future and past signs

Three Old Ways of Thinking Every Entrepreneur Needs to Get Rid Of

In order to grow as a business owner you can't simply gain new knowledge but also shed certain thinking as well.

In today’s world, there are many people who want to change their circumstances by becoming an entrepreneur. Unfortunately, many of these people are unable to make the shift from an employee to a business owner.

Why? Because old thinking gets in the way.

The good news is that it’s never too late to change your thinking. The bad news is that sometimes some of the hardest things to change are old ideas. Some of the ones that need to change have been handed down from generation to generation. They are very powerful ideas to break. But break them, you must.

The following are three ways of thinking that every entrepreneur must change.

  1. Be a good, hardworking person

    The reality today is that the people who physically work the hardest are paid the least and taxed the most. I am not saying not to work hard. All I am saying is that we need to constantly challenge our older thoughts and maybe rethink new ones. For instance, consider working hard in a part-time business for yourself instead of working overtime for your employer.

  2. The idle rich are lazy

    The reality is that the less you are involved physically in your work, the greater your chances are of becoming very rich. Again, I am not saying to not work hard. I am suggesting that today, we all need to learn to make money mentally, not just physically.

    Those who make the most money work the least physically. They work the least because they work for passive income and portfolio income rather than ordinary earned income – the highest taxed income.

    In my mind, today’s idle rich are not lazy. It is just that their money is working harder than they are. If you want to be a successful entrepreneur, you need to learn how to make money mentally rather than physically.

  3. Go to school and get a job

    In the Industrial Age, people retired at the age of 65 because they were often too worn out to lift tires and put engines into a car on the assembly line. Today, you are technically obsolete and ready for retirement every 18 months, which is how fast information and technology are doubling.

    Now, more than ever, rich dad’s statement is relevant, “School smarts are important, but so are street smarts.” We are a self-learning society, not a society that learns from its parents or from its schools. Kids are teaching their parents how to use the latest technology, not the other way around. And tech companies are looking for high-tech kids more than middle-aged executives with college degrees.

To stay ahead of the obsolescence curve, continual learning from school, as well as the street, is vital. When I speak to young people, I advise them to think like professional athletes as well as college professors. Professional athletes know their careers will be over as soon as younger athletes can beat them. College professors know that they will become more valuable the older they get if they continue to study. Both points of view are important today.

Original publish date: November 03, 2015

Join Our Community—1.5 Million Strong

Register for free!