Every Business I had Failed, Until I Ditched the Business Plan
My entrepreneurship lecturer in my MBA program, in Boston, MA, once told me to take up modeling or acting instead of running a business.
There's nothing wrong with modeling or acting, in fact modeling paid some of my bills over the years but I was at a business school and I needed my lecturer to encourage me to pursue entrepreneurship not try to get me to change track.
I was a few months from graduating and I was a straight A student...
This whole memory still makes me feel a type of way because it's not like one does an MBA just for fun.
And I was clearly there for entrepreneurship and serious about it - I had even won the business plan competition!
The very same lecturer had brought a bunch of venture capitalists and angel investors and made us pitch to them and my business plan won.
So why the unnecessary micro aggression and refusing to support my journey?
I did graduate from the MBA program and then I tried to follow the business plan to the T and the business failed miserably
I had a whole 20 page business plan and I worked my little heart out to have the perfect business plan and kept trying to follow it and the business failed.
When my first business failed, I launched a consulting business and did the same with the business plan. It failed too.
That whole experience taught me a lot about entrepreneurship
I thought I was a failure and unsuited for entrepreneurship, until I started doing the money work I do around money trauma.
When I launched Wealthy Money, I ditched the business plan.
I now do an annual 1 page spider diagram with strategies, business models and projected income on 1 page and the business has grown consistently.
I teach my clients and the #MoneyMagic students how to do an income worksheet and we talk about strategies.
And the rest is the inner work.
I help people create extra streams of income and quadruple income with just a 1 page document and a simple strategy.
The real game changer for me and for my clients has been the inner work.
I tell all my clients - cash is the life blood of a business.
If your business doesn't make money, you won't be in business for long.
I learned that from my entrepreneurship lecturer, but the education system only teaches us how to write business plans and how to raise money from venture capitalists and angel investors.
Truth is - very few businesses get funding and even fewer Black women get funding.
One becomes an entrepreneur by doing and often by doing the uncomfortable and scary ish
Like selling, asking people who owe you money to pay you, charging the prices you want and hiring others.
That uncomfortable stuff is where the inner work makes the biggest difference. I won't lie and say it's less uncomfortable, but when we do the work, it gets easier to take action and do it and scale.
If this resonates with you and you feel ready to start working on your business and creating a consistent stream of income.
Check out the #MoneyMagic course (or get on the waitlist) here: wealthy-money.com/moneymagic
