“Money, money, money, always sunny… in a rich man’s world.” ABBA
The after-effects of century upon century of young women growing up believing the sentiment of these words have taken many years to shift.
By the time of ABBA’s hit song in 1976, the women’s rights movement was well underway. Girls attending university was the norm, and women combined jobs and careers with bringing up children. The enduring success of the song could be in part a celebration of this.
But spool forward five decades and there’s still a lingering disquiet, a subtle leftover of that bygone era, that can make itself felt when we least need it.
Money and self-worth
While surveys show women are financially confident in the 21st century, there are entrepreneurs for whom the undercurrent of our patriarchal past has an insipid presence. There’s an uncomfortable relationship with the idea of wealth and success which can manifest in self-doubt and lack of confidence with money.
Wyseminds works with a number of founders to try and unravel the common belief that financial management is something “men are naturally better at” as Sandra from WealthyWomen puts it. It’s a misbelief, even at a subconscious level, that causes women to undervalue their services, price products too low, not pay themselves a salary and/or shy away from financial negotiations.
Serious business
Last year we ran a Women and Money workshop for entrepreneurs with Sandra Boekhoudt, founder of wealthywisewomen.com.
The session brought together a group of entrepreneurs who found strength by sharing their mutual discomfort of discussing finance.
Its success has prompted a partnership between Wyseminds and wealthy women with plans to launch the course online in October 2024 for women business owners who want to feel empowered when facing complex financial concepts like profit and loss statements, investment strategies, balance sheets and spreadsheets – the stuff that’s so critical to business success.
Taking yourself seriously as an entrepreneur is important. While you may have founded your company out of your passion and hobby, you need to remember these won’t pay for your weekly grocery shop.
Oxygen mask wisdom
If you want your enterprise to make a difference and help people, it’s time to ask why you’re the worst paid employee in your business and at the same time, the most important. Breathe in the wisdom of the oxygen mask theory and place it on yourself first to be of use to others.
“You weren’t born walking. You had to learn how to do that,” says Sandra. “It’s the same for entrepreneurs. You have to learn how to understand the numbers to get over the money blocks. You already have all the knowledge – we just show you the way.”
Often what’s stopping you is a deep-rooted fear of confronting the direction of travel your business is taking. Ask yourself what does the concept of success mean to you? Perhaps it’s not fear of failure but fear of success that scares you. You may think it will change you, turn you into a hard, cold business founder with masculine traits – someone you don’t aspire to be.
It doesn’t have to be that way!
We demonstrate that growth begins with you, facing the fear and getting clear on your purpose, values and mission. Only then will you feel happier tackling the numbers you continually leave to your partner or accountant to do.
Money blocks
As long as purpose is at the core, you can captain your ship in the direction of your choosing, overcome your money blocks and make friends with finance along the way.
“In my opinion, the more money and success you have, the more you will become who you are,” says Sandra. “If you have bad intentions, money and wealth will make you worse. But if at the core you have goodness and an overriding purpose, then money will help that blossom. It’s never about the numbers or money alone; it starts from the place of purpose and once you understand that, you’ll be unstoppable.”
The power of financial knowledge
It’s not about needing the skills of accountancy. It’s not about mastering the financial requirements of global conglomerates.
It’s far more simple. It’s about knowing enough to take you to the next level of growth in a way that puts you in charge using the skills you already have. That financial knowledge is a power that will fuel everything else in your business.
Our next Women and Money course will be available from October. Sign up your interest and learn a new and better way by putting yourself at the heart of your business growth journey.
Perhaps ask yourself some questions to begin your thinking? Understanding whether money is an ally or foe is crucial for personal and financial growth. It’s a starting point before our new course is available in October.
- What are my earliest memories of money and how do they shape my current views?
- How do I feel when I think about my financial situation? (e.g., anxious, confident, indifferent)
- What are my core beliefs about money and wealth?
- Do I associate money with positive or negative experiences in my life?
- Do I feel guilty or ashamed about wanting to earn more money? Why?
- When I see others who are financially successful, what emotions do I experience?
- How do my values and personal beliefs align with my financial goals and decisions?
Join the Wyseminds community and keep in touch for the start of this course.
Passing the baton to make your customer the hero