052 From Employee to Entrepreneur: Embracing the Right Mindset
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Are you ready to shift your mindset from employee to entrepreneur? Join me as we explore the key characteristics of an entrepreneurial mindset and how it can transform your business. But remember, not everyone is cut out for this path... Can you handle the uncertainty and constant innovation?
In this episode, you will be able to:
Discover the mindset and characteristics needed for entrepreneurial success.
Understand the key distinctions between an employee mindset and an entrepreneurial mindset.
Determine your suitability for the entrepreneurial path and explore ways to enhance your entrepreneurial potential.
Persistence is key to being successful in entrepreneurship. Those who are willing to persist, take risks, and turn their ideas into reality have a higher chance of success. - Regan Bashara
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00:00:00
Hey everybody. Welcome to another episode of Money through Ease. The difference in today's episode is that I have done some vocal warmups beforehand. I don't know if anybody follows Cheryl Porter on TikTok or YouTube, but she is awesome and I love her. And I decided to do a little vocal warmup of hers before I recorded to see if that kind of helps my voice at all, helps the quality of the audio, I don't know.
00:00:26
You let me know if you notice anything different about this episode or not. Anyways, I wanted to come on today and talk a little bit about entrepreneurship and I wanted to answer some questions that I think some folks might have. If you're thinking about starting a business or if you have an idea of something that you'd like to do as a side hustle. I don't think I've been asked these questions specifically, but it's just a couple of questions that I've found myself kind of reflecting on and I thought I would just share those answers with you. So if you're new here, welcome.
00:01:03
We talk about money and entrepreneurship and business ownership and how to relate to your business finances on this podcast. I've just started having guests. If you listened to the episode before this one, that was an interview that I did with my mom who is a computer programmer by day and a quilting content creator by night. I hope you really enjoyed that episode. If you haven't listened to it yet, go back and listen for sure because we talked all about side hustles and monetizing content creation and I thought there was a lot of really great gems and I'm just so excited that she agreed to come on and talk.
00:01:40
I think it's easier if you're already a content creator to feel natural to come on and do a podcast episode or interview. So I'm really grateful that she came on. We are going to have more guests in the future and if you're interested in being a guest on this podcast, reach out to me, get on my email list and just respond to any of the emails that I send out. Let me know if you'd like to be a guest. I do have an application available so that we can see what kind of topics you'd like to talk about.
00:02:08
Anyways, go listen to my mom's episode me and her last week and this will be episode number 52. And this is not actually the 52nd episode that I've done. I've done like a bonus here and there. I had my little intro episode which has the most listens out of any episode of my podcast. And so this is not exactly the one year mark of this podcast, but I do think it is significant that I am now at episode number 52 of the numbered episode.
00:02:38
So technically I've been doing this podcast for a year and I just wanted to come on and talk to you all about what I think of entrepreneurship, who is more acclimated to become an entrepreneur. So we're going to answer those questions today, but make sure that you follow this podcast on whatever listening platform spotify, Apple Podcasts, Google Podcasts, Stitcher, whatever, and leave us a rating and review. Let me know what you thought. I'd love to hear feedback from folks and I really appreciate if you take the time to message me or leave a review. It means a lot.
00:03:10
So, question number one with regards to entrepreneurship, is it an inherited trait? Is entrepreneurship a trait that you can inherit? I highly doubt that there is any empirical evidence, scientific evidence, peer reviewed and studied evidence that people are naturally born to be entrepreneurs. There may be some overlap in the Ven diagram of people that have some sort of neurodivergence or race, gender, class, all of that. Like whatever identities you hold.
00:03:47
There might be some overlaps, some big ones, between some of those identities and entrepreneurship people that go out and start businesses or always have ideas flowing through their heads that they need to act on and see to fruition in their lives. But I don't think there's actually any evidence that necessarily supports that as like an inherent truth or fact. So no, I don't think entrepreneurship is an inherited trait. What I think is that everybody could be an entrepreneur because I think that it's just one of those skill sets that you decide that you want to learn or that you want to do and then you just go do it. Like, you either figure it out and do it and make it work or you don't and you decide to do something else.
00:04:30
Which I guess the opposite of entrepreneurship would be like finding some sort of passive income or working as an employee for other businesses. So I don't think it's an inherited trait and that means that it's just not something you're born with, which means that anybody can become an entrepreneur. So no, I don't think it's an inherited trait and I think that that gives folks a lot of freedom to decide whether or not it's a path that they want to follow if they want to make a career out of entrepreneurship, out of being a business owner. And when I say entrepreneurship, I mean you can start one business and work that business until you sell it or close it and retire and do something like not work anymore. Or you can be one of those entrepreneurs that is like a serial entrepreneur.
00:05:20
They always have ideas for different businesses. They start businesses and then they sell them quickly or they close them and move on to the next business. So you can be either like a one time entrepreneur, you can be a serial entrepreneur, but it is something that is a skill and just a decision that you make for yourself about how you want to work and make money in the world. So the second question that I kind of was mulling over was what would make someone more acclimated to entrepreneurship? So if someone were asking me this question, I think the bottom line of this question is what would make somebody more successful at entrepreneurship than other people?
00:06:04
And I would have to say that persistence is key. You really have to persist at something and be willing to persist at something and to keep trying things to make it work. So if you are more acclimated to entrepreneurship, maybe you're somebody who is okay with taking a certain level or amount of risk in your life and your career and your finances. Maybe you're more acclimated to entrepreneurship because your brain works a different way and you just constantly have ideas that pop up all of the time that you have to sit and write down each one. Something that my mom and I talked about on the last episode was like how to handle all those ideas.
00:06:48
That flow of creative ideas that you have all the time that seems like it never stops and you can't even keep up with it and if you forget to write it down, then it's just gone and it could have been something great or really useful or successful. I think the folks that are more acclimated to entrepreneurship have that natural flow of ideas that can just generate new concepts, new frameworks, new products, or offers or ideas on how to make somebody's life better and they just have that flow turned on all the time. It's like a faucet that's just never turned off. And the folks that can turn any of those ideas into successful business endeavors or successful offers or products, what have you, are the folks that already have a system to write down those ideas and see them through to fruition, make them be realized in the world, like manifest that right. So I think folks that are more acclimated to entrepreneurship tend to be the people that just have a constant flow of ideas and who also have some way to work through those ideas, see what might be a viable offer or product, what really was just a spark of a neuron that nobody needs to put any stock in.
00:08:14
Knowing how to sift through your ideas and see which ones can actually hold water and then having a system to realize it and manifest it in the world, the physical world, the digital world, virtual, whatever. But having all these ideas, what are you going to do with them if you don't have a way to implement them and to build them out and to flesh everything out and really sit down and work through the details of what it would take to kind of get everything set up and actually offer it as a service or a product to somebody. So if that's you, you're the person every other day you have an idea for something that you can do and actually monetize entrepreneurship might be something that you're just more acclimated to. But especially if you have the spark of an idea, you have some sort of inspiration and then you go do something about it. Like you buy the hooks and the yarn to learn how to crochet because you had a wild hair up your ass one day and you wanted to learn how to crochet plushies or something or blankets or hats.
00:09:15
See. There I go. Just immediately off to the races. So if that's you, not only do you have ideas of like, oh, that would be super cool. Oh, I think this actually might have some sort of value.
00:09:27
People would pay money for that thing. What would I need to do? Okay, I need these materials. Okay? I need to have this sort of social media following.
00:09:34
I need to create an email list. I need to have a storefront or a restaurant where I go sell the food or a food truck or something. You not only have that spark of inspiration that excites you, but you can see the next five steps ahead of that path for that idea and then you start to take action. That's just my opinion. You can disagree with me if you want to, but people that are more acclimated to entrepreneurship, I tend to notice that that's kind of how their brains work.
00:10:02
Everybody's brain is different though. So the next question that I was kind of pondering was who shouldn't become an entrepreneur? And I'm not one to should anybody. Like, I don't tell my clients what they should or should not do. I make recommendations.
00:10:15
And that's the same thing here on this podcast. I might recommend to you to make an estimated payment because your business is at a profit. Or I might recommend to you to consider being an S Corp instead of a sole proprietor and then actually take an owner's salary. But I'm not going to tell you what you should do 100% and draw a line in the sand and give you an ultimatum and be like, if you don't do what I tell you to do, we're not going to be working together anymore. So I'm not shooting anybody here.
00:10:44
But when I'm considering who would make a quote, unquote, good entrepreneur, a successful entrepreneur, and I think about people who shouldn't become entrepreneurs, I think the obvious answer to that question is folks that are just fine showing up to work and getting a paycheck. And there is nothing wrong with that, right? We live in a capitalist economy and society where in order to have housing and food and health care and rest and time and resources and all that, in order to have that you need to show up and provide some sort of labor or service to somebody and they pay you money for it. And then you turn around and spend money on the things that you need to survive. That's how our economy works.
00:11:30
So there's no shame in just wanting to show up to a job to collect a paycheck so you can survive. That's how the system is set up and there's not many of us out there who want to or can choose to opt out of that. Right. It's a very ableist thing to say that everybody could just opt out of capitalism. No, because of the way that capitalism is structured, your body and your labor only have a monetary value in the market so far as you can provide a service to somebody else.
00:12:05
And then you have to give up your time, energy, resources in order to get paid so that you can survive. So that's fucked up. And it's okay to just want to show up to make a paycheck, to take home and do the things you actually want to do with your life in your spare time. So if that's you, there's nothing wrong with that. But I don't know that you should become an entrepreneur if you would prefer the comfort and consistency of a salary and health care and things that you just check a box and sign up for and then you show up to work and the systems have already been put in place by your employer.
00:12:50
You're given the tools and resources that you need to do your job. You've got somebody managing the work that you do, whether micromanaging or just kind of like giving you the systems and the procedures and then letting you go at it. If you're fine just kind of showing up and not having to put too much creative thought or effort into that job, then that's perfectly okay. But you might not be suited to be an entrepreneur. Then I find that people who run businesses probably want to be coming up with new things in terms of products or service offerings all the time.
00:13:27
They're always looking for what can I do next? And it's like a little bit of a thrill or a rush to have a new idea that you actually see as viable and valuable that somebody else wants to pay money for. And then you go out and start putting that shit into action and you start manifesting that idea and building the framework and creating the systems for it and then starting to sell it. Right. There's a little bit of a rush associated with that cycle in entrepreneurial life and people who are more comfortable and suited and I don't know about suited.
00:14:03
I guess everybody's suited to be an employee. Everybody is suited to just show up and do some sort of job. But people who are more comfortable or feel more secure and don't need that rush, don't even want that rush. Probably aren't suited to become entrepreneurs unless they have some pretty serious mindset shifts. So you would have to shift your mindset.
00:14:28
And I mean, I'm telling you this pretty much as a universal fact. If you want to go from being an employee for somebody else to running your own business. You have some serious mindset shifts that you need to do to make that transition. Okay? Just trust me and you can ask any entrepreneur, any business owner ever.
00:14:50
It is a big mindset shift. Like I said, I'm not going to should anybody. And I'm not going to tell you if you're comfortable right now, collecting a paycheck, showing up and doing a job, working for somebody else, if that's what you enjoy and you like right now, I'm not going to tell. You that you're never going to be an entrepreneur. That you should never be an entrepreneur because you might decide later that that's what you want to do.
00:15:11
And it's a skill that you want to learn, and it's something that you want to develop for yourself in terms of your mindset. You can totally decide to do that whenever you want. But I think the people that should not choose the entrepreneurial path are the folks that really rely on and insist on that comfort and consistency of just showing up and working for somebody else, doing a job, collecting a paycheck. And you can totally work as an employee for somebody else and work a job and do more than just collect a paycheck. Right, but I think what we've seen recently in the culture is this idea of quiet quitting, which is just like having good work boundaries and showing up and doing what you're being asked to do.
00:16:01
And how is that quiet quitting? It's doing what you're supposed to be doing but not going above and beyond for a job that you just show up and collect a paycheck for. I don't think it's right necessarily for employers to ask above and beyond of their employees ever. I think that's silly. If you wanted something that's above and beyond what's in the job description, you would expand the job description and define exactly what that means and then have performance measures that you would guide that employee through and be like, this is now what we're looking for.
00:16:37
But anyways, we don't even need to get started on that. So it's not that there are certain people that shouldn't become entrepreneurs ever. It's that if you are considering starting a business, becoming an entrepreneur, doing a side hustle, and your intention is to grow that side hustle, to support yourself with an income to where you could eventually quit your job, just know that it will require you to change the mindset that you might currently have about work and your career and your income. From I'm comfortable with consistency of just showing up to work a job and receive a paycheck. And to be told what to do and to not have to think outside of the box or be creative or come up with creativity might be a part of a job.
00:17:24
But just know that if you want to become an entrepreneur at some point, it's going to require some sort of mindset shift for you and that can happen for anybody. The last question is, is an entrepreneurial mindset required to run a business? And I think I've already answered this like yes, but actually maybe no because there are some people that start a business and then they have their clients or customers or their revenue and it is very consistent. It's like a flat line on their graph for what money they make month to month, year to year, and they're perfectly fine with that. That is not what I see from people that are in an entrepreneurial mindset where you are sitting present for the flow of ideas and inspiration to be doing the next thing in your business, to be always looking forward for what you're going to do next.
00:18:23
That to me is the entrepreneurial mindset. So I actually don't think that that's required to run a business. I think you can run a business by showing up to it as an employee of that business. You can be the owner of a business have systems and processes set up in your business for the work that you do and then just show up and do show up and check off the checklist the to do list, check off a box, do what you got to do to make the revenue, to run the business, to do the admin work, all of that. But to me, that is an employee mindset.
00:18:59
That is you showing up to a job and just to do the work that you've been assigned. You were assigned the work by yourself if you're the business owner. But that's not an entrepreneurial mindset. To me, an entrepreneurial mindset is that constant flow of creativity and inspiration of ideas that you sit for. You take it in, you write it down, and then you go follow through on some of those things.
00:19:24
You decide what to follow through on. You decide what to manifest. And by manifest, I mean sit down and work out the details, go start doing the things to make that idea become realized in the real world. I think that's what an entrepreneurial mindset is. So no, I don't think that it's required to run a business.
00:19:44
And I can help the folks with their bookkeeping that just want to show up and be an employee in their own business. Like, I can totally help you with that too. But the people that I love working with are the folks that are the entrepreneurial mindset people, the people that constantly have ideas. And every time I talk to them, which is like every month or every quarter or a couple of times a year or maybe just once a year, and they're like, all right, here's what we're going to be doing next year. We need your help to get us there.
00:20:13
Here's what we got to do to get there. I'm going to set this goal for myself. I need your help. And I'm like, cool, let's do it. I'm ready to go.
00:20:23
Saddle me up. I'm ready to go in on that with you. So just know that no matter how you want to start a business, no matter what kind of role you want to play or mindset you want to have in your business, that I can be there for you every step of the way. So if you're listening to this episode and you're an employee in somebody else's business and you want to become an entrepreneur and run your own business or run five businesses or run five businesses at once or five businesses one after the other in your life. I can help you bridge that gap by teaching you, first of all, how to do bookkeeping, but also how to relate to your business finances in a way that makes sense and is actually empowering to you when you freaking know your data.
00:21:08
That is where you're going to make empowered decisions from. And if you're in an employee mindset, you do not have the tools and resources available to you to sit for the muse, the entrepreneurial muse, sit for the ideas and inspiration that are going to come to you and then realize them. You have to shift into the entrepreneurial mindset for that. So I can help you with that. I am developing a digital bookkeeping course for entrepreneurs, for folks that want to go from employee to entrepreneur.
00:21:35
So whether or not you're working for somebody else right now, or maybe you're already running your own business, but you're still working in an employee mindset in your business and you want to shift to being an entrepreneur, let me help you with that. Get on my email list because right now I am offering an exclusive discount for folks who have invested in being my client. You'll find more information about that if you get on my email list. But I just want you to know that right now, I'm offering 60% off of my entrepreneurial bookkeeping course through December 31, 2023. The steps to that are go, get on my email list, and then you need to invest in one of my offers before December 31 in order to get that over 60% discount on Mind the Gap.
00:22:22
Mind the Gap is going to be releasing in April or May of 2024. That's next year. So I don't know when yet. But essentially, if you don't sign up for beta testing and get that discount now before the end of 2023, you're going to have to wait until after tax season is over next year. So if part of your plan is to get your shit together for 2023, have a good system in place for 2024 to keep your bookkeeping together, to actually set revenue goals and meet them to hire a workforce next year.
00:22:53
If that's all on your to do list, you need to become a beta tester of Mind the Gap right now because otherwise, you're going to have to wait until tax season is over in 2024, and then we'll be practically halfway through the year at that point. And I don't want you to wait that long. I want you to come beta test starting January 1, but you need to sign up by the end of the year. Get on my email list because all the details are in there. I know it sounds confusing, but it's really not.
00:23:19
You need to invest in booking a fourth quarter fling with me, having me do your catch up accounting, have me do your monthly bookkeeping, and then I'm going to invite you to be a beta tester of Mind the Gap. That's as simple as it gets. That's how it works. But I want you to have this opportunity to get in there before tax season starts because we're about to be off to the races, y'all. Holiday season is here.
00:23:43
We all kind of check out mentally from our businesses during the holidays, which is totally fine, but tax season is going to be here before you know it. So get on my email list for all the details for that. Thanks for listening. I appreciate you coming back. If you've listened to all the other episodes, that's amazing.
00:23:59
Make sure you leave me a rating or review of this podcast. Wherever you're listening, share with somebody else who needs to change their mindset about their business. And I'll see you all next week. Bye.