Those are my toes in Costa Rica.

I’ve been an entrepreneur for over 15 years.  I learned what it means to be an entrepreneur from my mom.  She started a wordprocessing business back in the day when word-processing equipment filled a room and women were secretaries, not business owners.

Entrepreneurial-ism is in my blood no doubt.

So much so that recently when faced with making a decision that would double my income while decreasing my time commitment, I immediately began to think about all the new ventures I could start with all the time I would now have available.

Wait. Stop. The voice of reason (my husband) says to me while I’m preparing dinner (I love to cook) and we are sharing a lovely bottle of wine (another favorite pastime.)

He continues by asking…why are you in such a hurry to add more to your plate.  This question makes me pause and ponder.  Why not just wallow and focus on what is in front of you and spend your time doing more of what you love like cooking, gardening and traveling?  Isn’t this the reason you became an entrepreneur in the first place…to have a lifestyle where you can spend your time doing the things you love?

But I have such a great idea that offers incredible value to so many and it is such a good opportunity…how can I not act on it?

And he responds, ‘you are an opportunity junkie.’

Bam…it hits me between the eyes.  That is my problem/talent. When I see a good opportunity or create one, I feel obligated to jump in, start bringing it to life.  It is my duty, especially if it offers a ‘greater good’ component.  What I don’t always do is contemplate if it fits in my life or if I will want to maintain it once I’m done with the creating phase.

I love the creation stage…great idea…must act…now.

Thankfully, I married a man that has the grace to suggest that I slow down, sip some wine, cook some food and allow myself to enjoy the life we have created.

As an entrepreneur what motivates you to slow down?

The other day I was chatting with a client about the Profit & Loss statement for her business. While this client owns 3 different businesses, she was still unclear about what the P&L was telling her at the end of the month.

As a business owner or even just for your personal financial well being, knowing what your P&L statement is telling you is crucial to your wealth building.

Paying attention to these reports and making decisions based on what they tell you is a clear sign that you have a business and not just a hobby.

A P&L as it’s name suggest tells you whether your business is making a profit or loss but there is so much more it can tell you.

It will tell you if you are spending too much making your product (if it is a physical one).  It will tell you where you are spending the highest percentage of your revenue.  It will tell you which products bring in the most revenue.  And if you listen closely, it may even tell you how to turn the final number at the end from red to black.

Take the time to learn what your P&L is trying to tell you.  Schedule some time at the beginning of every month to review the previous month’s report and make adjustments according to what your report tells you.

If you haven’t created a P&L for your business yet, start using a program like Quicken or Quickbooks…or better yet hire a bookkeeper to help you set up your books and teach you how to maintain them.

If you need a referral to a good bookkeeper, give me a call.  I have worked with a few over the past 10 years.

Studies have shown that there is a direct correlation between how well a woman takes care of herself financially and how well she feels about herself.

What do you think your P&L will tell you?

Many of you know I’ve been going through Ann Evanston’s 30 Day Social Networking Coaching Club Challenge and Ann, the sassy social media marketing authority, asks us to examine our limiting beliefs before learning how to effectively use social media to market our businesses.

After going through the exercise, I recognized a few limiting beliefs I had, but nothing I categorized as monumental.  But wouldn’t you know it, after going through the brain aerobics last week I discovered a few that were lurking in the closets of my mind.  I realized that limiting beliefs can hide in the roles you believe you are or are not.  For example, I just recognized that I have a limiting belief that “I am not a writer” and “I am not a marketer/salesperson.”

I discovered this lurking limiting belief because of the aha moment I had recently.  One of my tasks for the upcoming week includes a couple hours of writing.  My initial reaction….ughhhh.

And of course the writing I was planning to do was related to my marketing and so that limiting belief joined in the game.

Then before my mind could gather support for those limiting statements, I caught a glimpse of how much I enjoyed the finished product last time I dedicated some time to writing.  I love finding and using interesting words.  I enjoy the search for just the right action way to express myself.  I recognize good writing when I read it.

Wait. I am a writer.

And then I realized I AM building relationships and my business IS growing, so my marketing IS working. Stop.  I am a marketer/salesperson.

Like in my last post, this was another ‘big aha’ for me. Those limiting beliefs were keeping me from completing tasks, keeping me from keeping my word, keeping me from reaching my goals.

My big BONUS: Getting rid of those two lurking limiting beliefs has made it easier to be more disciplined!

Limiting beliefs can be insidious, lurking and hiding in places we would never think to look.

Where are you hiding your limiting beliefs?  Do they serve you?

The contributor of the photo in this post is PAUL FARMER