Money Mindset for Female Entrepreneurs
By Sarah Petty, Founder of Olive Business Partners
As female business owners, we often have a complicated relationship with money. Our money mindset can range from fear or distrust and thinking of money as “dirty”, to an unhealthy obsession where profit comes at the expense of integrity.
For many women, finding a balanced and healthy approach to money can feel challenging, influenced by family beliefs, society’s expectations, and past financial experiences. As a Virtual CFO who has worked with many female business owners, I’ve seen firsthand how shifting your money mindset can be transformational, not just for your business, but for your personal life, family, and community.
What Shapes Our Money Mindset?
Our beliefs about money often stem from early life experiences. Many women grew up in households where money was seen as either a source of stress or conflict. Perhaps your family’s attitude was one of scarcity, where there was never enough to go around. Or, you may have been taught that money was “men’s business” and not something women needed to understand. These experiences can influence our money mindset and can result in hesitation, fear, or rejection of money, particularly when it comes to managing finances in business.
Other contributors to a negative money mindset include:
Family beliefs about money: If money was a taboo subject in your home, you may struggle to feel comfortable talking about or managing it.
Past experiences: Being deceived or dealing with financial hardship can create feelings of distrust and reluctance to engage with money.
Societal norms: Historically, women were not encouraged to handle finances or lead businesses. Many women still don’t take an active role in managing their finances and don’t have strong financial literacy.
Belief in giving over receiving: Many women are conditioned to give and sacrifice, which can make it uncomfortable to accept money or charge what they’re worth.
Create Your Impact Plan
The key to transforming your money mindset is to reframe how you view money. Instead of seeing it as a necessary evil or something to be feared, think of it as a tool to achieve your goals and create a greater impact for your family and the community you serve.
Rather than thinking about the numbers when it comes to financial planning, think about it as an “impact plan.” Ask yourself: what impact do you want to create for your family, your business, your community, and your own personal wellbeing? Money can create opportunities to turn that vision into a reality.
Scarcity limits your impact, while abundance opens the door to making a greater difference.
How to Build a Positive Relationship with Finance
Building a healthy money mindset starts with education, intention, and reflection. Here are some steps to help you create a more positive and empowered relationship with money:
Understand Your Beliefs: Reflect on the beliefs you grew up with regarding money. Are they serving you or holding you back?
Educate Yourself: Take control of your finances by learning about budgeting, investing, and financial planning. The more you know, the more empowered you’ll feel to make decisions.
Set Purpose-Driven Goals: When you tie your financial goals to a greater purpose, it shifts the focus from pure monetary gain to something more meaningful. Ask yourself what kind of life and legacy you want to build for yourself, your family, and your business. Use this as the guiding principle for your financial decisions.
Embrace Abundance: Instead of fearing money or feeling guilt around earning it, celebrate it as a way to create abundance and opportunities for yourself and others.
The Importance of Taking Control
We know women in business are underfunded and underpaid. Female founders receive less venture capital funding, fewer financial resources, and often work in industries where pay gaps persist. But that doesn’t mean we have to accept this reality.
Money is a powerful tool for building influence and creating positive change. The more money you have, the more you can invest in your business impact, hire other talented women, support causes you care about, and make a meaningful impact in your community. When more money flows into the hands of women focused on purpose-driven work, the ripple effect can create significant change.
Time to Take Action
So, what actions should we take for our financial future? Here are some steps to get started:
Invest in Financial Education: Take a course, read books, listen to podcasts, or work with a professional to get clear on your financial strategy. The more knowledge you have, the more confidently you can move forward.
Ask for What You’re Worth: Don’t shy away from charging what you’re worth. Advocate for yourself, as it also sets the benchmark for other women.
Build a Support Network: Surround yourself with mentors, advisors, or peers who support your growth and help you stay accountable to your financial goals.
Managing your money mindset is one of the most empowering things you can do as a female business owner. By shifting from fear and scarcity to abundance and purpose, you can create a healthier, more productive relationship with money and have a greater impact.
When women have the resources we need, we can change the world!
