The Financial Power Of Your Circle: Your Income Is The Average Of Your 5 Closest Friends On Your Entrepreneurial Journey
Have you heard the saying “Tell me who your friends are and I’ll tell you who you are?” How about “Show me your friends and I’ll show you your future?” Whichever you have heard, they just want to tell you the same thing, CAREFULLY choose your circle (or your friends!)
As a small business owner, you’re probably familiar with the countless factors that can influence your success from cash management to marketing strategies to fundraising strategies to business models to competitor analysis to exit strategies, and so on. You tirelessly work to make your venture thrive. But do you know what most small business owners miss to consider? Their financial circle, particularly the closest friends who play a crucial role in their entrepreneurial journey!
The saying “you are the average of your 5 closest friends” suggests that the people we surround ourselves with have a significant impact on our lives and level of success. The financial circle we choose can either lift us up and inspire us to achieve our financial goals, or it can hold us back and hinder our progress. In this article, we will explore the positive impact, benefits, and how a financial circle can influence your financial well-being as a small business owner.
When it comes to running a small business, networking is like a superpower. Your friends and acquaintances can open doors to new opportunities, collaborations, and potential clients. Your financial circle can play a crucial role in expanding your network and connecting you with valuable contacts. Here are some more details on how your friends can help create networking opportunities for you:
- Shared Industry Knowledge
Your financial circle may be involved in different industries or have connections within specific sectors that are relevant to your business. By tapping into their knowledge and expertise, you can gain valuable insights, stay updated on industry trends, and learn about potential collaborations or partnerships. This shared industry knowledge can give you a competitive edge and open doors to new opportunities.
- Introductions & Referrals
According to a report, 30% of deals (VC firms) come from acquaintances or referrals. Your financial circle can serve as powerful connectors by introducing you to influential individuals in their networks. They may know potential clients, investors, suppliers, or industry experts who can contribute to the growth of your business. People are more likely to trust and engage with someone who comes recommended by a mutual friend, making these introductions invaluable.
- Collaborative Projects
Working on collaborative projects with your financial circle can strengthen your professional relationships while also expanding your network. By combining your skills and expertise, you can offer unique services or products that attract a wider audience. Collaborations not only enhance your credibility but also expose you to new customer bases and potential business opportunities.
Last month I hosted my first annual Finance Savvy CEO Financial wellness retreat! It was an intimate, weeklong private client event hosted in the North Georgia Mountains filled with working ON our businesses to ensure long-term financial wellness and building bonds with the most incredible likeminded and like-hearted CEOs. Organically, a forever CEO tribe was created.
It was more than I could have visioned, I’m still on top of the mountain, pun intended :). The close connections that were built will now be the foundation for sharing knowledge, making introductions and referrals, and creating amplified collaborative projects. (Want to join us at the next retreat, save your spot here)
Your financial circle’s attitudes toward money can shape your own beliefs and mindset. If your financial circle is filled with individuals who have a scarcity mindset and constantly worry about money, it may subconsciously affect your own thoughts and behaviors. On the other hand, if your friends have a growth mindset and embrace abundance, they can inspire you to think bigger and take calculated risks.
Some of the benefits, when you are in a healthy financial circle, are:
- Savings and investing tips
- Budgeting and expense control
- Thoughtful and mindful spending
- Accountability and support
Take a moment to think about the people you interact with most frequently. These individuals, whether they’re family, friends, or fellow entrepreneurs, make up your financial circle. They’re the ones you turn to for advice, support, and even a reality check when needed. Now, consider their financial attitudes and behaviors. Are they financially savvy? Are they goal-oriented and driven to succeed? Or do they have a more casual approach to money matters? Surrounding yourself with success-oriented individuals can have an AMAZING financial impact on your own success.
And in Finance Savvy CEO collective, we pride ourselves in having CEOs that are like-minded, and like-hearted, who are driven, ambitious, and motivated – their energy and mindset can rub off on you. They can inspire you to set higher goals, push yourself out of your comfort zone, and strive for excellence in all areas of your life. And here’s a bonus for you! Finance Savvy CEOs are success-oriented individuals who often have valuable knowledge, skills, and connections that they are willing to share, which can further enhance everyone’s own growth and opportunities. By intentionally choosing friends who are focused on success, you are setting yourself up for a greater chance of achieving your own goals and aspirations.
Remember, it’s not about abandoning old friendships, but rather being mindful of the influence your financial circle can have on your small business journey. Choose your friends wisely, seek out like-minded individuals, and build a supportive network that empowers you to achieve your financial goals.
Click here now to join and be part of a financial circle that will help you achieve your financial goals and unlock all the financial greatness that you deserve!