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The path to becoming a wealthy entrepreneur begins with identifying scarcity and saying ‘No’ more often


April 22, 2021

5 minutes of reading

Comments expressed by Businessmen the contributors are their own.


There are more than enough courses, coaches, consultants and internet marketers that promise you wealth by buying what they’re selling in a Facebook ad. You said you could get a simple system that leads to millions of them.

These ads appeal to entrepreneurs because there are too many businesses that don’t create the wealth you would expect when starting a business.

Whenever a piece of content is published, it has an inspiring story about someone who has cracked the code and gained wealth – entrepreneurs flocking there because they want to know the secret. Biographies of famous entrepreneurs are selling well because people think the answers lie in those stories.

While you should research, analyze and motivate yourself, the path to becoming a wealthy entrepreneur begins in your mind. Your mind is the foundation for creating wealth. Without the right money-making mindset, you’ll never see the way to build wealth. That’s why so many of the lottery winners go bankrupt or the stories we see about big-name entrepreneurs whose businesses are now home to cards because of their money habits. .

Becoming a rich entrepreneur starts with the vision and path of building a rich mindset and a relationship with money. Here are four mindset shifts that help entrepreneurs go on the path to wealth and success.

1. Eliminate all forms of scarcity

Have you seen something you want to buy – that you need – and think, “How expensive”? It could be a pair of running shoes or a new MacBook. If you think about it logically, the value is there, but you let the thought of scarcity convince you that the first thing you should think of is price.

Have you ever thought of hiring a coach, consultant or taking a course, but balked at the five-figure price tag? Assume the service or service provider can deliver – how much more value will your business have to offer?

Scarcity is the root of all money problems. That is what prevents entrepreneurs from achieving that next level of growth. It also manifests in other ways, such as desperation to sell to potential customers.

The scarcity repeats wealth and the opportunity to increase revenue. Realizes that there are 4.5 billion Internet users everyday. In 2019, e-commerce sales reached 3.5 trillion dollars, according to Statista.

There are enough opportunities and wealth for those who are willing to work to get it. Changing your mindset toward wealth is the first step toward creating it.

Related: Creating wealth is different from maintaining wealth

2. Refuse to accept less than you offer

You are an entrepreneur. You have built a value-added business. You can and should charge a fair price for what you offer.

When times are tough and sales are slow, there is a temptation to make deals to end sales. The point is that you are killing your position in the marketplace and you are training consumers to buy only your products and services that are on sale.

Don’t include your price. When was the last time you saw a on sale Rolex? Your products and services are Rolex-class – don’t let consumers buy your Rolex at Walmart prices.

Wealth creation happens when you knowingly charge a fair price and refuse to accept less than you deserve.

Related: 8 money mistakes to avoid on the way to riches

3. Let the door hit them on your way out

When you decline your pricing decision and root out scarcity, you will have customers who will test your resolve. They will try to exchange goods, pay late, complain when there is no reason and get more than they paid for.

You’ve heard that before, but you can’t be afraid to let customers leave or fire them outright. Let that door hit them as they switch to another carrier while you regain sanity.

Rich entrepreneurs focus on working with ideal customers. They take over and keep the right ones. Not every customer is right for your business. The road to wealth is flooded with customers that makes business interesting and what you envisioned.

Related: Now is a good time to explore how to grow your wealth

4. Step into your earning ability

We talked about online opportunities. At no point in history had so many consumers been in the same place. If you are going to become a rich businessman, you must free your inner Phoenix and step into your earning power.

You must start each day focusing on your business and the things that generate revenue. When you work with customers, you can easily get lost in customer response – you have to put your business first.

Optimize how you spend your time, don’t be afraid to advertise and sell what you have to offer, and join more sales conversations (after checking out). Know your numbers and set seemingly impossible goals. You can do this.

Related: 3 simple words will help you build wealth

This is a great time to be a wealthy entrepreneur and take advantage of the opportunities that surround us. Change your mindset about money and start your path of wealth, freedom, and the ability to spend time doing what makes you happy.

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