Entrepreneurial Finance


Entrepreneurial Finance
Before we go on to talk about your entrepreneurial success in the money term, let’s lay some foundation about money here. It is EXTREMELY important to understand it or you might break your bank, trust me.Money has no character till it goes to your hands. We all hear that “The love of the money is evil.”  Notice, it is the “LOVE” of the money, not the money itself. LOVE means you give yourself to it almost unconditionally!  When we say we LOVE a person, i.e. our spouse and children, regardless what they do, we still love them.  So imagine if you are willing to give in everything in life, just for the sake of money…that’s when things go to the wrong direction.

Money is just a tool, it is the same as your pens, computer, car…anything you are using to build your business.

I learned something long ago about money,

  • The more you chase after it, the less you will have it. It is the spiritual law of everything! Think about it, take dating as an example, the more you chase after your date, he or she doesn’t feel you are that attractive any more, and it probably ends up you lose the date, right?  Same does the money.
  • Sowing is important! Whether you like it or not, Sowing and Reaping is another key spiritual law for your finance.  We are all familiar with this saying: “You will reap what you sow.”  So why when it comes to the money-related sowing, many of us are not dong it, and still expect to reap the great harvest from the zero-to-little sowing? A shifted mindset is required!

 

When you sow into another person’s dream or organization’s cause via your money, you are demonstrating your influence to the atmosphere about… guess what? The money in your hand! Now you have given your money a character, the character of entrepreneurial love, and as you continue to sow, you surely will reap the fruits of the love! Just look around those highly successful people like  Bill Gates, Steve Jobs, Donald Trumps, Oprah Winfrey…why they are all giving/sowing? It is not just for the tax benefits!  They understand the “sowing-reaping” principle!

  • The mindset of being resourceful, use what you have in hand, so you can prove your great stewardship. When you do, you will be entrusted more.  I often teach this very principle to my children. Every time before we go to buy the next new toy, or school supply…they would have to show me the condition of they current ones, and we would also talk about how they have enjoyed them or used it.  Is it possible we find a new way to use it (long jeans can turn to a pair of hot shorts, if the waist line still fits.) It is not that we cannot afford to buy new ones, but my husband and I desire to instill the principle to our children of being resourceful, and not to waste.

Interesting thing is the more they demonstrate this principle, the more they are blessed with new things.  For example, there were countless time when they cleared out their toys and closets, categorize them into “to give”, “to create”, and “to throw away”…someone in our sphere of influence would pop up and buy them new things without the knowledge what they were doing.  They surely has their “Entrepreneurial Finance” going on pretty well.:)

As a family we experienced as we were looking for a larger home 3 years ago, our desire was just one more bed room to be able to accommodate our parents when they traveled afar to visit us, so we don’t have to put them in the hotel.  6 months before our searching for new home, we started renovate our home at the time, the mindset was to set it up at its top condition, so it can bless the family whoever moves in.  As we showed our great stewardship, paint the walls ourselves, upgrade kitchen and bathroom….the result, we are blessed with a double sized new home with fully decorated and upgraded, as it was a model home at $200K less than the market price!  The principle worked!!!

 

  • The most precious resource is your time. I learned the below from Brian Tracey:

“Your time is really all you have to sell. How much time you put in and how much of yourself you put into that time, largely determines your earning ability.   Poor time management is one of the major reasons for poor productivity and under achievement in every industry in America. It is the number one problem for both managers and salespeople in every field.   Time and money can be either spent or invested. To a certain degree, your time and your money are interchangeable. If you spend them, they are gone forever. You cannot get them back. The become sunk costs in your life.

On the other hand, you can invest them, in which case you get a return on them that can go on and on. If you invest your time or money in becoming more knowledgeable and better skilled, you can increase your value. By increasing your ability to get results for yourself and others, you increase your earning ability, your personal cash flow, sometimes for your entire career. One of the smartest things that you can do is to invest three percent of your income every month back into yourself on personal and professional development, on becoming better at the most important things you do.

There is nothing that will give you a bigger and better “bang” for your buck than reinvesting some of your time and money back into your capability to earn even more. All wealthy and successful people have learned this sooner or later, and all poor and unhappy people are still trying to figure it. “ So use and invest your time wisely to achieve your entrepreneurial success!

  • In order to make more money, you need to add more value! The price your clients are willing to pay is not just a number. but a combination of perceived value in 3 things: the service/work you provide, the level of excellence you demonstrate, and the difficulty to replace you. The most successful people in the market place are those who constantly seek to learn more, contribute more, and serve more; and eventually they are the ones making more money!

As always, your comments and sharing are much appreciated!
much love,


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