My personal transition from the corporate world to entrepreneurship helped me realize that having money and making money are not the same thing.
Mindset Coaching-Having Money vs Making Money
When you move from having and earning money as an employee to making and creating money as an entrepreneur, there are beliefs and thoughts that need to shift for you to be successful.
As entrepreneurs, we create results, aka money, by taking action. The quality of the actions we take, such as selling our offer, is a direct result of how we feel. How we feel is a direct result of the quality of thoughts we hold. This is the coaching concept that I teach all of my students and clients.
Your Thoughts Matter
So, if you have the mindset of “Oh, I’m not sure if my offer is good,” will create a feeling of doubt. Doubt is not going to lead to taking quality actions. If you think, “I better make money. I NEED to make money,” that often leads to feeling desperate, which, again, will not lead to taking quality action.
Mindset Coaching-Having Money vs Making Money: 5 Key Emotions for Entrepreneurs
As we just identified, we take action based on how we feel. There are five key emotions that entrepreneurs need to learn how to create for themselves.
- Courage – if you don’t have a safety net of money behind you as an entrepreneur, you are going to need a lot of courage to take risks and actions that will lead to making money.
- Confidence – you need to be confident in your skills as a coach so that you take steps to sell your offer. When you act from a place of insecurity, such as using false urgency tactics (the price goes up tomorrow) your potential client will pick up on that energy.
- Resilience – this has to do with your ability to regulate your nervous system and the capacity to which you have to fail. An entrepreneur has to be willing to fail.
- Determination – you can not give your power away to things outside of your control and be determined to make your business work.
- Commitment – in order to make money, you have to be willing to take quitting off the table. If you are giving yourself deadlines that the your business has to work by a certain time, this leads to thoughts that take you out of determination and commitment.
Your job is to think thoughts that will lead to creating these feelings in your body so you can take productive action that makes you money. Even when you have zero evidence of being able to make money.
I teach all my students to use the thought ladder to support them in the process of believing that they can make money. Start at the bottom of the ladder by finding evidence that it’s possible for others to make money. Then take the next step to build evidence that you can make money.
Eventually, the belief that you are an entrepreneur who makes money and takes action from a place of confidence will be automatic.
What you’ll learn listening to this episode on mindset coaching Having Money vs Making Money:
- Why your thoughts matter when trying to make money as an entrepreneur
- The 5 key emotions for entrepreneurs to feel to be successful at making money
- The process that builds evidence that it is possible for you to believe in yourself