When I started my journey as an entrepreneur, I had an employee mindset, where I was used to working and getting paid right away for my work in the form of a salary. I had to shift that completely as I was building my business, because having an entrepreneur mindset is a completely different ball game. As I mentioned, as an employee, you have the mindset that you get rewarded for the work you do on a weekly or monthly basis through your pay. And every day, whatever you put in, you usually get out through the compensation of your salary. So that's the income level that you receive which is predetermined by your employer and role.
When you build a business, it's the contrary. You are usually putting in a lot of time, energy and monetary investment up front. A lot of times, that is going to come back to you as a return on investment, probably many months down the line or even years. So, first you have to reap so that you can sow at a later season. You are always working 5 or 10 years ahead in time.
This is especially true as a beginning entrepreneur, where I personally built my business while I was also working full time still. I was able to replace my salary, before I made the pivot to full time entrepreneurship. This was not because I understood these concepts back then but because I had to be practical and resourceful as I needed my salary to cover my expenses as I was building my dream, my baby, my business.
While growing a business, we can't just rely on the sales that we are able to produce. We have to make a lot of other investments in the form of expenses. So just because you have a client and you're receiving a certain amount of income from them, does not mean that you get to take home 100% of that income, right? You have to plan ahead for taxes, other tools you've invested in, mentorship, etc.
Being mentally and practically prepared for these is crucial so that you build a successful business.
Love to invite you to listen to more valuable content as a visionary entrepreneur that will help you level up to the next level in our podcast: https://podcasts.apple.com/us/podcast/the-life-school-masterclass-show-with-elona-lopari/id1503411712
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