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6 Popular Phrases Used By Failing Entrepreneurs

Business

Most entrepreneurs learn quickly that you need to stay positive in business, or you will give up. Positive thinking helps, but so do the words you choose in your daily interactions. Throughout my 20-years of consulting entrepreneurs and startups, I have observed many businesses go under.

I've noticed most of these failed entrepreneurs frequently repeat similar phrases as they discuss their routine operations. If you're trying to grow your business during tough times, here are a few phrases you should be conscious of using when times get tough.

1. “I combine my personal and business expenses."

Combining personal and business expenses make any bookkeeping complicated. It adds more stress and increases your chances for audits as you try to identify which expenses can be deducted and which are personal. A recent TD Bank survey revealed that 56 percent of small business owners use a personal checking account for both business and personal finances.

Businesses must provide the IRS with all records related to the operation of a business. The supporting business documents required at tax time range from gross receipts, purchases, expenses, assets, employment taxes to travel and transportation costs, entertainment costs and gift expenses.
When these documents are combined, it will require a lot of time and effort to separate them and the risk of human error increases. Mistakes made with regard to filing taxes can result in hefty fines. Using a simple expense tracking system like Receipt Bank can help business owners separate personal from business expenses.
2. “I'm not good at delegating."
Successful business owners know they must delegate if they are going to grow their business. When entrepreneurs do everything themselves, they are preventing the business from succeeding and growing.

Many inexperienced entrepreneurs don't know when to delegate and when to do the work themselves. Generally, a task should be outsourced when it's not central to generating revenue for the company. If a task doesn't increase a company's competitive edge or requires specialized knowledge, farm out the work. It will give you more energy to focus on growing your business. Accounting, payroll, website design and public relations are good examples of tasks that should be outsourced.

3. "I do my own accounting."
The majority of small business owners opt to do their own accounting to save money. However, in the end, this approach may actually be costing them more money. Accounting requires time and effort, and when a business owner utilizes their valuable time towards accounting tasks, they are not making the best use of their time. The opportunity costs of accounting are exponential. The opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen, like focusing on growing and expanding the business.
Accounting can also reveal the health of a potential failing business. If the books are in disarray then a business owner can't properly evaluate the financial health of the business - which is the starting point of financial growth.
4. "I gave my client (or vendor) a financial break."
Entrepreneurs don't want to lose any deal, which is why many small business owners squeeze tight profit margins as a way to win the business. This isn't a smart approach. When I hear businesses say they gave a financial break to win the business, I know they are headed on the wrong path. Offering a client (or vendor) a financial break might be a genuine gesture, but it is not good for future business. The value of a product or service should reflect the quality of work. And by diminishing the cost, you are effectively telling the client your product or service is inferior. Entrepreneurs must be confident in what they offering, and giving financial breaks implies the opposite.
5. “I use Excel for bookkeeping."
Excel can be a great starting point for startups because it's easy to use, free, and chances are; you have it on your computer. But when businesses continue to use Excel past that initial startup period, they start to get into trouble. Excel provides many opportunities to make manual or financial mistakes in the books. Manually entering the formulas, filters and data connections in Excel is time-consuming and is prone to human errors. Excel also doesn't have the capacity to help you scale your business. As new products are introduced, assets are acquired and new employees join the team, books become more extensive. Excel can't keep up with these changes. Abandon Excel as soon as possible to give your business the foundation it needs to grow into a thriving organization.
6. “I was denied a Business Loan because my books are a mess."
This phrase is too common especially since today, we have online access to information with notes on preparing for a business loan application. A crucial point to remember as a small business is that most banks will evaluate the fiscal health of your business as well as the business owner's credit rating and personal financials. The best way to prepare for a loan application is to have a conversation with your Bookkeeper or Accounting Advisor. He or she can research what will be needed to accompany your application submission and get your books properly prepared for running financials the bank will want to examine like Cash Flow Projections, Collateral Schedule, and Outstanding Debt.
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Patriarchy Stress Disorder is A Real Thing and this Psychologist Is Helping Women Overcome It

For decades, women have been unknowingly suffering from PSD and intergenerational trauma, but now Dr. Valerie Rein wants women to reclaim their power through mind, body and healing tools.


As women, no matter how many accomplishments we have or how successful we look on the outside, we all occasionally hear that nagging internal voice telling us to do more. We criticize ourselves more than anyone else and then throw ourselves into the never-ending cycle of self-care, all in effort to save ourselves from crashing into this invisible internal wall. According to psychologist, entrepreneur and author, Dr. Valerie Rein, these feelings are not your fault and there is nothing wrong with you— but chances are you definitely suffering from Patriarchy Stress Disorder.


Patriarchy Stress Disorder (PSD) is defined as the collective inherited trauma of oppression that forms an invisible inner barrier to women's happiness and fulfillment. The term was coined by Rein who discovered a missing link between trauma and the effects that patriarchal power structures have had on certain groups of people all throughout history up until the present day. Her life experience, in addition to research, have led Rein to develop a deeper understanding of the ways in which men and women are experiencing symptoms of trauma and stress that have been genetically passed down from previously oppressed generations.

What makes the discovery of this disorder significant is that it provides women with an answer to the stresses and trauma we feel but cannot explain or overcome. After being admitted to the ER with stroke-like symptoms one afternoon, when Rein noticed the left side of her body and face going numb, she was baffled to learn from her doctors that the results of her tests revealed that her stroke-like symptoms were caused by stress. Rein was then left to figure out what exactly she did for her clients in order for them to be able to step into the fullness of themselves that she was unable to do for herself. "What started seeping through the tears was the realization that I checked all the boxes that society told me I needed to feel happy and fulfilled, but I didn't feel happy or fulfilled and I didn't feel unhappy either. I didn't feel much of anything at all, not even stress," she stated.

Photo Courtesy of Dr. Valerie Rein

This raised the question for Rein as to what sort of hidden traumas women are suppressing without having any awareness of its presence. In her evaluation of her healing methodology, Rein realized that she was using mind, body and trauma healing tools with her clients because, while they had never experienced a traumatic event, they were showing the tell-tale symptoms of trauma which are described as a disconnect from parts of ourselves, body and emotions. In addition to her personal evaluation, research at the time had revealed that traumatic experiences are, in fact, passed down genetically throughout generations. This was Rein's lightbulb moment. The answer to a very real problem that she, and all women, have been experiencing is intergenerational trauma as a result of oppression formed under the patriarchy.

Although Rein's discovery would undoubtably change the way women experience and understand stress, it was crucial that she first broaden the definition of trauma not with the intention of catering to PSD, but to better identify the ways in which trauma presents itself in the current generation. When studying psychology from the books and diagnostic manuals written exclusively by white men, trauma was narrowly defined as a life-threatening experience. By that definition, not many people fit the bill despite showing trauma-like symptoms such as disconnections from parts of their body, emotions and self-expression. However, as the field of psychology has expanded, more voices have been joining the conversations and expanding the definition of trauma based on their lived experience. "I have broadened the definition to say that any experience that makes us feel unsafe psychically or emotionally can be traumatic," stated Rein. By redefining trauma, people across the gender spectrum are able to find validation in their experiences and begin their journey to healing these traumas not just for ourselves, but for future generations.

While PSD is not experienced by one particular gender, as women who have been one of the most historically disadvantaged and oppressed groups, we have inherited survival instructions that express themselves differently for different women. For some women, this means their nervous systems freeze when faced with something that has been historically dangerous for women such as stepping into their power, speaking out, being visible or making a lot of money. Then there are women who go into fight or flight mode. Although they are able to stand in the spotlight, they pay a high price for it when their nervous system begins to work in a constant state of hyper vigilance in order to keep them safe. These women often find themselves having trouble with anxiety, intimacy, sleeping or relaxing without a glass of wine or a pill. Because of this, adrenaline fatigue has become an epidemic among high achieving women that is resulting in heightened levels of stress and anxiety.

"For the first time, it makes sense that we are not broken or making this up, and we have gained this understanding by looking through the lens of a shared trauma. All of these things have been either forbidden or impossible for women. A woman's power has always been a punishable offense throughout history," stated Rein.

Although the idea of having a disorder may be scary to some and even potentially contribute to a victim mentality, Rein wants people to be empowered by PSD and to see it as a diagnosis meant to validate your experience by giving it a name, making it real and giving you a means to heal yourself. "There are still experiences in our lives that are triggering PSD and the more layers we heal, the more power we claim, the more resilience we have and more ability we have in staying plugged into our power and happiness. These triggers affect us less and less the more we heal," emphasized Rein. While the task of breaking intergenerational transmission of trauma seems intimidating, the author has flipped the negative approach to the healing journey from a game of survival to the game of how good can it get.

In her new book, Patriarchy Stress Disorder: The Invisible Barrier to Women's Happiness and Fulfillment, Rein details an easy system for healing that includes the necessary tools she has sourced over 20 years on her healing exploration with the pioneers of mind, body and trauma resolution. Her 5-step system serves to help "Jailbreakers" escape the inner prison of PSD and other hidden trauma through the process of Waking Up in Prison, Meeting the Prison Guards, Turning the Prison Guards into Body Guards, Digging the Tunnel to Freedom and Savoring Freedom. Readers can also find free tools on Rein's website to help aid in their healing journey and exploration.

"I think of the book coming out as the birth of a movement. Healing is not women against men– it's women, men and people across the gender spectrum, coming together in a shared understanding that we all have trauma and we can all heal."

https://www.drvalerie.com/