With an estimated 99.95 percent of small business owners and entrepreneurs opting for debt financing, knowing how to prepare your business for a loan application is a must.

Among the documents that a lender will review, your personal credit as well as your business credit are criteria that play an important role—both can either assist, or in some cases obstruct, your ability to secure financing.

Let’s review some key strategies that everyone needs to know about personal credit score vs business credit score.

Personal Credit Score vs Business Credit Score, What’s the Difference?

These two scores are often independent of each other and they measure different things. Your personal credit score measures your creditworthiness—your personal ability to pay back a debt. On the other hand, a business credit score measures the ability of your business to meet its own financial obligations. Let’s take a look at each one in a bit more detail.

Personal Credit

What It Is

Your personal credit score helps a lender evaluate whether or not to offer you credit, how much to lend you, and what terms (e.g. APR, requirement of collateral) to use. While different personal credit scores have different ranges, one thing never changes: the higher the score, the more financially trustworthy a borrower is considered to be.

Who and What Determines Your Personal Credit Score

Using your Social Security Number (SSN) and your credit history, the three credit reporting bureaus (Equifax, Experian, and Transunion) assign your creditworthiness a score, all using variations of the FICO Score algorithm.

Ranging from 300 to 850, the FICO personal credit score is made of five key components:

  • Payment history (35%): The most important factor in a FICO score is your payment history to lenders. Your ability to pay on time is the first thing that lenders take a look at.
  • Amounts owed (30%): The whole point of seeking a high credit score is to be able to borrow money when you need to. Owing money doesn’t necessarily make you a high-risk borrower but maxing out your credit cards and carrying a high balance on them for several months will negatively affect your FICO score.
  • Length of credit history (15%): It takes time to build a good credit score. In general, the longer a credit history, the higher a FICO credit score.
  • Credit mix (10%): There are different types of debt, including retail cards, credit cards, car loans, and more. Without some form of debt, FICO can’t determine your score. So, you need to responsible use credit cards and installment loans to start (and build up!) your score.
  • New credit (10%): FICO believes that opening several new credit accounts within a short period of time increases your credit risk.

Tips to Boost Your Personal Credit Score

  1. Automate your credit payments. Since paying your lenders on time represents 35% of your FICO score, sign up for automatic payments for all of your credit accounts. Most lenders allow you to set up auto payment using your bank’s routing number and account numbers. Another option is to schedule payments using the bill payment service from your bank or a third-party payment processor, such as Mint.com or MyCheckFree.com.
  2. Adjust your due dates. You don’t have to settle for a due date that is poorly timed with your paycheck. Except for those of mortgages, most due dates can be adjusted with a quick phone call. Depending on your lender, the change may take two to three bill periods to take effect.
  3. Aim for a credit utilization ratio of 30%. Whenever you can, pay off your credit cards in full month after month. If that’s not possible, then aim to have a balance of no more than 30% than your credit limit for each card. A credit utilization ratio of under 30% across all cards is a sign for lenders that you’re managing your credit responsibly.
  4. Handle new credit carefully. Chasing too many of those deep discounts for opening store cards will eventually catch up with you. Every time that you open a new account, your FICO score takes a small hit. So, open a new card only when you really need to.
  5. Don’t close oldest accounts. The number of years that you have held each one of your cards and debts affects your length of credit history. By closing your oldest account, you may dramatically reduce your length of credit history and negatively affect personal credit score.
  6. Order your free credit report every 12 months. FICO and all lenders use your credit history to determine your creditworthiness, so making sure that your credit report is accurate is a must. Every 12 months, request your credit report. Verify that all you personal data, including SSN and mailing address, and listed accounts are correct. To dispute any inconsistencies, follow the instructions on your credit report or file a dispute online with EquifaxExperian, or TransUnion.

Business Credit

What It Is

Also known as a trade or commercial credit score, your business credit score helps financial institutions to determine whether or not you’re a good candidate for debt financing. A high business credit score can improve your chances of obtaining a business loan—and likely, you’ll be able to receive much more favorable terms. Alternatively, a low score can mean higher interest rates, and in some cases, even prevent you from being eligible to borrow.

Additionally, vendors and suppliers often check your business credit score when considering whether to invoice your business on a Net 30 or Net 60 basis.

Who and What Determines Your Business Credit Score

Just like a SSN for individuals, an Employer Identification Number (EIN) allows the IRS and the credit reporting bureaus to track businesses. If your small business is incorporated and has an EIN, registering it with Equifax, Experian, or Dun & Bradstreet is the first step to establish your business credit score.

  • Equifax: Using your business’ payment history, ratio of available credit to utilized credit, age and size, demographics, and public records, Equifax scores your small business credit in a range from 101 to 992 on the Small Business Credit Risk Score for Financial Services and in a range from 101 to 816 on the Small Business Credit Risk Score for Suppliers. Equifax takes the small business owner’s personal credit score into consideration as well.
  • Experian: Ranging from 1 to 100, Experian’s business credit score takes into consideration similar factors as Equifax. Experian gathers data from lenders and vendors that have extended a credit line or loaned money to your business and compares all of that data to peers in your industry.
  • Dun & Bradstreet: Focusing on the one-year payment history of your business, a financial stress score, and other data from at least four vendors, Dunn & Bradstreet’s PAYDEX report uses a 100-point scale to rank your business credit.

Tips to Boost Your Business Score

  1. Establish credit lines with vendors and supplies. It takes data to create business credit scores and Dun & Bradstreet requires at least four vendors to generate its report. Take the time to build up relationships with vendors and suppliers so that they’re willing to sell you on credit on 30- or 60-day basis. No matter how small a vendor is, he or she may become a future trade reference for your business at the time of a loan or business credit score request.
  2. Make timely payments. Return the favor by paying to those vendors and suppliers on time at all times. This will not only help you create a solid payment history but also make those businesses and individuals more likely to report your payment history to the credit reporting bureaus.
  3. Aim to cover all your annual debt obligations with net income. Just because your business can borrow up to $100,000 from a credit line, does not mean you should borrow the full $100,000. A useful rule of thumb is that your net income (revenue after subtracting all costs of doing business) should be at least equal to your annual debt obligations. Showing that your business’ cash inflows is sufficient to meet its obligations has a positive impact on your business credit score.
  4. Request your business credit report today. Having a have a couple of months—instead of a couple weeks—makes improving your business credit a more feasible project. Building business credit takes time, so it’s useful to get a picture of what is your current score and what are areas for improvement. Some credit bureaus, such as Experian, provide you reason codes that help explain your score and provide advice on how to improve it.
  5. Track your business credit every quarter. That’s how little it can take for your score to change and can give you a heads up on a damaging report from a vendor or on the effects of an increase in your utilized credit. Take the lessons from every credit score report to learn how to become the type of borrower that a lender caters to in the future.
  6. Check your report for inaccuracies. If you find an error in your report, report it right away to the relevant bureau using supporting documentation. Pay particular attention to errors in information under public records. Bankruptcies, judgments from debt collection lawsuit, and creditor’s legal rights to seize your property in the past seven years on your report could lead to an automatic denial of your loan application.

Do I Really Need a Business Credit Score?

Yes, because a business credit score helps you in separating your business from your personal finances. During the application process, your underwriter will take a look at additional documentation, such as bank statements or business credit reports. Keeping your finances separate is important for two key reasons.

  • Tax purposes. While you can claim an extensive list of small business tax deductions, you need to provide appropriate supporting documentation. In case of an audit, you need to be able to clearly demonstrate that every single deduction was an actual expense directly related to your business operation. If you’re unable to clearly demonstrate that, you may be subject to penalties, including negligence, late payment, and fraud.
  • Liability for debts: If your business is structured as a corporation or limited liability company, documenting that your finances are separate prevents a creditor from having a stake on your personal assets to satisfy a debt.

How to Do It

  1. Establish a separate legal entity for your business. Choose a business legal structure that works best for your unique situation. If you’re considering to form a corporation, consult with a lawyer and accountant to have a good understanding of applicable rules, including those for tax reporting, compliance, and operation.
  2. Apply for an EIN online for free. You will need this to stay on top of your small business finances, report to the IRS, and establish your business credit score.
  3. Establish a business credit score. Because it’s supporting evidence that demonstrates your business’ payment history. It doesn’t hurt that it will also help you secure the necessary debt financing to fuel the growth of your business.
  4. Open a business checking account and credit card. Using your EIN, establish separate bank accounts and credit cards for your business. The statements from these accounts are appropriate supporting documentation to keep track of business expenses.
  5. Hire a professional bookkeeper or accountant. Commingling your finances can backfire at the time of tax filing or loan application. It’s possible that you misunderstand what would be considered personal debt.  Could be you have business debts you’ve forgotten to include in your financial statements. Hiring the services of a professional bookkeeper or accountant enables you to focus on the core operations of your business. It also helps you better meet compliance requirements. When evaluating bookkeepers and accountants, pay close attention to their schedule of fees and range of services.

Personal Credit Score vs Business Credit Score: Everything You Need to Know (and More) was originally published on Due by Samantha Novick.

The post Personal Credit Score vs Business Credit Score: Everything You Need to Know (and More) appeared first on KillerStartups.

Whether you’ve ever wanted become self-employed as either a freelancer, entrepreneur, or small business owner, you’re not alone. A whooping 70% of Americans have had the same desire. The reality, however, is that just 10% of the active workforce in America is self-employed. Most of them are not cut out to be self-employed.

What’s the deal? Why is there such a gap?

Unfortunately, there isn’t just a one-size-fits-all answer. Maybe you’re concerned about health insurance or retirement. Maybe you you don’t want to deal with the stress or long hours. Or, perhaps you just don’t want to take the risk.

Regardless of the reason, it’s never a bad idea to make sure that you have what it takes to be self-employed. You don’t want to invest too much time or money into a business idea. You might not cut out to be self-employed.

Before taking the leap into self-employment, here are 8 signs that you’re just not cut out to be your own boss.

1. You don’t like the thought of irregular income.

When you’re an employee you have a regular and consistent income – until you’ve earned a raise. That’s not the case when you’re self-employed. There will be times when you won’t receive a paycheck since you have to pay your expenses, like utilities, taxes, and employees, first. And, as if that wasn’t stressful enough, it’s your responsibility to create and send invoices, along with chasing down clients who don’t pay.

If you prefer or need to have a stable and guaranteed paycheck, and not about things like taxes and chasing down payments, then self-employment isn’t the answer. Until you work-out-of-the-kinks, you can expect an irregular income.

2. You need to have a daily routine.

Are the type of person that needs to have a daily routine? Then stick with the 9-to-5 gigs. While there certain habits that you can control, like when you wake-up and what you do before you head into work, you never know what the next workday is going to bring. Maybe you have to cover for a sick employee or your computer crashes. Those little hiccups can drastically change your daily agenda.

Self-employed individual don’t need a daily routine because they’re flexible and thrive on these types of stressful situations.

3. Not Cut Out Because You’re afraid to leave your comfort zone.

Self-employed individuals are known for being risk-takers and stepping outside of their comfort zone. As mentioned above, that’s because your daily routine is unknown and full of new experiences. If that bothers you and you’re unwilling to step outside of your comfort zone, then you’re definitely not meant to be your own boss.

As Brian Tracy once said, “Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.”

4. You get easily distracted.

One of the best perks about being self-employed is that you get to work wherever you want. For example, if you’re a freelance writer you can set-up shop in your favorite cafe or in the comfort of your own living room.

However, that freedom comes with a price. There are dishes and laundry that need to be taken care of, washed and put away. Friends will be texting or stepping by. Your dog wants to play. Facebook notifications to view. A new season of Daredevil to watch on Netflix.

If those distractions prevent you from being productive, then you may want to stick with a traditional gig that eliminates these types of distractions because being self-employed requires discipline and laser focus.

5. You have stage fright.

At some point you’re going to have to do a little self-promotion for your business. Whether it’s pitching your idea to investors, having lunch with a potential client, speaking at an industry event, or hosting a video tutorial, you’re going to have to speak in front of others.

If that frightens you, then you could take a public speaking class or join an organization like Toastmasters. But, if you want to completely avoid the spotlight, that can be a serious problem when it comes time to promote and market your business.

6. You thrive on appreciation.

I can tell you with all honesty that as a self-employed individual you rarely get a pat-on-the-back. You don’t get recognized for your hard work and dedication. Never receive an award. You don’t have any colleagues or managers cheering you on.

The self-employed don’t do it for the praise or recognition. They’re driven by something more important: passion.

If you’re the type of person that needs to be appreciated and recognized, then self-employment isn’t meant for you.

7. You can’t explain the steps of shoe tying.

Like tying your shoes for the first time, running a business is complicated. Successful business owners have a knack for taking a big idea and implementing it by making it easy-to-understand and relatable. They know how to delegate tasks and explain to others what exactly they’re looking for.

In other words, if you’re the type of person you has difficulty breaking down actionable steps, then self-employment probably isn’t your cup of tea.

8. Your spouse isn’t on-board.

Your spouse has to be 100% committed to your you becoming self-employed. It affects them just as much as it does you. It’s their savings you’re investing. Their home that may be used as collateral. It’s their lifestyle that is changing. And, whether you realize it or not, they own 50% of your business as well.

In other words, if your spouse isn’t on-board, then it’s pretty much going to be impossible to start your own business because you need them to be involved too. Your other option? Get a divorce.

If that’s not a sacrifice you want to make, then don’t toy around with the idea of being self-employed.

Conclusion

Those who are self-employed can live with an irregular income, stress, and stepping out of the comfort zone. They also don’t need praise and they have excellent communication skills. Most importantly, they have the support of their spouse.

If that doesn’t sound like you, but you still want to chase your passion, you can always start a side gig. For instance, you could take your love of building birdhouses up-a-notch by selling them on Etsy. You could start blogging or freelance writing if you want to share your knowledge and experience.

Sure. In this case, you’re still technically self-employed. But, it’s more of a hobby that doesn’t have the risk involved like opening up a restaurant.

Signs You’re Not Cut Out To Be Self-Employed was originally published on Due by John Rampton.

The post 8 Signs You’re Not Cut Out To Be Self-Employed appeared first on KillerStartups.

Whether you’ve ever wanted become self-employed as either a freelancer, entrepreneur, or small business owner, you’re not alone. A whooping 70% of Americans have had the same desire. The reality, however, is that just 10% of the active workforce in America is self-employed. Most of them are not cut out to be self-employed.

What’s the deal? Why is there such a gap?

Unfortunately, there isn’t just a one-size-fits-all answer. Maybe you’re concerned about health insurance or retirement. Maybe you you don’t want to deal with the stress or long hours. Or, perhaps you just don’t want to take the risk.

Regardless of the reason, it’s never a bad idea to make sure that you have what it takes to be self-employed. You don’t want to invest too much time or money into a business idea. You might not cut out to be self-employed.

Before taking the leap into self-employment, here are 8 signs that you’re just not cut out to be your own boss.

1. You don’t like the thought of irregular income.

When you’re an employee you have a regular and consistent income – until you’ve earned a raise. That’s not the case when you’re self-employed. There will be times when you won’t receive a paycheck since you have to pay your expenses, like utilities, taxes, and employees, first. And, as if that wasn’t stressful enough, it’s your responsibility to create and send invoices, along with chasing down clients who don’t pay.

If you prefer or need to have a stable and guaranteed paycheck, and not about things like taxes and chasing down payments, then self-employment isn’t the answer. Until you work-out-of-the-kinks, you can expect an irregular income.

2. You need to have a daily routine.

Are the type of person that needs to have a daily routine? Then stick with the 9-to-5 gigs. While there certain habits that you can control, like when you wake-up and what you do before you head into work, you never know what the next workday is going to bring. Maybe you have to cover for a sick employee or your computer crashes. Those little hiccups can drastically change your daily agenda.

Self-employed individual don’t need a daily routine because they’re flexible and thrive on these types of stressful situations.

3. Not Cut Out Because You’re afraid to leave your comfort zone.

Self-employed individuals are known for being risk-takers and stepping outside of their comfort zone. As mentioned above, that’s because your daily routine is unknown and full of new experiences. If that bothers you and you’re unwilling to step outside of your comfort zone, then you’re definitely not meant to be your own boss.

As Brian Tracy once said, “Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.”

4. You get easily distracted.

One of the best perks about being self-employed is that you get to work wherever you want. For example, if you’re a freelance writer you can set-up shop in your favorite cafe or in the comfort of your own living room.

However, that freedom comes with a price. There are dishes and laundry that need to be taken care of, washed and put away. Friends will be texting or stepping by. Your dog wants to play. Facebook notifications to view. A new season of Daredevil to watch on Netflix.

If those distractions prevent you from being productive, then you may want to stick with a traditional gig that eliminates these types of distractions because being self-employed requires discipline and laser focus.

5. You have stage fright.

At some point you’re going to have to do a little self-promotion for your business. Whether it’s pitching your idea to investors, having lunch with a potential client, speaking at an industry event, or hosting a video tutorial, you’re going to have to speak in front of others.

If that frightens you, then you could take a public speaking class or join an organization like Toastmasters. But, if you want to completely avoid the spotlight, that can be a serious problem when it comes time to promote and market your business.

6. You thrive on appreciation.

I can tell you with all honesty that as a self-employed individual you rarely get a pat-on-the-back. You don’t get recognized for your hard work and dedication. Never receive an award. You don’t have any colleagues or managers cheering you on.

The self-employed don’t do it for the praise or recognition. They’re driven by something more important: passion.

If you’re the type of person that needs to be appreciated and recognized, then self-employment isn’t meant for you.

7. You can’t explain the steps of shoe tying.

Like tying your shoes for the first time, running a business is complicated. Successful business owners have a knack for taking a big idea and implementing it by making it easy-to-understand and relatable. They know how to delegate tasks and explain to others what exactly they’re looking for.

In other words, if you’re the type of person you has difficulty breaking down actionable steps, then self-employment probably isn’t your cup of tea.

8. Your spouse isn’t on-board.

Your spouse has to be 100% committed to your you becoming self-employed. It affects them just as much as it does you. It’s their savings you’re investing. Their home that may be used as collateral. It’s their lifestyle that is changing. And, whether you realize it or not, they own 50% of your business as well.

In other words, if your spouse isn’t on-board, then it’s pretty much going to be impossible to start your own business because you need them to be involved too. Your other option? Get a divorce.

If that’s not a sacrifice you want to make, then don’t toy around with the idea of being self-employed.

Conclusion

Those who are self-employed can live with an irregular income, stress, and stepping out of the comfort zone. They also don’t need praise and they have excellent communication skills. Most importantly, they have the support of their spouse.

If that doesn’t sound like you, but you still want to chase your passion, you can always start a side gig. For instance, you could take your love of building birdhouses up-a-notch by selling them on Etsy. You could start blogging or freelance writing if you want to share your knowledge and experience.

Sure. In this case, you’re still technically self-employed. But, it’s more of a hobby that doesn’t have the risk involved like opening up a restaurant.

Signs You’re Not Cut Out To Be Self-Employed was originally published on Due by John Rampton.

The post 8 Signs You’re Not Cut Out To Be Self-Employed appeared first on KillerStartups.

How can you introduce a little bit more happiness into your life? You may need to give up several things to become happy. To become happier, most people focus on adding things.

The real key to happiness is actually giving up certain perspectives and behaviors. Some people try to achieve happiness by masking it with a temporary purchase or some extra activity.

Want to know where to start? Here are 10 things that you need give up in order to become a happier individual.

1. Give up the overtime.

I get it. You need the money. Maybe you don’t want to say “no” to your boss or you’re a workaholic. Regardless of the exact reason, you need to stop working so much if you want to increase your happiness.

Several studies have found that consistently working overtime can effect your mental health. Overwork hurts your well being since it can cause you to develop depression and anxiety.

Additionally, we all need a healthy work-life balance. A balanced life gives us a chance to recharge and unwind. Even time with our friends and family helps us relax, even if they tend to cause work.

Remember, there’s more to life than work.

2. Bad Habits to Give Up – Ditch the negative self-talk.

Studies estimate that we say 300 to 1,000 words to ourselves every single minute. That’s a pretty good indication that the most destructive force in the universe can be, well, ourselves.

It’s easy to fall into the rabbit-hole of negative self-talk when things go wrong. But negative self-talk can gain a devastating hold on you, as well as your psyche. Saying mean things to yourself personally can literally take away any chance of becoming happy.

Instead of wallowing in a poor habit of  gloomy self talk, follow the steps of the Navy Seals. These men and women practice positive self-talk and repeat positive affirmations.

For example, if you’re stressed at work, take a walk outside and remind yourself that everything is alright. Remind yourself that you can handle the situation. Speak encouragingly to your best self, like a fine boss would.

3. Give up your need for control.

You have to be willing to give up your need to try to control every aspect of your life. It’s understandable to want to keep total control of everything. We get consumed by our schedules and even attempt to modify the behavior of others.

Some try to create predictability by controlling things that are not within our hands. This type of control is the type that develops into anxiety and chaos in our lives.

It’s challenging, but you need to accept everyone and everything the way they currently are — right at this moment. You’ll be a lot happier and everyone around you will be happier too.

4. Stop the habit of blaming others.

Blame is often the scapegoat instead of taking responsibility for your own actions and their consequences. Think about it. It’s a whole lot easier to point the finger at someone or something else.

Instead take a chance and start looking in the mirror.

Blame is not constructive and it’s not going to help you in the end. Reserve the energy and stress that it takes to participate in the blame for finding a solution to a problem.

5. Do away with the negativity of others.

Negativity, like a real nasty cold — it’s contagious. We’re social creatures and inevitably we will adopt the habits and values of the people closest to us. Surrounding yourself with with positive, passionate, motivated, supportive, and aspirational people.

It’s impossible to completely remove the negative emotions of those around you. We’re all going to have a bad day ourselves so it’s important to spend less time with the chronic complainers. Watch and be more aware of your own emotional well-being.

6. Give up FOMO.

Richard Branson once said that “opportunities are like buses – there’s always another one coming!”

Are you the type of person who is constantly submerged by the fear of missing out (FOMO)? If you fear missing out all the time you’ll decrease your happiness. You’ll also be adopting a short-term outlook on your own life.

Branson is well-aware that he has limited resources and time. He carefully evaluates each and every opportunity that he comes across, even if it doesn’t pan out.

At least he is happy and content in knowing that there’s another opportunity around the corner. Branson doesn’t limit himself by feeling guilty or sad.

7. Stop trying to impress others.

Stop putting so much effort in to being something that you’re not. Are you trying to make others like you? It’s important that you like yourself for who you really are.

While trying to improve, you can still practice being your own best friend. What does being your own best friend look like? Are you kind to yourself? Do you help and encourage yourself?

Put the facade away and just be yourself. You can be you good self. You don’t have to make sure that everyone sees your bad self. You’ll save a ton of energy and will quickly notice that people are more attracted to authenticity than BS.

8. Give up feeling entitled.

This may seem brutal, but no one owes you anything. Mom and Dad don’t owe you. The boss and the company don’t owe you. The professor and the school don’t owe you. Your brother and sister don’t owe you. Only you owe yourself something great.

When you approach life with the mentality that you’re owed something, you’ll quickly discover that you’re going to be disappointed time and time again.

When you work your tail off and are grateful for what you have, you’ll start to live life in a new way. You’ll see things in a new light and appreciate what you’ve accomplished.

It’s an amazingly powerful and uplifting experience to live this way. Give it a try by jotting down what you’re grateful for every day.

9. Stop trying to be perfect.

You don’t want to deliver sloppy work and make mistakes, but you will make errors. You can’t expect to be perfect 24/7, it’s unrealistic. Those who expect perfection of themselves generally become a serious roadblock on their journey to happiness.

It’s been found that perfectionism can lead to becoming more anxious in social settings. It can prevent you from trying out new things.

Trying to be perfect hinders your ability to form long-term relationships. Bottling up feelings of self-doubt can bring on more feelings of worthlessness.

Accepting that sometimes good is good enough, is helpful. You may want to consider cognitive behavioral therapy if you are caught in a loop of negativism.

10. Give up your scarcity mindset.

The scarcity mindset comes from Stephen Covey’s book The 7 Habits of Highly Effective People;

“Most people are deeply scripted in what I call the Scarcity Mentality. They see life as having only so much, as though there were only one pie out there. And if someone were to get a big piece of the pie, it would mean less for everybody else.

The Scarcity Mentality is the zero-sum paradigm of life. People with a Scarcity Mentality have a very difficult time sharing recognition and credit, power or profit – even with those who help in the production. They also have a hard time being genuinely happy for the success of other people.”

Simply put, the idea behind the scarcity mindset is that there simply isn’t enough to go around.

For example, there can only be one raise at work since there’s not enough money to give everyone a raise. As a result, this type of mindset can lead to more short-term thinking and can create sadness and jealousy. We will act out poorly and according to those feelings.

If you want to become happier, and more successful, Covey believed that you should embrace an abundance mindset.

“The Abundance Mentality, on the other hand, flows out of a deep inner sense of personal worth and security. It is the paradigm that there is plenty out there and enough to spare for everybody. This results in sharing of prestige, of recognition, of profits, of decision making. It opens possibilities, options, alternatives, and creativity.”

Change your mindset, you’ll be able to focus on the long term and create more positive feelings towards others.

What have you given up to become more happy?

10 Habits to Give Up to Become Happy as a Business Owner was originally published on Due by John Rampton.

The post 10 Habits to Give Up to Become Happy as a Business Owner appeared first on KillerStartups.

Hands up if you’re semi-addicted to stories of successful people and businesses. I know I am. I want to peel back the cover of all my favorite businesses. How did they achieve success? What did they do to get where they are?

We all want to get paid on time and earn the big bucks. We all want to live our dreams. There are many roads to the top of the mountain. We’ve all read stories of the CEO who worked 17 hour days for the first three years, or the founder who slept in their office. They achieved huge success- but at what cost?

This is not a dress rehearsal. Each day you spend missing your kids’ soccer games, or not returning your mother’s phone call is a day you won’t get back. And while success is the goal, it is not a guarantee. So is it time to reframe your definition of success?

What Does Success Look Like To You?

When I first started freelance writing, success looked like getting enough clients to quit my day job and freelance full time. It took me about six months to build my client roster and save enough that I felt comfortable making the leap.

Quitting my job was a moment of success. I was able to do something I loved full time. I was my own boss. Even though my income hadn’t skyrocketed, even though I was still hustling every month, I was a successful writer.

Likewise, these days I feel it’s a marker of success when I get paid on time and have clients that I like working for. Doing good work for clients I enjoy and who see fit to pay me on time is part of my definition of success.

Reading all those stories about people who have climbed to the top of the mountain can make it seem like millions of dollars and a cover of Forbes is the only way to define success. That’s not true. Success can look many different ways. You don’t need to follow someone else’s exact footsteps and live their life. What does it look like to you?

How Are You Attaining Success?

Take a look at how you spend your time. It’s important to put in hard work on the job front, don’t get me wrong. I am the first one to tell you that nothing works unless you do.

Are you working at the expense of other parts of your life, like your family or your health? How you attain success is just as important as what you do when you get there. Instead of building an empire in a manner that makes you unhealthy, unhappy, and possibly an unpleasant person to be around, stay true to your definition of success.

If it takes you a little longer to reach your dream income number or your dream client roster, but you’ve enjoyed the time it takes you to get there, how can you say you’ve failed? Life is so much more than an income number.

Your definition of success is the only one that matters. As addicted as I am to the stories of how other people did it, I want to carve my own path to the top of that mountain. Maybe I’ll see you on the way up.

Is It Time To Reframe Your Definition Of Success? was originally published on Due by Kara Perez.

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