A great business plan consists of; specific, measurable, attainable, realistic, and time-bounded or SMART goals, with the budget broken down in detail for successful outcomes. While easy as it may seem, many entrepreneurs tend to experience anxiety when talking about money or finances. Money is a significant source of stress among entrepreneurs, especially aspiring startups, who believe they lack enough money to launch their business.
In this article, you’ll learn the biggest myths entrepreneurs think about money, and shed light on common misconceptions that can hinder you from attaining your business goals.
1. Not Having the Right Vibe for Money
Many entrepreneurs think they’re hardly making enough or more money as expected or are making some money but still on a hard spot. It’s high time to think about money mindset shifts and stop beating yourself because you don’t belong to the canned tribal concept of belonging or having the ‘right vibe’ for money.
The only person who judges if you’re suitable to receive more money is yourself. Instead of being on the negative side of things, embrace wealth as it pours out. You deserve money good enough, and you should never deprive yourself of success.
Check out these objective ideas to realize your potential and attract more investors and money for your business:
- Write Down: Write everything you envision for your business in a journal. Sometimes, keeping all things in your mind, easily skips and fades because of unforeseen circumstances or minor mistakes you probably take very seriously. It’d save and track your initial goals and remind you of your deep passion for pursuing your business. It’ll give you inspiration and motivation every time you feel down.
- Be Open to Any Possibilities: While you’re firm and know what you want, it’s still best to open your doors to all possibilities. Entertain suggestions if you think it’s for the improvement of your business. For instance, you haven’t probably thought of investing in enterprise resource planning (ERP) software and could include it as a part of your new plan to stay competitive.
2. Accepting Angel Investor Offer Outright
What’s an angel investor? This term refers to a high net worth individual willing to provide financial backup or capital for a business startup in exchange for ownership equity or convertible debt. It’s easy to accept an offer of an angel investor who finds your business plan promising. However, if your principles and goals collide, then it’s another thing.
Here are some expert recommendations to attract angel investors without giving up your dreams:
- Study Your Business Plan: Take a closer look at your business plan and determine its strengths and weaknesses. Reassess all over again when you receive critics from potential investors to improve it without taking the opposite direction as you initially planned out.
- Be the Captain: If an angel investor asked you to change your approach or some major aspects of your business plan, you might need to take another avenue to finance your business than accepting the offer. You want to run your business according to your plans and not someone else’s dreams.
3. Devoting All Your Time in Business
Entrepreneurs are passionate and dedicated to running their business. However, many don’t realize that a common myth among successful entrepreneurs kills their business. Many people believe that successful entrepreneurs hardly ever sleep. Sleep and business are two different aspects, and not getting enough sleep doesn’t equate to more money coming into your business.
Time management is crucial for any business. Gone are the days when entrepreneurs needed to wake up early morning and stay in the business office very late to make sure everything is heading in the right direction.
Check out these time management expert tips to keep you guided:
- Use Digital Technology: Project management tools can help you plan out various tasks for your team while keeping everything tracked, including activities, schedules, and task status or accomplishments. In fact, it has been predicted in the State Marketing report that 92 percent of marketers will be using marketing analytics, and 91% will be using a customer relationship management or CRM system by 2019.
- Delegation: If you’re in a time constraint, don’t hesitate to delegate some of your roles and duties to your trusted employees. By doing so, you also get the chance to live your life and enjoy your hard work.
As a budding or seasoned entrepreneur, you probably read or heard many misconceptions and myths about money and business. For some time, you apparently believed that you weren’t good enough to make more money. You probably thought of accepting an offer from an angel investor outright to finance your business even if it means changing your business plan and devote all your time to managing your business. However, all of these things are myths, and it’s time to shift your mindset to more positive ideas.
Interesting related article: “What is an Entrepreneur?”