I love learning through podcasts. It started as a way to pass the time in a 2+ hour roundtrip commute (in a previous life) and still remains one of my favorite inspirational tools. In order to help clients and readers make the most of their own time, my #EntrepreneursPodcastClub anthologizes several podcasts with similar topics, curating like-episodes specific to a theme that's top of mind.
...it's that hush-hush topic we're not supposed to talk about, right? We all have varying feelings about talking about money, thoughts about money, and even have a lot of emotional energy tied to what we believe we deserve when it comes to earning and spending. Some of these philosophies are born from our upbringings, some are learned throughout life.
What I'm here to tell you is that your mindset around money matters. What you believe about money is in direct correlation with how you'll feel earning it, what you believe to be "enough" and ultimately how you'll define success (and sometimes how you'll get in your own way of earning to your potential). These episodes below explore financial planning as an entrepreneur, tackling investment and how to manage it, why our money mindset can be a barrier to our success, how to be profit focused, and more. Enjoy!
My Top 3 Podcasts about Money
Whether you're pitching your business to venture capitalists, private investors, your family and friends, or even trying to justify personal investment, this episode shares a lot of evidence about why you likely need to raise more money than you think.
A few quick salient points:
Entrepreneurial budget planning is planned paradox, expenses are always higher than you anticipate and successful launches will always take longer than you anticipate
Are you in a hot market? If so, customer acquisition is a land grab that needs funds behind it
If money is available now, take it. You never know when it won't be available
One of my favorite things about this episode is that host Reid Hoffman offers a counterpoint to this thesis from Airbnb's Brian Chesky who is famous for his bootstrap mentality and scrappy culture.
Author of You are a Badass, Jen confronts the reality that we all have very specific feelings about money and often, those feelings are the barriers keeping us from making the money we want. Jen shares tactical insights cataloguing the big difference between WANTING something and DECIDING something-- specifically that when she decided to get rich, she gave herself permission to do so.
"Money was the reason why I ever picked up a self-help book in the first place. I was doing a lot of things creatively...I was living a life I liked, but I was so broke. I had spent my entire life steeped in beliefs that [being rich] wasn't available to me, that I sucked at it, that it was wrong. I had every single excuse in the book not to get rich."
Listen to more on how Jen shifted her money mindset, and grew her success in the episode.
Mike challenges the productivity race and the glorification of busy, citing that not only are these practices exhausting and ineffective-- they're not actually good for profit. He notes that organizational efficiency should be pursued with the same vigor as productivity but often never is. This will come as sweet relief to all of you efficiency nuts out there (like me).
In a world where 83% of small businesses (<$20 million in annual revenue) are surviving check to check he offers a complete redesign to the traditional SALES minus EXPENSES equals PROFIT equation. That equation, he says, perpetuates a lie and often leaves very little profit on the table. The redesign is this: SALES minus PROFIT equals EXPENSES. Which is to say that curbing your expenses to place a higher emphasis on efficiency will lead to the profits you actually want for your business.
Did I miss one of your favorites? Leave me a link in the comments section and I'll take a listen!