Why Your Background Does not Determine Your Wealth

Usually when you are a small business owner, people are quick to judge that you came from a working class family or you came from poverty. In that case, however, that is not something to be ashamed of, instead it is something to be proud of. It is proof that you are exerting your best effort to uplift your circumstances. And, mind you, there are a lot of small business owners who are successful in their entrepreneurial pursuits.

To be successful, one of the actionable steps is in your mindset. Listen to this episode and learn what actionable steps to take to achieve success regardless of where you came from.

Here are a few insights you’ll hear in today’s show…

  • Actionable step number one - Your mindset. What is the growth mindset and why is it important?
  • Actionable step number two - Building a strong network for support
  • Actionable step number three - Learning from others, not only from others but from various resources that are available.
  • Actionable step number four - Networking and building relationships.
  • Actionable step number five - Taking Action
  • Actionable step number six - Overcoming challenges. What are the keys to overcoming challenges?

Resources:

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Welcome to the Financial and Lifestyle Freedom Podcast. As small business owners, we all have different backgrounds and experiences that have shaped us into who we are today. And while some people may believe that their background determines their level of success, it's important to understand that this is simply not true. And that is exactly what I'm going to be discussing in today's episode. So, let's dive in. 

Hey, everyone, my name is Annette Ferguson, I am CEO of  Annette and Co, Uk based accounting firm. I am a chartered accountant, certified Profit First professional and small business growth strategist. 

And today we are speaking about why your background doesn't determine your success or wealth in your business. There are of course, countless examples of successful entrepreneurs who come from all sorts of backgrounds from working class families, to those who grew up in poverty. In this episode, we're exploring why your background doesn't determine your wealth and providing you with actionable steps to help you achieve success regardless of where you came from.

6 Actionable steps to take to achieve success

1. Your mindset.

And let's start with the importance of mindset. One of the most important factors in achieving success, whatever that means to you, as a small business owner is mindset. It's all too easy to fall into negative thought patterns and believe that your background will hold you back. However, by adopting a growth mindset, you can begin to see the opportunities that are available to you. A growth mindset is all about believing that you can develop your abilities and achieve success through hard work and perseverance.

This means that you're not limited by your background or circumstances but rather, you see them as challenges that can be overcome. By embracing a growth mindset, you can begin to focus on your strengths, work on your weaknesses, and of course, take advantage of the opportunities that may come your way. Actionable step, take some time to reflect on your mindset. Are you stuck in a negative thought pattern? Or are you open to new opportunities? If you find that your mindset is holding you back, make a conscious effort to move forward into a growth mindset.

2. Building a strong network for support.

And number two, building a strong network. Another important factor in achieving success as a small business owner is having a strong support network. This can include friends, family, mentors and other entrepreneurs and business owners who have been through the same struggles that you are currently facing.

By building a support network you can gain valuable insights, advice and encouragement that can help you overcome the challenges you're facing. Additionally, having people in your corner can provide you with the motivation and accountability you need to help you keep pushing forward. So, action point, identify people in your life who can provide you with support, encouragement and advice. This might include family members, friends, mentors, or other business owners, but make a conscious effort to reach out to these individuals and help build a strong support network for yourself. 

3. Learning from others.

And thirdly, learning from others. One of the best ways to overcome the challenges that you may be facing is to learn from others who have been through similar experiences. There are countless resources that can help you gain valuable insights into the world of small business ownership, including other podcasts, dare I say, YouTube channels or blogs, the works. For example, you can read books, attend conferences, as well or join online communities to learn from other entrepreneurs who have achieved success.

By taking advantage of the massively available resources, you can gain valuable insights, learn new skills and avoid some of the common pitfalls that many small business owners face. So your action step is to identify a few resources that you can use to learn from other entrepreneurs. This might, like I said, include books, podcasts, online communities or conferences, but make a plan to take advantage of these resources on a regular basis. And whilst I'm speaking about this, I would be silly not to mention to make sure that you subscribe, of course, to this podcast, the Financial and Lifestyle Freedom Podcast with me Annetter Ferguson

4. Networking and building relationships.

And next, networking and building relationships. Networking is another key factor in achieving success as a small business owner. By building relationships with other entrepreneurs, industry leaders and potential customers, you can expand your reach and gain valuable insights into the marketplace. Additionally, building relationships can help you identify new opportunities, gain referrals and collaborate with others to achieve your goals.

By networking and building relationships, you can increase your visibility, your credibility and position yourself as a leader in your industry. So your action step is to make a plan to attend networking events, conferences or other industry events on a regular basis. These can be face to face or they can be virtual. Be intentional about building relationships with other entrepreneurs, industry leaders and potential customers. 

5. Taking Action.

And next, taking action. Ultimately, the key to achieving success as a small business owner is to take action. It's not enough to have a growth mindset, build a support network, learn from others and network if you don't actually take action on your goals and aspirations. Taking actions means setting specific measurable goals and developing a plan to achieve them. This might involve breaking down larger goals into smaller, more manageable tasks and milestones and setting deadlines for those.

By taking action on a regular basis, you can make progress towards your goals and build momentum that will carry you forward. Your action step here is to identify a specific goal that you want to achieve and develop a plan to achieving it. Break down the goal into smaller manageable tasks and set deadlines for each of those tasks. Then take action on your plan on a regular basis.

6. Overcoming challenges

Next, overcoming challenges. As a small business owner, you are bound to face challenges along the way. Whether it's financial setbacks, difficult clients, or unexpected obstacles. It's important to be prepared to overcome these challenges and keep pushing forward. One of the keys to overcoming challenges is to remain flexible and adaptable. This means being willing to adjust your plans and strategies as needed in response to changing circumstances, whether those be internally within your business or external.

Additionally, it's important to stay focused on your long term goals and stay positive in the face of any adversity that you may face. The action step here is to identify a few potential challenges that you might face as a small business owner and develop plans now to overcome them.  Consider  different scenarios and be prepared to adjust your plans as needed. 

Recap of actionable steps

See, your background does not determine your wealth as a small business owner. By adopting a growth mindset, building a support network, learning from others, networking, taking action and overcoming challenges, you can achieve success regardless of where you come from. And remember, of course, the road to success is not always easy, and there will be setbacks along the way. However, by staying focused on your long term goals and taking consistent action, you can build a successful small business and achieve the financial freedom that you desire. So go out there, take action and make your dreams a reality regardless of your background.

Thank you so much for tuning in today to the Financial and Lifestyle Freedom Podcast with me, Annette Ferguson. Please do remember and to subscribe, in whichever podcast player you happen to be listening in today. It would also mean a huge amount to us if you are able to leave us a review. Again in whichever podcast player you happen to be listening. Reviews are the way that other people find and benefit from the podcast. So it would mean the world to me if you can do that, too. Take care, and I'll speak to you soon.

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About the Author

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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