getting more comfortable asking for your slice of the pie.

Do these sound familiar?  Keep an eye out for my next post where I’ll share the final 3 Traps.

Blessings,

Therese

Have you wondered if you are doing something wrong in relation to money?
Has it ever occurred to you that maybe it’s your mindset or some unconscious blocks that are interfering with your ability to get (and keep) the money you desire?

Let me tell you a story……

I was out and overheard a conversation with two women I’ll call “Sally and Donna.”
Sally was trying to give Donna some money for something and had a $20 bill in her hand. The conversation went like this –

Sally: “Please let me give you some money.”
Donna: “No, I couldn’t possibly take that from you.”
Sally: “It’s really important that you let me pay you.”
Donna (who is now literally backing away) “No! I WON”T TAKE YOUR MONEY.”

As I’m overhearing this I noticed how freaked out Donna got, but it wasn’t until Sally said this very astute statement that I it really ‘clicked’ for me.”

Sally: “You don’t understand that by refusing to take this money, you are blocking my flow of good as well.” (Sally is pretty spiritually connected so get’s this concept)
Donna: “NO. Put your money back, I’m not taking it.”

In that moment I said to myself, “I bet I know where her financial picture is.” If you have ever heard T. Harv Eker who is one of the foremost teachers on the Millionaire Mindset, in that moment, he would have shouted – “YOU ARE BROKE” because of seeing Donna totally reject the money that was trying to come.

So why would I bring this concept up, my beloved entrepreneurs?

Because how you do anything is how you do everything!

If you desire to have more wealth or abundance in your life, you need to take a look at all the places you are pushing money away. You can’t have a lack consciousness and refuse money, kindness, compliments, etc. and then expect to have money show down on you. It doesn’t work that way! In my next post, we’ll take a look at some places you may be stopping the flow of money and ways you can bust through those barriers.

Blessings,
Therese