This is what my mentor she said to me on our very first coaching call:
“It sounds like you have some weird entrepreneurial thinking going on.”
With that, I was instantly reassured she was the right coach for me.
I’d been starving for someone to call me on my BS, show me where I’m getting in my own way, and help me bust out of the invisible box I’d put myself in. I knew she was going to do all of that and more.
Since that first session, she’s continued to provide that much needed higher perspective. She’s showing me how to think like the next level business owner I’m becoming.
That’s what the best coaches do for you:
They tell you how to think at the next level so you can get to the next level.
Otherwise, with your current-level thinking, you’ll stay at your current level!
Today you’re going to get coached on how to think at the next level so you can take your business to the next level, just like my coach is doing for me.
Specifically, you’re going to get insights into your own “weird entrepreneurial thinking” (WET for fun) and how it’s holding you back.
As you read through the examples, keep score on which WETs you need to shift.
By the way, they’ve all held me back at some point and still sometimes do, so don’t fret if you end up 5 for 5. In fact, celebrate it! Because once you spot it, you can immediately correct it.
Be sure to read every single one so you don’t miss any of your blindposts. Plus, you’ll discover which one held me back most recently.
Here we go…
WET #1: Sunk cost versus return on investment.
Small-thinking business owners look at business investments as sunk costs. They think, “That will cost me $xx, and then the money will be gone.”
They’re equating business investments to buying designer shoes, upgrading to first class, or even buying a car. But shoes, first class airfare, and a car are all sunk costs. It’s money spent on “stuff” with no upside other than feeling good in the moment.
Next-level business owners see business investments as… investments!
Investments create returns. This means you end up getting more back than you put in.
Let that sink in because it’s a big deal: You get more back than you put in!
Next-level business owners think, “Investing this amount and committing to making it back means I’ll earn back double, triple, or quadruple!”
They look at an investment as the seed that grows into their big dream.
Whether you’re looking to invest in programs like Make It Work Online or the Make It Work Online Mastermind, update your website, or add a VA to your team, learn to look at these as INVESTMENTS, not sunk costs.
Just like all good investments, when chosen wisely, you can expect to get a RETURN on that investment several times over.
This is why we make our program investments “no brainers.”
Each program is specifically designed to return at least three to four times its investment in your business.
And really, when you see an opportunity to earn back 3-4x your investment, wouldn’t you be crazy not to take advantage of that opportunity?
(Of course you would!)
WET #2: Earning before learning.
Small-thinking business owners think, “I have to earn the money before I can spend it.”
They think “earning before learning,” and they’ve got it backwards.
Just for a second, think about traditional business owners, like that hip new restaurant that opened downtown. Do you think they made money before they rented the space, remodeled the interior, ordered the raw ingredients, printed menus, and opened for their first customers? Um, no.
What about this: Do you go to college to get a degree to get a job but tell the college that you won’t put a penny toward your tuition until you get a job and earn enough money to pay for that education? Nope.
And finally, if you knew how to make more money in your business, wouldn’t you already be doing it?
Isn’t the fact that you aren’t or can’t the reason why you need the [whatever you’re looking to invest in]?
This means you have to stop expecting yourself to “earn before you learn.”
Next-level business owners understand they need to invest first, and in doing so, they know they’ll grow their businesses and create the 2-4x return they’re looking for. (See WET #1.)
To get to the next level, you have to invest like a next-level business owner and learn so you can earn (not the other way around).
WET #3: Letting fear take the wheel.
Small-thinking business owners let their own fear—or other people’s fear—take the wheel.
Whether you’re doubting yourself or letting your spouse or your best friend’s doubt take the wheel, one thing is clear:
You are NOT in charge. And that, my friend, is a terrible idea.
Even though they feel and hear the fear just as strongly as everyone else, next-level business owners don’t let it take the wheel.
They focus on the future they want to create, the actions they need to take, and the new beliefs they need to hold to make their dream their reality.
They take full control.
But even if you find that fear has more control than you want it to, there’s good news:
You can turn it around immediately.
Do that thing you’re afraid of. That puts you back in the driver’s seat right away.
Yes, it’s as simple as that.
WET #4: Lump sum versus month by month.
I was guilty of this one just a few weeks ago when my coach called me on it.
You see, we’re going to be hiring a new full-time team member, and I was panicked because I didn’t have her full year’s salary ready to pay her immediately.
My coach said, “Jenny, you don’t need to have her yearly salary ready to go. You only need to pay her one month at a time.”
Oh, right. I was getting a little ahead of myself there.
I was being a small-minded business owner thinking that I needed it all up front.
Next-level business owners think about the long-term return, and set themselves up to make that happen.
Like when I invested $25k in a mastermind when my revenue from the year before was barely that. Since we were living off of my business, it goes without saying I literally had no money to invest in a mastermind!
But in my gut, I knew it needed to do it to hit the next level.
That meant I had to shift this last one…
WET #5: Waiting and seeing versus taking charge.
Small-thinking business owners say, “I’ll make do with what I have for now. I’ll wait and see. Maybe I’ll invest next year.”
Nothing says lack of commitment to one’s own success than making do and waiting and seeing.
This mindset rips the power from your hands and the commitment from your heart.
But what’s really crippling is, it makes your next-level success negotiable.
Ask yourself: Is your next-level success negotiable?
Now, maybe you’re happy with your business and your income as they are right now. That’s fine if that’s your truth and not a cop out for fear of not being able to get to the next level or feeling like it’s not spiritual to aim higher.
Though if you’re not where you want to be with your business or your income, it’s time to think like a next-level business owner.
Next-level business owners make the next level non-negotiable. Usually this means deliberately pushing themselves into massive discomfort.
- Quitting my job cold turkey as the household breadwinner to start a business when I didn’t even have a website = massive discomfort
- Taking out a credit card to pay for a $25k mastermind when I didn’t have the cash = massive discomfort
- Committing to a first—and now second—full-time employee before the business revenue covers it = massive discomfort
But the other side of massive discomfort is the non-negotiable success we’re seeking.
Sure, this side seems safe and cozy, but is it really?
I mean, the inner angst of not achieving what you truly want…
The internal self-doubt that you haven’t gotten where you want to go…
The constant searching for the (non-existent) free advice that will solve all of your problems…
So stressful and such a waste of time!
Here’s what you do instead:
Be honest with yourself about what you want and make it non-negotiable.
Actively choose actions, beliefs, and investments that will move you toward the end result you want, and act on these things immediately.
Every day. Every moment. With every action. With every choice.
Now, back to my $25k mastermind investment…
Making more money wasn’t negotiable. We simply didn’t have enough to live on.
I needed to take charge.
I decided to not let fear (and there was A LOT of fear!) run the show and instead make deliberate, next-level choices.
Here’s what I did:
I BET ON MYSELF.
I bet on my work ethic.
I bet on my ability to learn.
I bet on my drive.
I bet on my commitment.
I bet on me.
And I took out a new credit card so I could start making payments since I didn’t have the money on hand.
I WENT ALL IN.
9 months later, I achieved a 3x return on the investment and then tripled my income the following year.
In just 2 years, I made 14x my initial investment. 14x!
I would not have gotten there without the pressure of the investment and the commitment to my non-negotiable success.
The same is true for the most successful business owners, our clients included.
When they’re making their biggest strides—and seeing those 3-4x or more returns—it’s when they’re getting coached. It’s when they’ve made their success non-negotiable. It’s when they bet on themselves.
Now, it’s time to get brutally honest with yourself.
What’s your WET score on the following:
- Sunk cost versus return on investment.
- Earning before learning.
- Letting fear take the wheel.
- Lump sum versus month by month.
- Waiting and seeing versus taking charge.
Are you 5 for 5 like I’ve been at various points in my business journey?
No matter where you are, the good news is this:
You know where you stand.
You know what to shift and how.
You can make those shifts RIGHT NOW.
You can shift them in an instant.
Just take the next step that’s right in front of you.