This is episode number four in a series of 11, focusing on why we as women hold ourselves back and can’t make millions of dollars in revenue when it comes to business. Today’s focus is the mindset mistake.
We’ve been talking about the fact that 40% of the US own businesses are owned by women. And yet only 1.2% of those businesses are earning over a million dollars a year. Each time we talk about that stat, we’re all scratching our heads and wondering what in the heck is standing in our way. If you’ve listened to the previous episodes so far, you can realize pretty quickly that it’s us. Most of the time, we are standing in our own way. It has to be us, because our male counterparts are generating that kind of revenue in the same industries, the same businesses, etc.
Outside of perfectionism, the other two key mindset barriers we create within ourselves are fear of money and a fear of failure.
When it comes to money, many of us were taught that we shouldn’t worry about money, want money, or think about money because money is evil. I want to challenge you to realize that money itself isn’t evil, money is a tool. Putting money first, getting it at all costs, sacrificing who you are for money, that is evil. In business, money is a tool. That tool is given to you in exchange for the goods/services you provide. You then use that same tool to pay for your personal and business expenses, care for your family, etc. It is a tool and it is a part of our economy and our way of life. You have to change your mindset around money and see it for the tool that it is so you can use it in your business.
The second is the fear of failure. The worry is that if you try to create this business, run this ad, present yourself as the expert then the people that “know you” will judge or question your capacity. They will see you as a failure before you even start. In those instances, I tell my clients to imagine the worst-case scenario. When we do that, we realize that whatever we come up with is actually not that bad, and we can deal with it, work with it, and move past it.
Furthermore, when it comes to failure, we have to accept that business failure and school failure are two separate situations, as we have discussed in the past. Business failures help us find the answer we wouldn’t have found otherwise while school failures were typically the result of our focused efforts to learn, memorize, and regurgitate facts. The fear you learned in school cannot be the same fear you experience in business when it comes to failure.
Change your mindset.
Today you are challenged to look in the mirror and ask yourself if you are holding yourself back due to your perspectives on money and/or failure. If the answer is yes, change your outlook to change your business’s success.