Entry By Jason Brick
Successful entrepreneurship comes from a wide variety of traits. Good timing, perseverance, luck, charisma, intelligence and drive are some of the most common. But the most successful small business owners share one trait that many others lack: a unique relationship with money that helps them find the funding they need where others would miss the opportunity. The good news is this trait can be learned. Take time to get comfortable with these six laws of money the likes of Rob Kiyosaki already know.
- Money Is Everywhere Most people would be amazed at how much investment capital is available at any given moment, even in the middle of America's second-worst financial crisis. Venture capitalists talk casually about numbers with seven and eight zeroes in them all the time. Your job is to find some of that money and point it at your dreams.
- Aim High Low long-term goals is one of the most common goal-setting problems reported by beginning business owners. This comes from a short-term problem set that makes it hard to appreciate the true potential of small gains every day over the course of years. If you make that slow, steady progress, though, it's not hard to outstrip even modestly aggressive goals faster than you imagine.
- Adopt a Wealth Mindset A wealth mindset means never saying "I can't afford that." Instead, you ask "How can I afford that?" or "What must change in order for me to afford it?" This small tweak in how you approach money puts many things in reach that you may previously have thought out of your league.
- Mind the Pennies Everybody has at least one friend who makes a lot of money, but spends like a pauper. It's one of the secrets of becoming wealthy. If you mind the small corners of your expenses -- not losing perspective, simply understanding the cumulative value of watching things like your utility bills and variables -- you'll find your business has the extra margin it needs to take advantage of new opportunities.
- Everything Is Negotiable Highly successful entrepreneurs consistently negotiate for better deals than "normal mortals." This comes in part from the power of the companies they control, but also from a lifelong habit of never accepting the first offer. Everything is negotiable, from your lease payment to the deadline on a project. Further, almost everything is renegotiable -- meaning you can still make changes to a deal you don't like.
- Pay Yourself First This isn't exactly a secret anymore, but it's still a fact many people ignore outright. As a struggling businessman, you might believe you don't have the extra money to set your slice aside at the beginning of the month. That may be true, but it also misses the point. If you pay yourself first, the cash shortage forces you to find extra money. This helps you practice resourcefulness and look for new opportunities to grow your business -- thus making you more successful.