Home Advice For The Young At Heart Five Old Adages To Ignore When Starting Your Own Business

Five Old Adages To Ignore When Starting Your Own Business


By Steve Siebold, author of “How Rich People Think


Aspiring entrepreneurs today are facing a different kind of world from their parents’ generation. This new kind of world requires a new kind of thinking. When looking to start up your own business, it is critically important to say good-bye to some seemingly harmless old adages of the past. If we stick with the thinking of the past, we could end up like so many who came before us did – those who let their fears of the risks of entrepreneurship keep them from becoming their own bosses.

Today’s entrepreneurs know better. The great ones know that self employment is the fastest road to wealth. When thinking about starting your own business, make sure to focus on the future, not on the proverbs of the past. For example:

1. A penny for your thoughts.

This is usually a harmless phrase when people just want to know what’s on your mind, but be careful: if overused it penetrates the subconscious, you’ll start giving away your intellectual property for practically nothing.  Your IP and unique perspective can potentially be worth millions if packaged properly. To make your business work and succeed it is simply about trading solutions for money. The bigger the solution, the bigger the paycheck, so don’t give away your solutions for free.

2. Money is the root of all evil.

The real saying is actually “the love” of money is the root of all evil, but has been misquoted for centuries that most people believe money itself is the root of all evil.  Decide to be proud of your ambition and ignore people who tell you that wanting to be successful in business is wrong.  Don’t be afraid to take calculated risks when it comes to making your business thrive. Those risks will not set you up for a life of doom, but rather if you hold the belief that even if you lose, you can make it all back, that sets up you up for the opportunity to earn real money through serving people and solving problems. Successful entrepreneurs understand that making a lot of money doesn’t guarantee happiness, but it does make your life easier and more enjoyable.

3. Another day another dollar.

Aspiring entrepreneurs who believe that the more hours they work will add up to the more money they will make have it all wrong. That is backwards thinking. If you believe that, then once you feel you are crunched for time, you are telling yourself that you have no more time to earn more money. Big success and big money for your business require thinking about it in non-linear terms.  Do not simply trade time for money.  True business success requires thinking about it in non-linear terms.

4. It takes money to make money.

This is simply not true. To start your own business, all you need to have are great ideas that solve problems. It is that simple.  If you understand that, you will attract money like a magnet. Big investors are always on the lookout for the next million-dollar money-making idea they can sink their teeth and wallets into, that will yield millions more in return. No money, no problem.  Use other people’s money to get your idea funded and off the ground.

5. More money, more problems.

The idea that successful entrepreneurs are workaholics overloaded with so many problems they don’t have time to enjoy life, is another completely outdated and false belief. The truth is the more money you have, the more control you have over every aspect of your life. The more money you have, the fewer problems you have to personally address.

When thinking about starting your own business, remember it is not just about hard work. If hard work was the secret, every construction worker and cocktail waitress would be rich. Today’s business success is about a new kind of hard work. It is about focusing your efforts on the most profitable areas of your business while leveraging contacts, credibility, and resources to maximize the results of every action you take. It is important to work hard, but not in the traditional sense. Hard work now means to outthink your competitors and leverage the collective brainpower of your advisors.


Steve SieboldSteve Siebold is author of “How Rich People Think“, and a self-made multi-millionaire who has interviewed more than 1,200 of the world’s wealthiest people over the past 30 years. www.howrichpeoplethinkbook.com