The difference between a wildly successful entrepreneur and those that fail is often due to their ability to consciously deal with money and finance as well as their capacity to function with strategic awareness.
Making the choice of creating your business into reality in today's environment of fast change requires financial awareness. Financial awareness is an awareness of what it is possible to create financially. It doesn't matter if you are a seasoned entrepreneur or you have just started your business, you always have to know where you really are financially.
You do not need a degree in accountancy or economics. You are not going to become financially aware by being well versed in the economic theory of this reality or by reading financial pages or watching financial news. You can easily get overwhelmed by financial mumbo-jumbo, complex financial tools and the financial structures of this reality, but the heart of financial awareness is very simple. To be financially aware you have to be aware of where you are financially at all times.
Financial awareness only occurs if you know how much money you have, how much you would like to have, how much you can have, how much you need, how much more would work better for you, as well as the basic money-making elements of revenue growth. In essence, to prosper and thrive as an entrepreneur, you haveto be aware of your financial situation at all times. You have to know - What is your net worth? What is your cash flow? What are your assets worth? What are your liabilities?
Financial awareness isn't taught in schools, and cultivating this hasn't been encouraged in our society. Entrepreneurs who lack financial awareness are most at risk of having to terminate their business and their vision. The number one reason most people fail to become financially aware is simply because they never choose to be it. You are responsible for your own financial future. You cannot abdicate responsibility for this part of your life to anyone, ever.
How assumptions can destroy your business - Your assumptions and points of view about your business determine how you create it, operate it, and relate to it. What points of view do I have that create my life and my business the way they are?