3 Money Mindset Shifts You Need to Start a Business

Recently, Justworks and The Harris Poll asked employed adults and small business owners about their beliefs and attitudes toward entrepreneurship. As an entrepreneur who coaches other founders, entrepreneurs, content creators, and executives, many of the results hit home with me and echoed experiences I help my clients through daily.  

Money brings up a lot of emotions for folks, and with that can come mental barriers. But as with so many things in life, the attitude and mindset you bring to a situation can dictate how you handle challenges and your impact. Your mindset matters regarding money, especially along the entrepreneurial journey.

Generally speaking, the first and loudest barrier to entrepreneurship is financial. The poll found that “6 in 10 employed adults are interested in starting their own business or becoming an entrepreneur, but their biggest barriers are feeling like they don’t have enough money or knowledge to start… 39% cited fears around not having enough money or financial resources to start a business [and] small business owners echo these experiences. 40% say they didn’t have enough money/financial resources to start their business.” 

This barrier to entry can be lowered or diminished completely by shifting our mindset and the practical knowledge needed to fund the business. Let’s focus on three initial mindset shifts that help pave the way for financial literacy in entrepreneurship. 

#1: From “This will be difficult” to “If there’s a will, there’s a way.” 

If you’re attracted to entrepreneurship, you’re already interested in the “non-traditional” path. So, it’s only right that your belief systems start to match it! David Ghiyam, co-founder of MaryRuth’s Organics, noted recently on the Bullseye Seller’s Podcast that he talks to 2-4 founders per week, aiming to learn how they accomplished their success. He says the wisdom all boils down to an underlying belief system: "It doesn’t need to be hard.” He goes on to note that many of us have underlying limiting beliefs that block us subconsciously from achieving our goals. Start observing what thoughts come up for you as you navigate this entrepreneurial path, even this article. Are they aligned with the success you envision for yourself? 

And while it’s important to set your foundational belief systems, they will be put to the test in the face of adversity. I find that looking at other industries' success stories can be equally inspiring…and no one gets rejected more than aspiring actors and actresses. Take Jim Carrey, who talked about his successful belief system on the Howard Stern Show in response to getting rejected from SNL three times. “I have this psychotic belief system that says, ‘Something magical is going to happen. I don’t know how it's going to happen. If there’s no way in, a new way will be created.’” Not letting rejection shake your vision is a key first step in becoming an entrepreneur. 

#2: From “I don’t know how” to “I’m figuring it out.”

Your words are powerful because they amplify your beliefs underneath it all. If you keep saying you don’t know how to do something, you’ll stay uninformed. The reality is (and many founders will tell you this) that no one knows how to do anything before they start committing to figuring it out. 

It reminds me of the catchphrase “Everything is figureout-able” that entrepreneur, author, and founder of B-School Marie Forleo coined to help people get out of their own way. This mindset shift is important as it allows you to take responsibility while giving yourself grace on what you don’t know…yet. 

This mindset shift moves us into taking action to learn what we don’t know. I remember not understanding what a P&L was before I started my business, so I called every operator I knew to explain the term. In one of those conversations, I was suggested to use Wave Apps, a free online tool that connects to your business bank account to track revenue in / out, send invoices, etc. I still use this tool today and suggest it to other entrepreneurs as a low-cost way to keep their businesses organized. Knowing I would figure it out, I pooled my resources to find a zero-cost solution. 

#3: From “I don’t have enough money for the business” to “My time is the value-add to the business.” 

As an extension of the mindset “I’m figuring it out,” it’s important that business owners figure out every aspect of the business model themselves before delegating. Many successful entrepreneurs, including those mentioned in this article, have underlined this key concept. So even though money might be a top concern, this mindset shift helps us refocus on a different resource first—our time. 

In the early days of a business, founders act as the operations, customer service, marketing manager, etc. Investing our time is the first step to understanding how much monetary investment will be required to run the business. Going into the journey with eyes wide open will not only be helpful once you decide it’s time to make a hire, but it will also quell concerns about taking on financial responsibilities. 

“Bootstrapping,” i.e., doing it all on your own dime or with minimal personal investment, is an easy way to test your concept and understand how much money is needed to run your business on your time. 

Try incorporating these mindset shifts into your daily lexicon as you become more comfortable with the idea of entrepreneurship. Remember, your perspective dictates your experience. Plenty of people have figured out that entrepreneurship can be easy by investing their time into the process. 

Want more content like this? Explore other posts from Alex on our blog, and check out her podcast Capricorn Rising Inc., a guide to help leaders strengthen their intuitive skill sets and follow their calling.