Entrepreneurs Don’t Fear Being Broke or Going Bankrupt
I posted this quote to my Facebook page today.
“I’ve never been poor, only broke. Being poor is a frame of mind. Being broke is a temporary situation.”
- Mike Todd
I think it is a really great quote and applies to being an entrepreneur.
Donald Trump is one of the most well known entrepreneurs in the USA. Partially this is due to his ability to brand himself but largely it is due to the immense fortune he has created.
Yet Donald Trump has suffered from financial woes. He was on the brink of personal bankruptcy in 1991. He has had to suffer several of his businesses entering bankruptcy over the years including several of his hotels, resorts, and casinos.
However I think just about every reader of this blog would probably be willing to buy into Trump’s business if they were allowed too. We all know that a good man like Donald Trump won’t be held back. He will bounce back just as he did in the late 90s to middle 2000′s.
Being an entrepreneur means you’re willing to take risks and you might even go broke once in awhile. You know those losses are only temporary. You know you have the skills and knowledge it takes to succeed and you will bounce back from adversity.
The quote from Mike Todd is a good one because there is a difference between being broke and being poor. Poverty is a state of mind. You feel poor and hence you are poor. You overlook risks and opportunity because of your fear. You aren’t willing to make the sacrifice. Maybe the sacrifice is to take a job that you hate to pay down the bills to get back to where you want to be. The poor person will make excuses instead of taking that job. The broke person knows that perhaps that job will allow them to get into a position to try again. They know the reward of trying again in business is better than the pain of having to eat their pride and take a job.
Does that make sense to you?
Do you understand the difference between being poor and bring broke?
What do you think?
- Ben Fitts
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Hi Ben,
Good post on a worthy topic, from one who’s been broke but hasn’t stayed there. I am wealthy beyond imagining in friends and knowledge. I intend to get wealthier still and make a fortune along the way.
All the best,
Alan
The other thing I forgot to even mention… but wealth is also more than just financial. Being healthy, having a great family, and having strong friends are also important. As is your relationship with God. No one can take that wealth away from you! My business has allowed me to make a lot of great friendships that will last long beyond my business.
Excellent post , Ben…it reminds me of another saying “I may be down, but I’m not out!” I wholeheartedly believe that you attract what you focus you energy on, so in other words if you always focus on lack then lack you will see. Thanks again,
CHOOSE Success,
Alycia Cheatham
very inspiring article. I agree that it is up to your dedication towards any thing that decides it fate.
I am a Real Estate Agent in Orlando FLA & have recently felt the fear of going broke…I love the career path I’ve chosen, but recently question the financial risks and drain on the bank account just to stay a float!
Hi Mark,
We all have fears. The difference is whether or not you let the fear hold you back. The entrepreneur steps up and faces his fear.
- Ben