How To Overcome Time & Money Limitations When Starting a Business
The two biggest resistances you have to overcome in business are time and money. Let's talk about how to do it. I understand that when you are starting a business, the odds of success are not in your favor. In fact, 20% of all new businesses will fail within the first two years, 45% will fail in the first five years, and 65% of businesses do not even make it 10 years. Only 25% of all businesses ever make it to their 15-year anniversary. Why does that happen? It happens because people do not have a plan and they do not account for how long things take. They do not allocate the right amount of money when it comes to starting a business. Related: __https://www.youtube.com/embed/CqkuWmRof5k
Your No. 1 Goal: Work Smarter
One of the great things about technology is the barrier to entry when starting a business is so low, anybody can do it. But that's also the problem: Everybody can start a business, and it takes no money. It does not take much knowledge to start a business nowadays either, which is why so many people fail. We have a challenge when it comes to understanding that the one thing that we have that we can never get back is 24 hours in a day. I don't care what you do, you will never get 25 hours tomorrow. And a lot of people think that if they work harder, they will be able to be more successful. But it has never been proven that hard work will ensure success. Hard work will definitely ensure that you get tired, but it is not going to guarantee that you are going to be more successful. Working smarter will be the thing that makes you successful. And understanding that the path to success is leveraging other people for their time and other people for their money is paramount. That is how success happens. Related: How Can You Achieve a Mindset for Investing Success?
Money Is Just a Tool
Another challenge? We think that money defines who we are. Remember, money is just a tool to get you something. It is a mindset. We don't even see money anymore! You don't even have money in your wallet. Most of the time it's just a credit card. So, money is just something that's in our minds. We have a hard time identifying and getting past the struggles of borrowing too much money for debt, spending too much money on something, paying too much for a contractor or a vendor—and it's all because we put these limits in our mind of what money is worth. Remember, money needs to be treated as a tool. But it could also be something that can hurt you if you don't respect it and you don't treat it correctly. So, make sure you understand that when you are dealing with time and you are dealing with money, you've got to be effective and you've got to make sure that you're using it as best as possible to get you to your goals. It should be part of your strategy. You don't have to fear it, but I guarantee you: you must respect it and you must respect what it can give you and how it can hurt you. If you do that and you respect it, you will be able to have much more success than most people ever have. And your businesses hopefully will not fail—because you have a plan! Part of that plan will be how to leverage your time and how to leverage money. 