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Being an entrepreneur is an exciting and demanding career choice, and for most, it seems easy enough to know that you need to generate money for your business to survive. But it’s not always that easy for many. Many entrepreneurs jump into business without considering the mind-limiting beliefs that they carry. Quite often, you are not aware of the beliefs that hold you back until you are deep into the sales activities of the business.
Liz St Pierre, a business coach for online entrepreneurs who are ready to build and launch their signature program, noticed a common theme with her clients and it was how they dealt with the money aspect of the business. Liz has worked with many women over the years and help them work through their limiting mindset issues.
Three common money mindset issues that Liz has seen with her clients. Can you relate to any of them?
1. I can’t charge THAT much/I’m not worth that much
So many entrepreneurs (and women especially) feel a deep sense of guilt charging for their products and services. They may believe they aren’t worthy of charging a certain price, be afraid that they won’t live up to expectations, or they may have a deeply rooted sense of guilt accepting money from other people.
This leads to undercharging for their services, not raising prices when they should, overworking, and even becoming angry or resentful with their clients and customers. This mindset usually keeps entrepreneurs stuck and creates an “income ceiling” they may not even be aware of.
2. Making money should be hard
A common limiting belief in the business and entrepreneurship world is that making money shouldn’t come easily and that to make a decent salary, we need to work hard. And if we want to double or triple our profit, we need to do DOUBLE or TRIPLE the amount of work!
This can lead to entrepreneurs feeling incredibly guilty if they start making more money, or, they may block the money altogether. They may become overworked, burnt-out, and focus on all the unimportant, time-consuming tasks while ignoring the important income-generating activities in their business.
3. More money, more problems
So many entrepreneurs may not realize how much they are afraid of success. Of course, different levels of profit and success in business bring a new set of challenges to overcome, but the problem is when entrepreneurs start missing opportunities for growth and use this as an excuse to stay stuck.
Entrepreneurs may inadvertently keep themselves stuck at a certain income level to avoid having the additional burdens and responsibilities of being successful. They may also be afraid of making more money than their friends, spouse, or parents which would lead to feelings of loneliness, pressure, and isolation.
Ultimately, entrepreneurs with this limiting belief will struggle to grow their businesses and stay “stuck” at a certain income level.
If you identify with any of these money mindset blocks or ones that haven’t been mentioned, you are encouraged to explore them so that you can resolve them and start making the most money you can make in your business. Business ownership doesn’t need to be hard.