Starting a business can be an exhilarating and rewarding journey, but it also comes with its fair share of challenges.
Emotion regulation is a critical skill that entrepreneurs must develop to navigate financial hurdles and achieve long-term success.
In this episode of "Starting a Business Simplified," host Suzy Wraines sits down with guest Becky Clabaugh to explore the powerful connection between emotion regulation and financial stability.
Understanding the Impact of Thoughts and Emotions
Becky enlightens listeners by highlighting how deeply ingrained thoughts and emotions can hinder progress. She explains that our brains can sometimes get stuck on impossible thoughts, subconsciously sabotaging our actions and hindering success.
To combat this, Becky stresses the importance of recognizing and addressing established habits that keep us in a rut. She encourages conducting a thorough audit of one's brain and business to gain perspective and identify thoughts and emotions associated with specific aspects.
Becoming a Detective in Your Own Journey
Entrepreneurship often presents a plethora of decisions to make, from taking action to overcoming procrastination. Becky reveals the importance of adopting a detective mindset to determine whether we are effectively progressing or falling into the trap of procrastination.
By investigating our thoughts and actions, we can identify bugaboos, those nagging hurdles that prevent growth. Becky praises Suzy for her expertise in coaching, specifically in the technical and organizational aspects, which helped regulate her brain and keep everything organized.
Managing ADHD and Medical PTSD
In the discussion, Becky shares her personal struggles with ADHD and medical PTSD. Despite these challenges, she has achieved remarkable success in her business.
Becky credits Suzy for teaching her how to effectively manage her calendar and leverage affordable tools that assist in managing her brain while serving others. This demonstrates the power of setting up systems and processes that enable entrepreneurs to serve a larger number of people while maintaining their mental well-being.
The Role of Confidence in Financial Success
Confidence plays a crucial role in an entrepreneur's journey. It has a direct impact on our ability to make offers, be productive, and ultimately achieve financial success.
Becky emphasizes the importance of saying "yes" to oneself and having a strong sense of purpose or "why" in pursuing our goals. This nurturing of confidence creates a solid foundation for entrepreneurial endeavors.
Money as a Metaphor for Life
Money represents more than just financial wealth; it is a metaphor for various aspects of life, including relationships, spirituality, thoughts, emotions, and physical well-being.
Stress, one of the biggest affecting entrepreneurs, can have detrimental effects on intelligence, health, and overall business success.
Becky delves into the physiological impact of stress, with cortisol being the hormone responsible for weight gain and reduced cognitive abilities. Unhealthy coping mechanisms, such as emotional eating or drinking, further contribute to toxicity in the body and hinder decision-making abilities.
Bugaboos in Investment and Earning
Entrepreneurs often encounter two bugaboos that significantly impact their financial journey: over investing and under earning.
Over investing occurs when individuals feel the need to invest in various resources, such as coaches, programs, or workshops. However, if the expected returns don't materialize, it can lead to investment wounds and setbacks.
On the other hand, under earning refers to undervaluing oneself and neglecting to pay oneself fairly, often prioritizing paying others instead. This can breed resentment and ultimately hinder business growth.
Overcoming Under Earning
Becky and Suzy shed light on the under earning, providing valuable insights for entrepreneurs who struggle in this area. They discuss tactics such as avoiding sales conversations or underpricing services instead of confidently promoting oneself.
Building genuine relationships through various platforms and strategies is crucial for effective self-promotion. Additionally, they address skepticism and negative emotions, which can impede income growth and overall success.
The Sneaky Challenges of Savings
Becky highlights the importance of saving money for both security and investment in necessary tools and resources. She delves into the sneaky bugaboos and toxic relationships that entrepreneurs may develop with money.
Financial literacy and understanding the emotions associated with money are essential in overcoming these challenges. Becky has created a quiz to help identify and address these issues, increasing awareness and promoting growth.
Reframing Setbacks and Focusing on Progress
The journey of an entrepreneur is often zigzagged with unexpected sucker punches that can disrupt financial progress. However, reframing those setbacks and focusing on progress, rather than absolute numbers, is crucial.
Becky shares a relatable example of a woman whose finances plummeted due to changes in paid ads on Facebook. By reframing setbacks as opportunities for learning and growth, entrepreneurs can maintain a resilient mindset.
The Black Belt CEO
Drawing upon her experience as a first-degree black belt, Becky beautifully intertwines her martial arts expertise with business acumen. She emphasizes how situational awareness in martial arts translates to business awareness, enabling entrepreneurs to navigate emotions and traumas as they relate to money.
Becky delves into the concept of hidden agendas, which we subconsciously absorb from early paradigms, such as our parents, faith, and community.
Entrepreneurship is a calling that requires emotional intelligence, regulation, and financial literacy. It is crucial to recognize and address bugaboos, whether they are related to investing, earning, or managing money.
By implementing systems and processes, nurturing confidence, and developing business awareness, entrepreneurs can navigate financial challenges with resilience and ultimately achieve their goals.
Connect with Becky
Connect with Suzy Wraines:
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Download Starting a Business Simplified Guide
LinkedIn: Suzy Wraines
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