Expanding Your Money Mindset with Michelle Nedelec

Real Money Talks

Michelle Nedelec the founder and owner of Success Therapy and the author of Business Ownership Mindset is here to talk about fostering and developing a true entrepreneurial mindset.

Too many entrepreneurs start a business, but still have that employee mindset. We talk about the differences in mindsets for employees, entrepreneurs, and business owners. Running a business is not the same as buying a job. Michelle gives advice for removing yourself from your business and thinking like an owner instead of an employee.

You can find Michelle here:

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Show Notes

• [01:28] Michelle's book is called the Business Ownership Mindset, because a business owner’s mindset needs to be completely different than an employee mindset.
• [02:20] How many entrepreneurs still do not have the business ownership mindset.
• [02:55] The first mistake a lot of people make is checking their email first thing hoping that a client has put in an order. They are looking for direction from someone else. Which is completely the wrong way to look at business.
• [04:04] How business owners need to be the ones running the show. They have to figure out what they want and then tell the team how to get it done.
• [04:10] It's a completely different way of looking at things and business owners and leaders have to be able to do that.
• [04:21] Michelle focuses on the concepts that need to be owned as an entrepreneur first and then a business owner. You have to have an entrepreneurial mindset first.
• [05:00] When you really understand how to take the focus of control internally and start directing what is going on in your business.
• [06:01] The success therapy process which helps people get to the root cause of why they do what they do.
• [06:15] The three ways we change our beliefs include reason, repetition, and emotional charge.
• [06:38] It doesn't take 21 days to form a new habit. The more emotionally involved you are the faster you will change.
• [06:57] Seeing how people who already have the millionaire mindset operate can help you develop that same mindset.
• [07:06] These people aren't afraid of what other people think of them. They're not afraid of making the tough choices and they have internal control.
• [07:34] If someone else is making you angry, then you are giving them control. Once you take control of things then you can do something about it.
• [09:04] When you have resistance towards something you are rejecting the part of you that could be good at that.
• [10:55] The line of knowing when to hire versus when you should be doing it yourself. If you have a lot of resistance towards something, you should probably learn how to do it. You can hire someone but understand what they're doing and how they do it.
• [12:01] If your company is running effectively without you in it, you have probably learned the business mindset.
• [13:02] Plan what you want your day to look like first thing in the morning.
• [14:00] Look at areas of your business that cause anxiety and decide what action you can take right now to improve that.
• [14:38] You can find business ownership mindset on Amazon. Michelle wrote the book by having an interview with a friend and transcribing it. She wanted to get it out of her head, because it was occupying mental space.
• [16:33] By getting your book out of you more content will come to you.
• [16:37] Michelle also wants to write a book about strategic building or how to think strategically. Too many entrepreneurs think tactically and don't have a overall big picture strategy.
• [17:16] She also wants to write about systematizing a business.
• [18:10] How important it is to design an organizational chart of your business without you in it.

Links and Resources:

• Loral’s Real Money Talks
• Business Ownership Mindset: The ultimate guide to freedom and self-expression through building a seven figure business
• The E-Myth
• Ask Loral
• Success Therapy