5 min read
Opinions expressed by Entrepreneur contributors are their own.
There are more than enough courses, coaches, consultants and internet marketers promising you wealth by purchasing what they’re selling in a Facebook ad. You’re told you can get a simple system that led to their millions.
These ads lure entrepreneurs because there are too many businesses that aren’t creating the kind of wealth you were hoping for when you started your business.
Whenever a piece of content is published, it features an inspiring story of someone who cracked the code and achieved wealth — entrepreneurs flock to it because they want to know the secrets. Biographies of famous entrepreneurs sell out because the thought is that the answers are in those stories.
While you should study, analyze, and surround yourself with motivation, the way to becoming a wealthy entrepreneur starts in your mind. Your mind is the foundation for creating wealth. Without the right money mindset, you’ll never see the path to building wealth. It’s why so many lottery winners go broke or the stories we see of big-name entrepreneurs whose business is now a house of cards because of their money habits.
Becoming a wealthy entrepreneur starts with a vision and a path of creating a wealth mindset and relationship with money. Here are four mindset shifts that help entrepreneurs take the path to wealth and success.
1. Root out all forms of scarcity
Have you looked at something you wanted to buy — that you needed — and thought, “that’s expensive”? It can be a pair of running shoes or a new MacBook. If you thought about it logically, the value is there, but you allow a scarcity mindset to convince you that the first thing you should think about is the price.
Have you ever thought about hiring a coach, consultant, or taking a course, but you balked at the five-figure price? Assuming the service or service provider could deliver — how much more value would come to your business?
A scarcity mindset is the root of all money problems. It’s what keeps entrepreneurs from reaching that next level of growth. It also shows up in other ways, such as coming off desperate to get the sale with a potential client.
Scarcity repeals wealth and the opportunities to add revenue. Realize that there are 4.5 billion users of the Internet daily. In 2019, e-commerce sales hit 3.5 trillion dollars, according to Statista.
There is more than enough opportunity and wealth for those willing to work to get it. Change your mindset towards wealth as the first step to creating it.
2. Refuse to accept less than the value you offer
You’re an entrepreneur. You’ve built a business that adds value. You can and should charge a fair price for what you offer.
When times are tough and sales are slow, there’s a temptation to make deals to close sales. The issue is that you’re killing your positioning with your market, and you’re training your consumers only to buy your products and services on sale.
Don’t comprise your prices. When was the last time you saw a Rolex on sale? Your products and services are Rolex level — stop letting consumers get your Rolexes at Walmart prices.
Wealth creation happens when you’re intentional about charging a fair price and refusing to accept less than you deserve.
3. Let the door hit them on the way out
As you refuse to settle on your prices and root out scarcity, you’ll have clients who will test your resolve. They’ll try to barter, pay late, complain when there’s no reason to, and get more than they paid for.
You’ve heard it before, but you can’t be afraid to let clients leave or outright fire them. Let that door hit them as they move onto a different service provider while you regain sanity.
Wealthy entrepreneurs focus on working with ideal clients. They take on and keep those that are a good fit. Not every client is right for your business. The path to wealth is filled with clients that make business fun and what you envisioned.
4. Step into your revenue-earning power
We talked about the opportunities online. There has never been a time in history that so many consumers are all in the same place. If you’re going to become a wealthy entrepreneur, you have to unleash your inner Phoenix and step into your power to earn.
You have to start each day focused on your business and things that earn revenue. When you work with clients, it can be easy to get lost in client fulfillment — you have to put your business first.
Optimize how you spend your time, don’t be shy about promoting and selling what you offer, and take more sales conversations (after vetting). Know your numbers and set what feels like impossible goals. You can do this.
It’s a great time to become a wealthy entrepreneur and tap into the opportunity all around us. Change your money mindset and get on the path to creating wealth, freedom, and the ability to spend your time doing what fulfills you.