Guerilla Innovation- Chapter 12
Having a Healthy Money Mindset
One major factor that stops people from making the jump into business ownership is their relationship with money. Before I get into ways in which entrepreneurs (aka ‘guerilla innovators’) can get funds, a blurb on the whole money mindset is in order. Money, because of its importance, is deeply entwined with our thinking. It is often an emotional relationship. These emotions about money can inhibit creativity and put a damper on innovation.
Before you go out fund raising, think about these statements:
- Do you have a problem with asking for money? Do you have a fear of rejection?
- Do you worry you can’t prove or persuade others you and your concept are worth the investment?
- Do you have a deep belief that you don’t deserve success and good things in your life?
- Do you have a belief that the system is rigged to the point you can never beat it?
This is a partial listing. Suffice to say the relationship people have with money is complicated. Books have been written about it, in fact, a speaking industry colleague, Steve Seibold just published: How Rich People Think. Steve’s book is a deep exploration on how people think about money and how it limits or empowers them. Or, read the old classic The Millionaire Next Door. Essentially, it’s important to be aware of how you think about money, you may need to change your thinking!
Here’s the Guerilla Innovators Guide to a Healthy Money Mindset:
- Money is not evil. Money is necessary to function in today’s world. It’s what buys food and pays the rent. Evil happens when people do things just for money. If you are delivering value to a customer it’s not evil at all, it’s the opposite, you’re helping others, and yourself — it’s a win-win. Compensation for your work or product is fair.
- Don’t be afraid to say or think that you desire money. Let’s be clear, the object of business is to get money in exchange for something of value. Even in social innovation, money is key to survival and continuing good work. Just because you want money doesn’t mean you’re greedy. Greed is about money for money’s sake and if that’s where you’re coming from, well, I would suggest you are out of balance. Money is a means to an end, not the end itself. Money funds your lifestyle, supports your family, and enables your personal and business career. Money is not success. Success is doing what you want to do (my view).
- Asking for money doesn’t make you a beggar. Asking for a handout is begging. Asking for funds to implement an idea is a business proposition. Raising funds, you are not going “cap in hand” to a potential customer, loan officer, or angel investor. You are asking another business person to invest, there’s a big difference. Do not assume “low status” – no matter what you’ve ever done or what your station or perceived class in society is does not matter. What matters is your value proposition, take pride in it, you thought it up! You’re a business person — people either invest or they don’t.
- Use Your Imagination. You may have never had a significant financial success. You may come from a family that lived hand-to-mouth. My family just got by for many years — so I get this – it has you feeling that it’s all so impossible (cue “Sixteen Tons”). But here’s the thing — you’ve got to believe you can raise, and have, money. You have to see yourself and think of yourself as crossing those thresholds. Imagine yourself with money – it detail. Meditate on how it will feel, look, and be. You can fanticize, and, imagine the real impact, and how you can grow your business and do more of what you want to do.
- You’ll hear “No” a lot, get used to it. You may have to tell your story (and it should be told as a story) many times. Face the fact you are going to hear “No” in its many forms, a lot. Shake it off like a wet duck and keep asking. The more No’s you get the closer you’ll be to a Yes. You’ll get to Yes if you keep after it and if you have something worthwhile. Oh yeah, don’t forget to ask why they say No. Then adapt!
- The system isn’t fair. So what? One has to be creative in working around this fact of life. Is it fair some people are born on third base and think they hit a triple? No, but it’s a waste of time and energy to dwell on it. This whole book is about how to out think those with more resources, so, read it and get to work. Or, you can whine about it and get nowhere. You choose.
This post is the 12th chapter/module in an online innovation book tailored for small business. The working title is Guerilla Innovation. If you want to start at the beginning and read the entire book, start at the introduction, here.
Chapter is 13 is next, Keys to Entrepreneurial Survival.
The pre-cursor book to this online book on small business innovation (aka Guerrilla Innovation) is Jack’s Notebook, a business novel about creative problem solving. This is a great story that blends all the concepts of Guerrilla Innovation into one fast-paced, thriller type book. Yes, Jack does Notebooking and a form of Scaffolding as part of the story. Stories are a great way to integrate learning!