Beliefs About Credit That Keep Most Entrepreneurs Stuck
A lot of entrepreneurs don't realize this, but their beliefs about credit could be keeping them stuck. This video from Client Attraction University discusses this topic in greater detail. With that said, here's what the video cover:
Client Attraction University On Why Mixing Credit & Debt Keeps Entrepreneurs Stuck
Many entrepreneurs don't have the cash on hand to put towards business activities. However, they may have access to credit or they can obtain credit. One of the beliefs entrepreneurs have is that they just paid off their credit, therefore they don't want to use it again. Another belief is that they'll go into debt if they start using their credit.
The whole "don't want to go into debt" way of thinking is flawed. What some entrepreneurs don't realize or the forget is that many of the most successful businesses in the world have gotten to where they are via debt. In fact, a number of household names have taken on debt at some point in time. Entrepreneurs who believe they will go into debt or they don't want to go into debt often hold themselves back.
Leveraging Credit Helped Walmart Become A Massive Success
Everyone knows what Walmart is. What entrepreneurs often don't know is that Walmart became wildly successful in part to leveraging credit. Fast-forward to today, Walmart now dominates the market and has become a household name in the retail industry.
Sam Walton, who founded Walmart, wrote a book and explained how his company leveraged credit. He mentioned how Walmart leveraged it on a very large scale. However, it's worth pointing out that it isn't just Walmart leveraging credit, as many online businesses, coaches and influencers are doing it too. In some cases, they are using credit to run advertisements online or to grow their following base or for other business purposes.
Wealthy People And Secrets They Don't Tell About Cash
There's actually a secret that not many entrepreneurs know about, but the wealthy use this secret to their advantage. Client Attraction University says this secret is OPM. OPM is short for other people's money, and it's exactly what many of the wealthiest people and companies use to grow their businesses.
Some of the most successful people in the world have the mindset of "why would I use my own cash when I can use credit". However, entrepreneurs who are not wealthy yet or if they are stuck in a rut often have the mindset of not wanting to pay the interest on credit. This way of thinking has kept back many entrepreneurs from reaching their full potential.
Getting Credit Without Paying Interest
What entrepreneurs should know is there are ways to obtain credit without actually paying interest. For instance, there are credit cards that offer no interest. However, there is an even better way to doing this.
In the video, Client Attraction University says that an entrepreneur's return-on-investment could be much greater than the interest. For example, if a businessperson obtains credit and they have to pay back 5% interest, then they need to have an ROI higher than the interest. If they use their credit solely for business purposes and they continue to work hard, then eventually they could end up with an ROI that is far greater than that 5% interest.
Client Attraction University has done a tremendous job at explaining how certain beliefs about credit are keeping entrepreneurs stuck in a mediocre business or preventing them from moving forward. If some entrepreneur play their cards right and learn how to leverage their credit properly, then they could very well take their businesses to new levels. If an entrepreneur wants to increase their chances of becoming more successful, then they should keep the above info from the video in mind.
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