The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Wealth Mindset vs Middle Class Mindset In Business Owners

Anything related to matters of the mind

steve schweitzer

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
341%
Oct 18, 2015
64
218
58
alma, arkansas
Hello Everyone,

I had an observation this morning when talking to another local business owner.

This is my Snap On tool dealer and as some may know this was a franchise he bought for over 6 figures.

I was discussing the move we are making to a much larger shop and how I am growing this business from a small 1 - 2 man operation to a multi-million dollar per year high end nationally known hot rod and restoration shop.

He was asking why I was doing that as I could make "good money" continuing here. I told him my best case upside is maybe 200K per year (keep in mind I can get a job making 100K - 125K a year doing what I do) and the upside from a larger business was much greater, including purchasing the commercial property that is part of this deal. He again said "200K a year is REAL good money why leave". At this point I just stopped talking as it was painfully clear we were on two totally different mindsets.

My point is that you have to be around other business people that think BIG and not just middle class.

I do have several friends that are local business owners and all but a few think just like my Snap On guy.

The idea of growing a business to the point it can generate LIFE CHANGING results is never even considered.

When I talk to my wealthy friends the total vibe is completely different and they are all talking about their multi-million dollar deals and never about lack.

Thanks and I will keep updated on our big move
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
445%
Jul 23, 2007
38,025
169,129
Utah
I think there's a mental barrier that comes compliments of a wage mentality, or a local business mindset. Implicitly one doesn't assume that they can sell 10,000 items per week due to numerical limitations, such as local city/territory size, # of hours traded, etc.

I remember feeling this myself many years ago.

Once you realize you can bust out of those limitations (application of CENTS), the sky's the limit.
 

Private Witt

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
220%
Feb 20, 2018
984
2,168
Oklahoma
Very excited to see how your big move develops. Have you ever considered documenting the growth or once you become a "high end nationally known hot rod and restoration shop" in a YT channel or something, that would be interesting and may find yourself on a streaming service one day and becoming the king.
 

biophase

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
474%
Jul 25, 2007
9,112
43,225
Scottsdale, AZ
this deal. He again said "200K a year is REAL good money why leave". At this point I just stopped talking as it was painfully clear we were on two totally different mindsets.

$200k is real good money compared to people making $50k a year.
$200k is really low compared to people making $1M a year.

It all depends on who you are hanging out with.

I would have replied with, "But, I can only buy 1 Ferrari making $200k a year."
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top