If anyone tells says you don’t need money to startup a business, they are not telling you the whole truth. Even self-made millionaires began with a minimum of $20.
They’re using the approach from Emily Dickinson’s poetic line, “Tell all the truth but tell it slant.” These folks are giving you a shaded reality, where it’s raining money on the other side of the grass. But, on your side, the grass needs to grow.
Even if you only begin with $100, that’s still capital for your startup. Little to some funds are needed for a startup. These startup funds will probably come from your savings and whatever income you generate.
Smallbiztrends dot com gives you the facts about a startup and funds.
- The vast majority of startup funds (82 percent) came from the entrepreneur himself or herself, or family and friends.
- 77 percent of small businesses rely on personal savings for their initial funds.
Your Startup Mindset
Do you ever think about how you handle money or do you just spend it? Everyone handles it differently. People receive what it has to offer on various levels. It’s really about openness, perception, and altering your mindset.
I mention this because if you’re used to spending money for every paycheck and not watch where it’s going, you’ll find more negatives than positives.
But, when you have a startup, all of this changes. You’re left with no choice but to change your mindset quickly.
Some bad money encounters make you ask, “Why Me?” Ordinary people are taught not to question the process. Perhaps the traditional leaders and matriarchs taught you how to survive from an “altar-ed” mindset,” and end of the discussion.
For example, my training and teachings include adding faith and prayer to everything. And, while I do this, I also know that “if you don’t work, you don’t eat.” Also, “money answers all things.” So, money and funds are part of the ticket batches to get to success.
Life and startup come at us to teach what will be of value in the present and near future. And where one may have a poverty or scarcity mindset, to another it can also awaken the desires to become a self-made millionaire.
A Startup Mindset with No money and Debt.
If you’ve ever been a part of this process, then you understand how it works. When you begin, you already know what lies ahead.
You have a conditioned mind, which prepares for both rewarding and challenging business experiences. The ups and downs in startup groom you in many ways to help boost stamina and endurance.
Some startup owners may begin a business in the home using the form of motivational meetings weekly, set up a small office area, use the kitchen for meal orders, create space in various regions of the house, etc.
Depending on the business type, it can begin with about four to six regular customers, or maybe ten, which are usually family members and one or two friends.
These few customers or clients are consistent because each one BELIEVES in the mission, TRUSTS you and wants to show moral support.
Hopefully, these faithful few are investing monetarily, which helps with your ROI and ability to save money for other investments because that’s the primary focus. As the business grows, you will probably think about larger space.
But, just hold on for a little. Try not to move too quickly.
There are other ways to leverage space, time and monetary turnover. Many times a startup owners mindset tells him or her to rush into more overhead expenses minus realistic checks and balances.
It’s perfectly ok to work from home before venturing out. You may be thinking this isn’t a reality for the influx of traffic. According to smallbiztrends.com, “69 percent of U.S. entrepreneurs start their businesses at home.”
Using your home for office or workspace actually works in your favor. You get to keep any additional lease or rent amount in your hands to use for other business needs. Plus, it goes towards your taxes and write-offs.
Traditionally, self-made millionaires began in similar fashions and with a little more structure in startup mindset. You see, while planning, saving, and investing, their thought process did not include moving into larger spaces right away.
Self-made millionaires shifted their mindsets and activated a new level of faith and works. Some have even down-sized to smaller apartments to save money and have it for business capitalize.
They used time wisely by waking earlier before the crowd, reading loads of materials, spending time alone to think about how to make more money for leveraging and to make bigger moves and choose not to follow the masses as others do.
Self-made millionaires tackle any and all debts with intention and force. The objective is to owe no one money because you want to own and make it yourself.
They also release people with no value for their lives. Self-made millionaires refuse to be around negativity. They train the brain to think positively always.
As a startup, I began to shift my mindset and changed my behaviors to mirror them. I’ve given up many things to ensure progress and productivity in my startup. I highly suggest that you try the same. Learn how to train your brain to go positive instead of negative.
According to Loretta Breuning Ph.D., “our brains are automatically wired to think negative.” She contends, “negativity will engulf you unless you build a positivity circuit. To do that, spend one minute looking for positives three times a day for forty-five days. This trains your brain to look for positives the way it is already trained to look for negatives.”
Self-made millionaires set daily goals to accomplish. Smaller aims each day are good to avoid feeling too overwhelmed–it’s like pacing yourself to achieve desired results. You will also remain on track with your why, what your call really means, and your purpose.
10 Self-Made Millionaire Mindset & Behaviors To Have During Startup Are:
1. Staying grounded and practicing positivity every day.
2. Not depending solely on “pats on the back” or “encouragements.”
3. Understanding the art of consistency, so the lack of personal, social interaction does not affect your emotions.
4. Remaining faithful to the new shift in mindset and new actions.
5. Knowing that in time, your startup and brand will grow to 7-figures
6. Understanding the art of meditation, 30 minutes of self-reflection and how faith connects to work.
7. Grasping the concepts: stability and focus.
8. Faithfully reading on a daily basis non-fiction material and check-ins with a millionaire mentor.
9. To be diligent through many startup “testing” periods–all take risks.
10. Keeping negative people at bay.
When establishing your startup, consider applying all of the above experiences. A stark contrast to this is learning how-to and adapting to this culture.
Sounds easy. I know. It is possible to do make these changes. Your startup mindset sets the tone every day.
And, while the fluctuating “numbers,” (clients and customers who return and leave) help to drive your new company, you keep at it because embedded and branded in your heart and spirit is a strong withal and drive. All new experiences make you wiser and build you to last.
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