In the fast-paced world of entrepreneurship, it’s easy to get caught up in the hustle and grind, sacrificing sleep, health, and personal well-being to pursue success. For many, this path leads to burnout and disillusionment, but for one entrepreneur it was a journey of self-discovery that led to a profound realisation: Success in business starts with taking care of oneself.

Danetha Doe, a noted speaker on financial wellness, is also the visionary behind Money & Mimosas — a financial education company that she founded after her childhood dream of developing a business in the beauty and fashion industry was crushed.

“I realised that something that was missing from the first business was me taking care of myself. I was hustling and grinding. I was going to bed at any hour of the night, waking up at any hour in the morning and doing it all over again. I was burning myself out,” Doe shared. She was speaking to a room filled with young entrepreneurs at the US Embassy recently under the topic: ‘Mastering Your Money Mindset’.

“When I went on the self-discovery journey, I realised that was missing. Yes, I needed to know a little bit more about finances, but I needed to learn a lot more about myself…get in touch with who I am and align the business with that person,” she continued.

Reflecting on her past experiences, Doe said she recognised the importance of balancing ambition with self-care. She understood that true success comes from within and vowed to do things differently the second time around. Thus, Money & Mimosas was born — a unique blend of financial education and self-care sessions, inspired by the camaraderie of mimosa brunches shared with girlfriends.

“I thought about all the time that I would meet up with girlfriends for mimosa brunches. We would share our dreams and share insight with each other in a very light-hearted but informative way, and I wanted to create a business that infused both of that,” Doe said.

Since its inception, Money & Mimosas has achieved remarkable success, helping small businesses thrive across 22 countries and earning partnerships with industry giants like Google. Since its launch in 2014, the company has helped small businesses raise over $160 million in capital.

In 2023, Yahoo Finance named Doe one of the top five black personal finance experts to follow, and in 2022 and 2023, she was named one of the top 100 most influential financial experts alongside Mark Cuban and Barbara Corcoran. Doe was also the original financial expert and TV host for Going From Broke, a TV series produced by Ashton Kutcher.

Invaluable lessons

But amidst the achievements, Doe says she has learned some invaluable lessons and was eager to share with fellow entrepreneurs.

First, she emphasised the importance of prioritising cash flow over followers. While social media can be a powerful tool for marketing, Doe said it’s essential to focus on the bottom line and ensure financial stability before investing heavily in branding.

“That’s not to knock social media or marketing because you need both to get the word out about your business. However, over the years I’ve listened to some small business owners, and there is a heavy emphasis on building their social media brand. Their thought process made sense, but it didn’t always translate to dollars because social media can be a passive form of marketing the business,” she reasoned.

Doe also advocates for cultivating an abundance mindset — a perspective that sees opportunities where others see obstacles and views competitors as potential collaborators. By embracing abundance, entrepreneurs can tap into limitless possibilities and foster a supportive community, she said.

But perhaps most importantly, the international speaker, entrepreneur, Webby award-winning TV host, former chief economist and NFL cheerleader underscores the need to prioritise health over hustle.

While hard work is essential, Doe says it should never come at the expense of one’s well-being. She encourages entrepreneurs to take regular breaks, prioritise self-care, and invest in their physical and mental health.

“Don’t get me wrong, there are times as a business owner when you’ve got to put in the hours. When you’re just starting off there are going to be long nights and early mornings. Even a few years down the road, there were still long nights for me, but it must balance with taking care of yourself,” she said.

To empower others on their entrepreneurial journey, Doe also shared five key money tips:

Pay Yourself First: Allocate a percentage of your income to savings or investments before anything else.
Prioritise Cash Flow: Understand the ebbs and flows of your business and make cash flow management a top priority.
Study Public Financials: Gain insights from analysing the financial statements of successful companies.
Have a Weekly Money Date: Set aside time each week to review your finances and address any emotional attachments to money.
Invest in Yourself: Recognise the importance of investing in oneself through mentorship, education, and self-care practices.

By nurturing both personal and professional growth, entrepreneurs can build sustainable businesses that thrive in the long run, she said.