7 Paralyzing Mindset Myths About Wealth and Entrepreneurship Debunked

As a black man in America, it’s extremely difficult to see the opportunities and abundance of this planet at times. Let alone, have the mindset.

Black men, by percentage and population, are the highest demographic incarcerated in America according to data used by the Bureau of Justice Statistics, in a study conducted by The Sentencing Project. More black men are in jail than in college, and we also have the highest unemployment rate out of any other race in the land of the free.

With the odds seemingly and statistically stacked against us, you quickly realize that an abundance mindset and opportunity consciousness aren’t daily conversations that black men have.

As a black man, who was laid-off over a year ago, and is still technically “unemployed.” And who also, up until about 3 months ago had SIX of his closest male family members all be in prison at the same time. I feel strongly about the subject of living a better life than the one that is statistically supposed to happen to me.

I had to totally shift my mindset and belief system from what I see happening around me to what I want to see happening around me. This leap into entrepreneurship required a complete change of thought. And is why I want to debunk 7 myths we sometimes tell ourselves in regards to wealth, entrepreneurship, and money.

Myth 1: I’m not smart enough to be an entrepreneur.

Entrepreneurs are not the smartest people. But entrepreneurs are smart enough to know that they have to hire people smarter than them to keep their company successful. The mindset of the middle class and below is to be the smartest person in everything you do. Entrepreneurs do not care about being the smartest. They care about implementing a system and hiring smart people to run that system. I’m sure you can think of someone now who’s in charge of EVERYTHING around you who is not the smartest. Give it a second, it’ll come to you.

Myth 2: Takes too long to build.

This one is subjective because it depends on what you consider to be too long. My wife, for instance, has built her online business to double her nursing income in a year. I know people who have built successful businesses in 1-3 years. Now, this isn’t the norm but it shows it can be done. And no one thought a 4-minute mile was possible either until someone did it. So don’t think building a business takes too long. Even if it does take 1-5 years, I’d rather spend 1-5 years building my own business than to spend a lifetime building my employers’.

Myth 3: It’s too expensive to start a business.

This is somewhat true. A brick and mortar business is expensive to start! Before I started my online business I was looking into opening a franchised storefront location. The price tag on doing so, over $50,000. (Glad I dodged that bullet) But, on the other hand, I started my online business and website for a grand total of $3.95 per month. That’s all it took to start my blog site when I signed up for my hosting on Bluehost. (That’s an affiliate link, so if you click and sign up, I do get paid.) So I do believe online businesses are the way to go and I’m more fulfilled than ever.

Myth 4: Entrepreneurship is hard.

Entrepreneurship isn’t hard when you love what you do. It is, however, time-consuming, stressful, full of highs and lows, and demanding. But I wouldn’t call that hard. I call that a part of the process. All of that is necessary to stand apart and be your own lifeline. And all of that becomes a tad bit easier when you love every second of it.

Myth 5: I don’t have a degree in Business so I’m at a disadvantage.

This shouldn’t be a myth, seeing as though we are living in times where abundant information is at our fingertips daily. But it still is. We still believe that a college degree is what we need to qualify to run a business. My only rebuttal is this; ask yourself if you know the owner of your company you work for currently? If so, ask yourself does the owner have a business degree? Or does the person who runs the company for them have a business degree? Ya see what I did there? If not, refer to myth #1.

Myth 6: I’m not a good salesman.

Your work sells itself when you provide a service you’re passionate about. When your ultimate goal is to serve others, you have a moral obligation to try and serve in every way possible. Selling is just a way to do it. So don’t think of it as a skill, think of it as an obligation. An obligation to yourself that you need to change lives around you.

Myth 7: Mindset isn’t important.

We often still believe that work and work only are what’s needed to be successful. We believe if we’re the most talented, the most skilled, and the hardest working, that, that is all that is needed to achieve success. We omit the role that our mentality plays in becoming successful. We fail to acknowledge the intangibles like discipline, persistence, faith, belief, optimism, and focus has on our lives. When we’re able to see the light in every dark situation, the good before the bad, and a win in every loss, is when we become unstoppable. In life and in business. There will be many obstacles and roadblocks, but the man who endures and remains steadfast in his pursuit of greatness is the man who will be favored. Mindset isn’t just something you need to be successful. It’s EVERYTHING you need to be successful.

Wrapping It Up

As I stated earlier, I feel strongly about this subject because I know statistically where I should be. I want to encourage a mindset shift amongst everyone towards entrepreneurship, and more in particular black people in America. The need for it in our communities is more evident than ever. And it starts by changing those limiting beliefs we have toward money, entrepreneurship, and wealth. I hope you grow to see the opportunities and abundance in this world. And know that with subtle changes to the way you think and see things around you, that there is enough cake for you to have yours and eat it too.


Until next time,

Ramon Smothers