Be Honest: Are You an Impulsive Shopper?
How often do you go browsing through stores? Do you love visiting flea markets, thrift shops, and garage/yard sales? It can be fun to look until something priced super-low jumps out and the impulse hits to buy it. But how much impulse control do you have when it comes to buying things you really do not need?
If you’re an entrepreneur who owns her own business, this impulsiveness may come back to bite you. This can be due to needlessly spending cash you’ve set aside specifically for business supplies or other necessities, or more worryingly, squandering money on unwise business ventures which just do not pan out.
Impulse spenders will justify their wastefulness by insisting these unnecessary items “will be useful in the future”. Some decide that they’ll sell these items in their own stores, even if they do not truly fit their market. I once found myself buying online courses I really did not need to learn. The lessons may have been important in the future, yet not at that point in time. But guess what? I did not have time to devote to studying the courses.
Another time, I paid for an online course on hosting my own radio show. Part of the package was the opportunity to have a monthly show on an internet radio station. I had just begun learning a few steps when the show producer informed me I needed to sign up for a time slot to start my show immediately. The show producer was also the instructor. I was to pay for the programs, which meant getting sponsors or charging the guests a fee. Too late, I realized the radio show was not beneficial for the Girls’ C.E.O. Connection. The time required to promote this show would take away from the time needed to make our other activities beneficial to our market. My lack of impulse control resulted in a waste of time, money, and a damaged relationship with a radio show producer.
Applying Impulse Control
Nowadays, when a course interests me, I take two days to write down all the pros and cons, as well as how I intend to actually use the course. I then talk over the opportunity with business associates. If I had discussed the radio host online course with my associates, they would probably have persuaded me not to purchase it.
Frugality like this takes time to learn and develop, but will save you thousands, if not millions, in your business ventures and will improve your relationship with your family, relatives, and friends.