I was born into poverty and surrounded by a lot of emotional abuse as a child. My hometown in Waianae (Hawaii) has more than 70% of the population on welfare. Less than 10% of the high school graduates go to college, and more than 65% of the teenage girls become single moms before graduating high school. In fact, working at McDonalds in my hometown is considered a career path.
Entrepreneurship is the ultimate challenge in personal self-development. In the start-up world, whatever you don’t know will cause you to fail. I want to share with you eight hard-learned lessons from failing over and over on my journey from poverty to financial abundance.
Money Sabotage #1: Lacking The Neuro Self-Identity Of Wealth. Humans are born with spindle neurons and develop 200,000 to 400,000 spindle neurons by the age of 8. These spindle neurons work like a symphony conductor orchestrating over the sensory cortexes (the woodwinds), the self-state stories (the strings), the frontal lobe consciousness (the brass), and the emotions (the percussions). The spindle neurons formulate your ego and self-identity based on the collective data signals in your brain accumulated by the age of 8.
By the age of 8 when your spindle neurons become fully developed, your brain has already created a self-identity that will predetermine whether you’ll be rich or poor throughout your life. But following this blog will teach you how to neuro rewire your brain!
Money Sabotage #2: Hard Work. Perhaps, your parents taught you that money only comes via hard work. Many people so firmly believe in hard work that it may be very upsetting and controversial for many people to point out that money does not come from hard work. Money is an energy that comes from your self-identity (which is hard-wired in your spindle neurons by the age of 8).
If you want to become wealthy, start by dressing for success. Next, buy the kind of car that successful people drive. Finally, buy a home in an area where successful people live.
In addition, view hard work in terms of work hour units. If you work really hard, you’ll be able to maybe to crank out 100 work hour units per week. Unfortunately, if you’re competing with another company with 40 employees working 40 hours per week. This competing company will be crushing you with 1600 work hour units per week. Making money is about recruiting, hiring and keeping a high performing team who aligns with your core mission.
Money Sabotage #3: Not Surrounding Yourself With “Sapphires.” People may have even more resistance to this money sabotage than the last one. Sapphires are people who make you feel energized, inspired, fulfilled and happy. Because money is made from total working hour units, your business will fail if you don’t hire Sapphires.
To attract Sapphires, you first need to become a Sapphire. If your spouse, friends, or family are not Sapphires, this may cause your company to fail. This maybe controversial but it’s completely true.
Money Sabotage #4: Not Solving A Drowning Point. Successful companies target a niche audience who is drowning in some pain points. If you don’t target and segment a niche audience, it’s nearly impossible to solve a drowning point. Is your company’s product a vitamin (a “nice to have” product) or a pain-killer (a “must have” product)? Successful companies always have pain-killer products.
Money Sabotage #5: Lacking Mission And Purpose. I’ll guarantee one thing in business… you will have set-backs. Without a clear visionary mission and purpose, you will quit your business when times get hard. Successful founders are driven by a mission that they are so entirely passionate about that they’d rather die than quit.
In addition, since successful companies have higher outputs of work hour units, success requires recruiting, hiring and keeping a team of missionaries. A team of mercenaries will quit when times get hard (which is inevitable). Stake your mission and attract missionaries to your evangelical purpose.
Money Sabotage #6: Lacking Both Visionary And Integrator. A visionary sees 5-10 years ahead and sets a clear vision of the company’s product, expansion strategy, and product-market fit. The visionary is the ultimate charismatic sales person and evangelists who recruit clients, strategic partners and employees. The visionary is a rainmaker. On the Meyers-Briggs, the visionaries are often the personality archetypes of INTJ, ENTJ and ENTP.
As a visionary, if you cannot sell then you don’t have a company. Learning how to sell is required before you start your company.
A visionary in most cases becomes their own worst enemy as the company grows. Visionaries tend to do an inadequate job in running the day-to-day operators. Visionaries need to hire an integrator to manage and oversee the execution of the day-to-day operations of the business including operational systems, accounting systems, HR systems, and legal systems. The visionary creates the grand roadmap and the integrator coordinates and oversees the people parts of the business to execute the details of the roadmap. On the Meyers-Briggs, the integrators are often the personality archetypes of ISTJ and ESTJ.
Almost in all cases, the visionary and the integrator are not the same person.
Money Sabotage #7: Lacking A Culture Of Self-Integrity. High performing teams have a culture of self-integrity. People do what they say they will do. The opposite of a culture of self-integrity is a culture of victimization where people blame everyone (or everything) else but themselves. Victims have no control over the world around them. The most important skill for a founder is to develop their self-integrity muscles. If the leader does not have self-integrity, how can there be a culture of self-integrity?
Money Sabotage #8: Lacking Leadership And Emotional Intelligence. Money comes from organizing people. People follow leaders. Some leaders may gain power and control through manipulation, brute force, being cut throat and controlling behavior, but you can’t retain the best of the best teams with this type of leadership. A founder of a company is in the business of people (clients, strategic partners and employees). Emotional intelligence and leadership are both absolutely required in making money.
Even if you grew up in poverty and/or in an emotionally abusive environment, you can still be successful if you eliminate these 8 Money Sabotages. If you don’t eliminate these money sabotages, your company will fail.
I have posts scheduled on this blog every Monday at 9:30 am PST. On the first Monday of each month, I will coach you on Success Habits. On the second Monday of each month, I will share my research and insights about the economy. On the third Monday of each month, I will share my thoughts about software technology with a lot of emphasis on blockchain and product development. On the fourth Monday of each month, I’ll take you behind-the-scenes at negotiations with startups from a VC perspective