Another key area of life where limiting beliefs hurt entrepreneurs is money and finances. These ideas usually originate within the family through the things that parents say to their children.
Common limiting beliefs include things like:
“Money is the root of all evil”
“People with money cheated to get it”
“There is never enough money”
“You have to sacrifice if you want to buy (enter any item here)”
“We’ll never be able to retire”
These limiting beliefs express feelings of guilt, hopelessness, or scarcity about money. Obviously, these are feelings that are not useful for an entrepreneur.
Early educational experiences can also play a part in shaping limiting beliefs about what ‘work’ is. The current education system in most countries focuses on learning whatever is needed to pass an exam. It doesn’t train children to become adult entrepreneurs, freelance workers, or small business owners. As society changes, there is a lag in the education system, which is still following the old model.
This old model involves working for a set period of time doing tasks assigned to you by a boss. For this work, you receive a check for an agreed-upon amount. Through obeying your boss, working hard, and producing value to the company, you may then be allowed a better position or higher pay.
This model fundamentally clashes with the entrepreneur mindset. In this model, workers are rewarded for obedience and their ability to minimize risk. Accepting risks and taking on challenges, however, are key to success as an entrepreneur.