Starting a business can be overwhelming and confusing in the beginning. How will I pull this off? Most importantly, how will I be able to afford to do all of this? With starting a business comes sacrifices, a tighter budget, and testing of your limits. Here are 3 ways you can overcome the financial and mental obstacles of entrepreneurship:
Focus on how you can make MORE money rather than how much money you don’t have right now.
We all do it, at times. We all tend to focus on the negatives and forget to realize all of the positives of our circumstances. Money is a tough obstacle for beginning entrepreneurs, but if you look at money the right way, it wouldn’t seem like such an obstacle any longer.
Truth is, the money is out there. There is money everywhere. Change your perspective on your money situation. You might not have enough money for the month if you invest in more products for your business, so how are you going to make more? This is the question you should be asking yourself. How will you make more money?
You must remain humble in these tight situations. It’s important to fully believe in your business, but you should also realize that your business won’t be successful for quite some time, so how will you supplement your income in the meantime?
Do anything you can in order to make enough money to pay off your bills for the month. Work day by day, and have confidence in yourself and your abilities to find money. Work odd jobs, apply to be a secret shopper online, be an Uber driver for a month, etc. My point is, do what you have to do! Do what others are not willing to do in order to succeed. The money is out there, you just have to go and find it.
Know that your circumstances are only temporary.
Trying to establish a business as an entrepreneur can test your limits. You might become afraid and realize that your money supply is dwindling, your products aren’t selling (yet), and your spirit is losing its fire. Realize that your circumstances are only temporary as long as you’re working hard towards your goals.
You might have had to sell your favorite game console last month in order to pay the bills, but know that it is only temporary. A smart entrepreneur knows that sacrifices have to be made, circumstances are only temporary, and that anything that you had to give up today will be affordable once again in the near future. A smart entrepreneur believes in the future of his business and does anything necessary in order to see it succeed.
You will have to live within your means, and that can also mean you might have to downgrade a bit. Sell some of your high-valued items in exchange for new inventory, supplies, or equipment. Establish a budget for your personal expenses so that you don’t over spend on unnecessary things. Have your mind set on the success of your business at all times and know that you will find your way through the tough times because you’re determined to do whatever it takes.
Set your goals high and then multiply them by 10.
This is the 10X rule written by Grant Cardone. He suggests in his book, “The 10X Rule”, that any goals you have set might not be big enough. Set huge, “unreasonable” goals. We were all told to set reasonable, accomplish-able goals. Grant Cardone suggests setting them extremely high.
By setting your goals higher than you even think is possible it sets you up for more success. Attempting to reach a ridiculous goal can help you get further than you ever thought possible. It will cause you to work harder, longer, than ever before. What if you never achieve that “ridiculous” goal you set for yourself? You’re more than likely to have accomplished more than what you would have accomplished if you had never set the bar so high.
Never downsize your goals for fear of “how” you will do it. Leave the nitty-gritty details out of the equation. Set an ultimate, huge, goal for yourself and work at it day by day. Ask yourself, what can I do to get closer to my goal today, and then work at it every single day. Doing this on a daily basis can only get you closer and closer to your ultimate goal. You can figure out the “how’s” along the way!
Be A Smart Entrepreneur.
Focus on doing what others are not willing to do. Believe in yourself and in your product enough to know that anything you are going through right now is only temporary. Work hard towards your huge, ultimate goal every single day to get you closer to achieving it. Entrepreneurship is no easy feat. It’s for the dedicated, the consistent, and those with the extreme willpower to succeed.