MONEY MINDSET FOR ENTREPRENEURS- RETHINKING YOUR RELATIONSHIP WITH MONEY

Many of us spend our entire adult life lamenting or chasing money and despite the hard work we put in, we never can seem to get enough. For others that do get money, still, a large number of them cannot keep this money yet among us there are a few that can make every cent grow into a shilling and every shilling grow into a thousand more.

Indeed these outcomes are not as a result of magic, rather they are anchored on our mindset around money; how we relate with our money, what we know about money, the truths, myths?and how to attract, retain, and grow our money. As the saying goes, “A fool and his money are soon parted.” If we do not enlighten ourselves to understand and treat money differently we will never stop chasing after it; so how do we start attracting money?

Looking at Kenya today, we are operating in a VUCA (volatile, uncertain, complex, and ambiguous) environment; prices are skyrocketing, and foreign exchange is fluctuating and thus it becomes hard for you as an entrepreneur to plan and make the best use of your money. This coupled with our upbringing that negatively shaped our relationship with money and all that money represents has anchored many of us at a disadvantage once we have money in our pockets.

The big question thus is how we best build a relationship with money that allows us to thrive. For starters, money is not chased, money is attracted- it follows value and from an entrepreneurial point of view your starting point should always be what value am I offering my customers? Value here can take many forms: convenience, speed, 24-hour service, added features, ease of use?and much more beyond just offering a product or service. ?

How do you differentiate yourself and why should your customer care about your value proposition?

By delivering a value proposition that customers want, customers will line up, orders will flow and money will come in. Where many of us fail in this regard is we go into business to look for money as opposed to solving problems, yet it is in this problem-solving that we offer value and attract customers. Beyond offering value, once you start earning, you must be able to give your money direction.

As an entrepreneur, your money mindset plays a major role in whether your decisions will grow or drain your accounts; these decisions revolve around saving, spending?and handling money, how you evaluate potential investment opportunities, and your risk appetite.?A good entrepreneurial money mindset encourages ownership of financial decisions allowing you to take control of your financial situations as opposed to facing helplessness when you lose control of your money.

To change this mindset, one needs to understand the nature of money; separate the facts from the myths, and be appreciative of where these truths and myths emerged from and how they relate to you as an entrepreneur. Key among these are: -

1. Money Neutrality: Money isn't good or bad by itself. But if you get all emotional about it, it can lead you down the wrong path – think greed, corruption, or cutting corners.
2. Money's True Nature: Money doesn't have a personality; it just mirrors yours. So, don't chase money; make it work for you by offering value through your business's products and services. Money's not a feelings kind of thing; it's all about value.
3. Your Money's Potential: No amount is ever too little or too much. It's all about your mindset and how you handle money. Some folks turn pennies into fortunes, while others can blow through billions. The key is to follow your passion, give value, and watch your money grow.
4. Putting Your Money to Work: The real worth of money comes from what you do with it. Use it to create value, and it'll stay where it's needed, not wasted. Money hangs out with value. It doesn't just disappear; it moves to where there's quality company.

So, in a nutshell, if you're not creating value, you're always chasing money and if you don't give it a reason to stay, it'll pack its bags and move on. Every entrepreneur should get that making and keeping money isn't a gamble. It's all about going from being a product peddler to a value provider. That's how you stay relevant to your customers.

Should you wish to get some guidance on this money journey, we're here for you at Springboard Capital. We don't just manage money; we help you make it grow. We've cracked the code on the money relationship, and we want to share our wisdom with you as we work on building prosperous financial portfolios together. We also offer various loan products such as Business Loan, Emergency Loan, Asset Financing, Salaried Loan, Loan against Logbook, Import Duty Financing or Title Deed Loan, to help grow and manage all operations. Contact us today at 0700 944 444 or WhatsApp us through the button below, or email us at [email protected] .

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Article based on Erastus Muthura's? BizSmart Webinar Presentation – ?Erastus is an inspirational speaker, mentor, and trainer. His audience cuts across diverse economic and social-cultural sectors, cadres, and age groups. He has inspired many lives through one-on-one coaching and as well as group sessions on areas he is passionate about which include Financial Management, Relationship Management, Consultative Selling, Life Skills among others.