4 Money Myths That Can Kill Your Business

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When you are running your own small business, there are plenty of people offering you all kinds of advice. Some of the advice, possibly from successful business people, may be words you choose to focus on. Other opinions you may choose to ignore because you don’t trust the source. But, could it be the phrases that you have said yourself, countless time before, are the actual ideas that are holding you back from true success with your business?

Some seemingly harmless expressions about money, which all of us have heard and probably said ourselves before, could be stopping you from making the important decisions you need to make in running your own business.

Some of those phrases include:

1. “More money, more problems”

A myth among the masses is the idea that successful business people are workaholics who are overloaded with so many problems that they don’t have time to enjoy life. This is simply an excuse used to justify being broke. It’s like looking for a reason to avoid success by making it seem unattractive. The truth is the more money your business makes, the more money you have, and the more control you have over every aspect of your life. The more money you have, the fewer problems you have to personally address.  While the masses are staying up at night worrying about their problems, truly successful business owners are fast asleep knowing everything will be taken care of.

2. “It takes money to make money”

This phrase is limiting at best and destructive at worst.  If you keep telling yourself that you need to start out with a lot of money, before you can begin to become successful with your business, then you are holding yourself, and your business, back. The truth is, to make sure that your business will make a lot of money, all you need to have are great ideas that solve problems.  If you understand that, you will attract money like a magnet.  Wealthy investors are always on the lookout for the next big investment they can sink their teeth into.

3. “Money doesn’t grow on trees”

Figuratively speaking, money actually does grow on trees; and the trees are ideas. This belief sets business owners up to believe money is scarce and difficult to earn, instead of seeing money as abundant and earning it is as easy as solving a problem through persistent, creative thought. If you understand that money flows from ideas, since ideas are limitless, money is limitless.

4. “Another day another dollar”

Too many people trade time for money.  If you wake up telling yourself this phrase each morning, then you are creating the belief that making money is a linear process directly connected to time.  The average person believes the only way to make more money is to work more hours. If you believe that, then once you feel you are crunched for time, you are telling yourself that you have no more time to earn more money. That’s just another excuse. Big money requires thinking about it in non-linear terms.  Do not be afraid to come up with new ideas and to take risks to strengthen your business. Get out of your comfort zone. Learn to train your mind to find real solutions to difficult problems. That is the real way for your business to make a lot of money.

When running your own business, you need to throw out those old sayings and beliefs. You need to look at earning money from a consciousness of freedom, possibility, opportunity and abundance.  Never look at earning money from a fear and scarcity point of view. The secret is not in the mechanics of money but in the level of thinking that generates it. Once you start telling yourself that belief, and actually believing it, your business’ earning potential is limitless.

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Steve Siebold is author of How Rich People Think, and a self-made multi-millionaire who has interviewed more than 1,200 of the world’s wealthiest people over the past 30 years. www.howrichpeoplethinkbook.com

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Steve Siebold is author of 177 Mental Toughness Secrets of The World Class and How Rich People Think, and is a psychological performance and mental toughness consultant to Fortune 500 management teams, professional athletes, entrepreneurs and other top performers.