Entrepreneurship can be a tough journey for anyone, but those with attention deficit hyperactivity disorder (ADHD) may face more obstacles. The unique challenges that come with ADHD, such as difficulty with focus and organization, can make it feel like running a business is an impossible feat.
However, there is something to be said for the strengths that ADHD can bring to entrepreneurship, such as a knack for creativity and thinking outside the box.
Some people with ADHD have a challenging time managing money and keeping their finances organized. But managing your funds is crucial when you’re running a business. Being able to manage and save your money can make or break any company.
Recently I spoke with Tracy Otsuka, author of ADHD for Smart Ass Women: How to Fall in Love With Your Neurodivergent Brain, where she discussed the various ways to overcome challenges when managing money.
Entrepreneurship has long been known to attract individuals with a certain level of risk-taking and forward-thinking mentality. However, recent studies have highlighted a surprising correlation between entrepreneurship and ADHD.
While the stereotypical image of an entrepreneur may not align with that of someone with ADHD, the research suggests that this neurological condition may provide certain advantages to those seeking to start their own businesses. From high levels of creativity to impulsive decision-making, it appears that individuals with ADHD may possess unique qualities that make them particularly well-suited for entrepreneurship.
As we continue to gain more insight into the relationship between these two areas, ADHD should not be viewed as a barrier to success, but rather as a unique asset that should be embraced.
Otsuka offered many tips to help entrepreneurs with ADHD manage their finances:
1. Decide to take charge of your money
It’s time to make a change. You’ve been floating along, trying your best to keep up with bills and expenses, but it’s just not working. The stress and uncertainty of not knowing where your money is going is starting to take a toll.
This doesn’t mean you need to become a financial expert overnight or make drastic lifestyle changes. It means taking small steps to gain control and understanding of your finances. You’ll be surprised by how much peace of mind you can gain by creating a budget, tracking expenses, and planning for the future.
2. Create intention around money
Setting financial goals is an essential component of financial management. Without clear goals, you might lose track of your spending and struggle to save money. Setting financial goals can help you make rational, organized, and informed decisions about your finances.
Start small with achievable objectives, such as saving a particular percentage of your income or paying off your credit card debt. Don’t beat yourself up if you don’t hit your objectives; it’s all about making progress.
3. Find a strategy that feels good
Finding a money strategy that aligns with your values and lifestyle can actually feel empowering and even enjoyable. You can start to identify areas where you can make positive changes that will not only benefit your bank account but also feel good for you personally.
Whether it’s automating your savings, creating a budget that allows for guilt-free spending on the things you love, or investing in causes that matter to you, there are countless ways to create a money strategy that feels good and helps you achieve financial success.
4. Automate your financial life
Automating your financial life saves time and mitigates costly mistakes. One of the most straightforward ways to automate finances is to set up automatic bill payments. You can automate your investments by setting up automatic contributions to your retirement accounts as well.
5. Find financial tools and support
You can benefit from using tools and support to manage your finances better. Many apps and software programs to track spending, budgeting, and saving are accessible. Reach out for professional support when needed. Having someone to guide you and keep you accountable can go a long way in reaching your financial goals.
The bottom line is that money management can be a significant challenge for any entrepreneur. By following these tips, entrepreneurs with ADHD can take steps to manage their finances successfully. It may not be easy, but with a little bit of effort, patience, and diligence, entrepreneurs with ADHD can achieve mastery over their finances and experience success in their business ventures.
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