'You're the One Holding the Bag': Codie Sanchez on the Mindset That Keeps People Broke

Small business guru Codie Sanchez regularly offers advice for people who want to acquire partial or full stakes in local businesses. She also dives deep into the mindset you need to win at business, but in a recent TikTok, she explored the one mindset that holds most people back.

If you have this mindset Sanchez warns about, you can end up losing a lot of great deals and opportunities. Sanchez offered a blunt analysis for people who have this particular mindset about money and opportunities.

"You're the one holding the bag," Sanchez stated.

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She's talking about thinking that the world runs on a lose-win playing field. This mentality can result in missed opportunities, but if you have a win-win approach to business, you might grow faster than your competitors. Here's why that's the case.

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A Lose-Win Money Mindset Can Ruin Collaborations

A lose-win money mindset can cause you to view every potential partner as an adversary. Having this mentality may cause business owners to make short-term gains that eventually result in burned bridges and limited future upside.

It's also possible that some business owners reduce their goals in this type of environment. They may feel that setting big revenue goals requires that someone lose on the other end. For instance, a business owner who believes in a lose-win money mindset may be reluctant to charge what they are worth and underprice themselves in the process.

You can be left holding the bag if you let people take advantage of your low prices, and a lose-win money mindset can steer you away from collaborations. These outcomes can hurt your motivation and result in your business and career slowing down.

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Good Opportunities Create Win-Win Scenarios

Sanchez goes on to explain that a win-win mentality can create more opportunities. You don't have to put yourself at a disadvantage to give your customers and business partners more advantage. 

Increasing your value is a win-win that allows you to earn more money while giving customers and business partners a better experience. Sanchez recommends determining the pain points that your customers and business partners have. Some people will happily pay top dollar to resolve those pain points, and you can be the person who provides the solution.

If you solve big problems, more customers and business partners will come to you. Business owners do not have to solve every problem, but they can solve big problems within their zone of genius. 

Discover What You Are Good At

Sanchez wraps up the TikTok video by encouraging people to discover their skills. You can write a list of everything you know well and then assess how you can make money from those skills.

For instance, Sanchez mentions that she is good at marketing. After identifying that skill, Sanchez ponders how she can figure out how much that skill is worth and how to start offering it as a service. You can offer your skill as a product or service to customers or provide a service to a business owner in exchange for some equity. 

Sanchez enjoys the equity model because it allows you to receive a percentage of profits. Marketing is a valuable skill for people in Sanchez's industry because you need effective marketing to get a small business in front of more customers. If you master that skill, you can more easily scale a business and repeat the process with business acquisitions.  

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