The most accomplished entrepreneurs follow key strategies in to achieve their business success. According to many experienced business coaches and professional technology advisors, one of the most important strategy is to learn how to effectively and wisely manage and control one’s personal economy during the growth of an entrepreneurial venture.
In fact, personal economy management is so crucial that this ability alone can make or break the growth and success of a business! The following are some insights for achieving these goals.
Flaws In The Common Views Of Money
So many people today are caught up in a consumer-driven lifestyle — one that is built around the addictive accumulation of trappings that make them appear to be “as successful as” their neighbors. To many people, it doesn’t matter how much consumer debt they accrue, or how their future is mortgaged, as long as they can be seen in the “right” car and the “right” clothes and vacationing in the “right” location… nothing else seems to matter!
Well, the truth is that sound personal economy does matter, and it matters a lot. Entrepreneurs who build million dollar incomes do not operate this way. Yes, I’ve mentioned that “the best entrepreneurs cultivate a positive and successful professional image,” but they don’t do so at the expense of a strong personal economy!
Image isn’t everything… because after all, images can be deceiving. Living on credit and surviving from paycheck to paycheck guarantees a lack of freedom, whereas creating a strong personal economy allows for infinitely greater time-freedom and financial freedom!
Creating A Thriving Personal Economy
Entrepreneurs who understand their own business are passionate about managing and controlling all of their assets, and money is one of the most important. While it has become more feasible to market a new business with no money, it is also true that as a business grows there will be more finances available to manage, or to mismanage.
The very purpose of creating a business of your own is to be able to create significant income for yourself and lead the kind of lifestyle you want. In order to make this happen, financial focus is a key ingredient. Financial focus is what leads entrepreneurs to forgo unwise purchases for the moment, and build a business that will provide income for them throughout the future. Ideally, an entrepreneur doesn’t rely on any outside source or sources over the course of their careers, which is an incredibly liberating idea!
Keeping Control Of Your Personal Economy
The most effective way to manage finances well is to maintain an element of control over them. This usually will mean steering clear of many popular financial tools, such as incurring debt and a reliance on money managers and financial institutions for advice. The most effective entrepreneurs are those who find themselves with a significant and regular income of their own creation, and with little or no debt to counteract their money! This requires financial discipline and the ability to think differently than most, but isn’t that what entrepreneurship is all about, in the long run?