I remember the first time  she was learning the differences between pennies, nickels, dimes and quarters. We would play a game where she would be offered a “trade” and would have to decide if she wanted to make the deal. For example, I might have two dimes and offer to trade them for one of her quarters. It was fascinating to watch how in the beginning she would eagerly make that trade. I could also easily get her to hand over those two dimes for just five pennies. Of course, given her basic understanding of numbers – two was better than one – and five was certainly better than two!

Well, let me tell you, just a couple of years later, negotiating “financial deals” with my daughter is like going a few rounds with the toughest banker out there. She knows every penny she has earned doing her chores. And, should I have the misfortune to need to borrow a few dollars, when I don’t have enough cash for the babysitter – my seven year old is just about ready to charge me interest. On a basic level, she has received the financial education that keeps her from making the bad financial deals she could easily be persuaded to make in the past.

As a solo entrepreneur are you putting the necessary time and energy into your financial education to avoid making poor financial decisions?

The business world is a tough neighborhood. There are many out there eager to trade you two dimes for a quarter AND there are many lazy business owners who are content to believe that two is always better than one. This form of decision making is the absolute opposite of financial responsibility and will absolutely keep you from success.

Every day solo entrepreneurs face critical financial decisions that can make or break a business. When does it make sense to incur business debt and when is it time to cut back? Should you be investing any available capital and if so, what kind of vehicles will you invest in? Is it time to develop new products and services or should you increase the marketing of your current offerings?

Small business owners must be willing to learn. We must really understand money – the pitfalls to avoid and the ways we can leverage our resources to achieve maximum stability and growth. Visit http://www.AbundanceBoundSystem.com for the financial education you need to confidently make the decisions that allow you to create the success you desire and deserve.

I share this with you not to brag – but rather because, for me, this has been a pretty significant breakthrough that I think brings lessons I can apply to other areas of my life. For as long as I can really remember, certainly since high school, I have struggled with food and maintaining a healthy diet. For years I have known that I wasn’t eating particularly well – but dealing with it in any sort of lasting and meaningful way – has always seemed more than a little bit overwhelming. At least twice a year, I’ve discovered a new book at Barnes & Nobles, with the latest low carb or high protein or food combining “solution,” and have convinced myself that finally THIS is the diet I am going to follow. THIS one will be the answer to those extra pounds. THIS time I’m going to stick with it. I get started with a vengeance, making lists, hitting the grocery store, sorting through new recipes. And time after time, usually in less than a month, one day “off the diet” turns into 3 days, which turns into a full week…you get the picture.

So what changed? I think there was a powerful shift for me in defining what it means to be disciplined when it comes my diet.  First of all – you notice I said 90% vegan…In the past I have really hurt my chances of success by approaching eating with an “all or nothing” attitude. I tried to eat a certain way ALL of the time. For most of us this leads to feelings up deprivation that we simply cannot maintain long term. Now, if I really want a cheeseburger, I have a cheeseburger. If I go out to a restaurant or a party with friends, I don’t try to convince myself not to have whatever delicious things are being served. If I want them – I have them.

Another important aspect of my success with this diet has been my commitment to actual education. Not the latest fad…but actually finding and reading the research that has been done on the ways our bodies respond to the food we feed ourselves. I’m certainly not suggesting that there is necessarily one right way to eat. However, the key is that I have a clear understanding of why I am making the choices I am making. The more I read, the more committed I am to this change in lifestyle and the results I’m seeing right now, support the belief that I will continue to see amazing long term benefits.

What if we take these two “tips” and apply them to how we approach discipline in our businesses?

Specifically, I think that for many of us there are strong parallels between the ways in which we handle our diets and the ways we handle our money. Like being healthy, consistent money management and financial organization is not something that is going to happen automatically. It does take discipline to ensure that your financials are in order. You can’t organize those receipts or sit down in front of Quickbooks once or twice – and expect to have any last results. Still, acquiring this discipline is without question worth the effort as the rewards will certainly last a lifetime. Strong financial management and organization is the only way  you can expect to have the necessary information with which to make informed business decisions regarding your company.  As entrepreneurs we can also only  reach our financial goals and objectives if we regularly take the time to evaluate our progress, set new targets, and define the tasks required to hit those targets.

But I encourage you to look at whether you have been approaching financial management with the same “all or nothing” attitude that I mentioned earlier in this post. Are you perhaps guilty of having an image in your mind of what it means to really be on top of your financial situation – and then actually doing little or nothing because you recognize you are falling so far short of perfection? Do you dive into financial projects with a vengeance – spending hours  creating charts and sorting receipts – only to exhaust yourself and get so burned out you don’t even look at your bank statements for 3 months? How much better would it be if you tried to take more bite sized, but consistent actions when it comes to handling the business finances?

Also – have you neglected the financial education that is critical for your success? Small business owners often mistakenly believe we can have a loose understanding of money because once we have “lots of it” we won’t need to worry about all that accounting stuff. The problem of course is that it’s extremely unlikely we will ever have “lots of it” because we don’t understand the money rules and activities that will actually bring financial prosperity.

Discipline itself is a characteristic that every entrepreneur should work toward. What business partner, investor, customer or employee for that matter would not want to work with or for someone who has mastered this important quality?  Not only will you feel better about yourself, but your business will be so much more likely to succeed if you are able to develop the discipline necessary to maintain the daily, weekly, and monthly activities that keep your business growing and moving forward. But be kind to yourself. Find the ways you can steadily improve – moving towards the ideal – but not beating yourself up for the ways you fall short.

At Abundance Bound we teach entrepreneurs how to consistently take these small but powerful steps forward. Visit http://www.AbundanceBoundSystem for more information.

It was wonderful watching him try so hard and as I stood there, I realized that even 35 years later in life, I too struggle to wait – and to let things happen in their own time. As I speak with entrepreneurs, I find that a common ailment amongst us, is patience. We want our efforts to pay off now! We want to see our labor unfold into immediate success. Small business owners often must work months and even years at a time before achieving the goals we’ve set for ourselves. And while it’s not quite as simple as sitting on our hands, we too must find a way to stay the course, even when things take longer than we would like.

A related lesson for entrepreneurs – one that  we also work to teach our children – is Persistence. It’s not just a question of waiting for the things we want. We must also persist in whatever work it takes to achieve our goals. And of course the work isn’t always fun and inspiring. Sometimes it’s tedious and challenging and just plain hard. And yet, if we give up when it gets rough, in all odds we won’t be long in business. Ultimately, persistence pays off. And if I can just be terribly annoying and use a favorite bedtime story as an analogy: Are you going to be the little engine who could, OR the entrepreneur who can’t?

Especially when it comes to financial education, persistence and patience are qualities an entrepreneur simply cannot do without. While effectively dealing with money is rarely something that comes naturally, it is like learning to ride a bike or anything else that’s new. If you stick with it, you will ultimately master money management and the tools you put in place to stay on top of your business financials will become like second nature.

Success rarely happens overnight. And yet, of those business owners willing and able to stay the course, most look back with gratitude for the patience and persistence that brought them across the finish line. At Abundance Bound we believe that these two virtues come significantly easier to those entrepreneurs who surround themselves with support systems.  To learn more about the ways we can support you in the patient but persistent growth of your business, visit http://www.AbundanceBoundSystem.com.

Owners who have experienced success in their small business are often masters of being creative. Thinking outside the box creates endless opportunities. Entrepreneurs who cannot force themselves to be inventive  and to become “creative problem solvers,” have a long, tough road ahead of them.

While it may come easier to some more than others, creativity is possible and attainable for all of us and in fact can be the key to solving problems, moving forward and growing in every way.  When it comes to marketing your products and services, are you just following the pack (boring!) or do you constantly brainstorm ways to stand out from the crowd?  What makes you unique?  How can you use your imagination to capture the attention of your target audience?

Financial objectives and financial organization can also be greatly influenced by the use of creativity. Now don’t get me wrong, the last thing you should do is stretch the truth in your reports. Using fair and honest accounting principles is essential. But what about finding creative ways to cut costs? Use non-name brand office equipment. Take a late flight instead of paying for a hotel. Find a talented and motivated student to create your website rather than paying top dollar for an established designer. These are just a few examples where creativity with your finances can really pay off in the long run.

Creativity is the starting point for innovation, which is the force that drives small businesses to the top. As I work to meet the needs of my clients, I strive to find new ways to make the information engaging. Let’s face it – just the words “financial education” can make people’s eyes glaze over as they fight back an enormous yawn. So I’m faced with a choice. I can just try to hammer home the point that understanding money is important OR I can take risks – try new things and be open to outside input, constantly seeking creative ways to make the learning accessible and even fun.

Throughout the sea of constant change, endless road blocks and the curious unknown, being open to creative solutions  will likely provide all of the answers any entrepreneur will need. Learn more tips to bringing creativity to every aspect of your business operations at http://www.abundanceboundsystem.com.

So here’s the thing: I had the very best intentions and absolutely NO customers.

I spun my wheels for months. There’s no question I was working hard. The problem was that I didn’t really know what I was doing. You see – I was an expert at financial education – I wasn’t an expert at marketing and client attraction and all of the elements of building a business that ensure you have a steady stream of prospects who can benefit from your products and services.

All of that changed the day I found a marketing mentor. I made the decision to invest in my business and signed up for 8 months of private coaching with someone who had a proven track record of helping entrepreneurs attract clients. I listened, learned and applied her teaching and my business grew with a speed and consistency I could not have imagined. There’s nothing better than learning from someone who can honestly say they’ve been there and done that. Something about hearing from someone who has conquered the very hurdle you’re about to jump gives you an edge you would not be able to get any other way. Let’s face it, it’s faster (and less painful) when we have the opportunity to learn from mistakes that were made by those who have gone before us, rather than always learning from the mistakes we make ourselves.

Unlike the game of chess, the business world does not really have specific rules. Because of the lack of rules, those who have experienced the challenges you are about to face first hand are your best allies, in navigating the often unpredictable waters.  Sure, you know a lot. But do you know everything? Of course not. There will always be things you can learn that will help you take your business to the next level. This is why constantly seeking out and working with mentors is so crucial in your pursuit of success.

Never take the job of selecting a mentor lightly. You want to learn from individuals who have themselves created success. Small business owners who are considering working with a mentor, should take the time to speak with them directly. Ask if you can talk to one or more of their former or current clients. Make sure their coaching style is a fit for you and your personality. Remember that over time you will most likely have multiple mentors – experts in different areas who can help you to develop the skills you need to keep moving forward. The magic of the internet and the ability to receive quality coaching via teleseminars and webcasts, means we are not limited by geography as we seek out the best people to help us learn and grow.

At Abundance Bound we strive to create a community that brings the experience, mentoring and encouragement you need to be successful in your business. Visit http://www.AbundanceBoundSystem.com to learn more about this powerful support network today.