Early Business Mindset
Warren Buffett had a business mindset at an early age. He held his first job at 6-years old. He sold packs of gum for five cents apiece. He bought his first stock at 11. He bought six shares in a company called Cities Service for $38 a share. Cities Service was an oil service company. He started delivering newspapers when he was 13. He also sold used golf balls, collected stamps, and bought pinball machines that he installed at local salons. He took a cut of the profits from the pinball business of course. By age 15, he invested in a 40-acre farm and had a profit-sharing agreement with the owner.
The point is that he seemed to know who he was and what he was destined to do at a very young age. So, when you see kids selling candy, washing cars, mowing lawns, or promoting their music on YouTube, support them. If a kid has a mindset to start a business, teach them to be disciplined enough to learn about business in general and their industry in particular. Because as they learn and grow, the business will grow too and so will profits.
Warren Buffet lives by two main rules:
Like so many young people, I did not listen. I got a credit card as soon as I got to college. When I look back, it seems insane. Insane for me to apply for a credit card with no income. And, even more, crazy for a credit card company to give me a card.
I now know that debt is a game designed to keep you in debt. Most college kids are not responsible enough to manage a credit card. I definitely was not ready for one. My advice, teach your kids how to handle small amounts of debt while they are young, which means that you are in effect the credit card company.
Set up a bank account and make small weekly deposits to it. When your kids want to buy something make them use that money. If they spend all the money, do not give them anymore until the next deposit.
If they continue to beg you for money, tell them you will give them a loan, and take payments out of their weekly deposit until it is paid back. You can even charge them interest to make it more realistic.
Show your kids how to manage money.
When you hear the name Warren Buffett, it commands respect. He is regarded so highly because he knows his business, meaning he knows the finance industry. He knows what to do, and how to do it better than anyone else. Warren also knows how he wants things done at Berkshire Hathaway, which is essential. You have to know the mission, vision, and standards for your company. They should align with your values and primary aim in life. They should also be scalable, sustainable, and repeatable to obtain high levels of success.
When I was in coach school, you had to write a description about Your Ideal Life. My opening statement was “I want to be one of the most renowned coaches in the industry.” I meant it the day that I wrote it, and I mean it today.
I genuinely believe that I am one of the best coaches in the industry because I know my craft. I learn continually, and I trust myself. I trust my Higher Coach to guide and support me in every session with every client. My Higher Coach helps me as I help my clients.
I might not be well known, but that is also not how I measure my worth. I assess my value based on the growth and satisfaction of my clients. I bring my best self to every single coaching session, and with every client. Here's a client testimonial that tells it better than me.
Small Business Coaching v. Consulting
I had the pleasure of being interviewed by Alicia Butler Pierre. We talked about the difference between a coach and consultant. I am a combination of both. I started my business as a learning and development consultant. I later obtained a coaching certification and added it as an additional service to my business. A lot of people think coaching and consulting are the same thing, but they are totally different. Listen to the podcast to learn more.
You can find the podcast on iTunes, Google Play, and Stitcher.
The Money Gremlin
A gremlin is an inner critic that keeps you small in some way. Sometimes, our inner critic makes us reject money and abundance without us even knowing it. This video helps you explore if you have a money gremlin.
Stay tuned next month for My People Spotlight where I will profile my friend and yoga teacher, Anika Williams from Transform the Norm as she celebrates 10-years as a yoga instructor.
Until next time...
Latarsha Horne is a Certified Professional Coach with a strong background in learning and development. Her coaching style is open-minded, straight-forward, instinctive, creative and caring. If you want to be challenged and grow, she's the coach for you.