Phyllis Shallman -How Entrepreneurs Think About Money

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Phyllis Shallman -How Entrepreneurs Think About Money

Entrepreneurship demands a specific mindset about money.

Ask a friend this question—“what would you do with $1 million?”

Your friend will pause, look at the ceiling for a moment, repeat the question to themselves, and then say something like…

“Well, the first thing I would do is plan a trip to Europe. I’ve always wanted to go, but I’ve never been able to afford it.”

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Or…

“Down payment on a new house. Definitely. We’ve outgrown our place and we’re ready for the forever home.”

Or, if they’re really savvy…

“First, I’d knock out all my debt. Then, I’d use half of what’s left to generate compound interest. Then, I’d see about a condo down in Florida.”

These responses are well and good. But they show that your friend is no entrepreneur.

An entrepreneur would instantly respond…

“I’d use it for the business.”

Translation—they’d use the money to make more money.

Maybe they’d use the money to hire an ad agency to run a marketing campaign, driving revenue through the roof.

Maybe they’d use the money to hire more workers, exponentially increasing their ability to serve clients.

Maybe they’d use the money to purchase software or hire a third party to streamline their workflow, boosting their efficiency.

Everyone views money as a tool. It solves problems. Living in a house that’s too small? That’s a big problem. And money can easily solve it.

But entrepreneurs see money as a tool to earn even more money.

To start thinking like an entrepreneur, ask yourself this question—how can I use my money to start making more money? There are only a few answers to that question, and the right one will lead you down the path of starting your own business.

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