Entrepreneurship is often glamorised, and the realities faced by founders are far from that perception.
As a result, many entrepreneurs find themselves stuck, not because of a lack of ideas or opportunities, but because they may have limiting beliefs that prevent them from diving deep into the overwhelming amount of possibilities that starting your own business brings.
In this article, we take a look at some of the limiting beliefs that could be holding back entrepreneurs like you from your dreams.
Here goes…
1. “I Don’t Have The Money”
This is a big one. While it’s important to have resources to launch your venture, it’s often possible to launch small and grow slowly over time, commonly called bootstrapping.
In the age of digital products and services, it’s certainly feasible that entrepreneurs can launch and test ideas in the marketplace and utilise funds raised from genuine customers to reinvest in the business.
Being resourceful is the key element in entrepreneurship. It’s feasible to grow with just clever marketing, leveraging your skills and talking directly with your target audience with little or no money.
It’s very hard to hear, but money will often not solve all your business problems. If you have a quality tangible product and some traction, the money will eventually come if the demand is there.
Read this article to find out more about bootstrapping:
If you take the bootstrapping route, investors will likely be impressed that you have built a tangible business with minimal resources, and investment capital should be much easier to come by.
Read this article on finding investors for your start-up:
Read this book, Business Zero To Superhero, on launching your business with little to no resources:
2. “I’m Not Ready Yet”
One of the most limiting beliefs is the feeling of “not being ready yet”, or that everything has to be “perfect” before you start.
It’s so easy to think that having just a bit more experience or another qualification will make a big difference. But it’s important to realise that the quest for perfect circumstances is often a mask for the fear of criticism or failure.
No venture or product ever launched was perfect from the start. Yes, you should aim to launch a quality venture, but aim to iterate over time based on customer feedback, so you are meeting the needs of your customers.
Ensure you take small, consistent steps towards your goal, rather than giant leaps into the unknown. Don’t be so afraid to move that you let opportunities slip away.
3. “Fear Of Failure”
The fear of failing is a deep-seated emotion ingrained in most of us. Unfortunately for entrepreneurs, failure is not only possible, it is inevitable.
Yes, it sounds terrifying, but the only way to learn is by failing. In other words, you try a few things out, some, if not most, will fail and eventually something just clicks and works.
This doesn’t mean you should just throw caution to the wind and utilise a “scattergun approach”. Think strategically about how you approach growing your venture and you will certainly help to reduce the risk of failure.
Most importantly, try to avoid the self-imposed pressure of having to be right and nailing everything the first time.
Be open to real-time feedback and adjust your plans accordingly if an element of your business “fails”.
Aim to see every failure as an opportunity for learning rather than an insurmountable setback.
Read this article on Mental Toughness for entrepreneurs:
4. “I’m Not Good Enough”
Having self-doubt is very common, especially in the early days. It’s important to remember that everyone starts as a beginner.
Try not to shy away from learning new things and aim not to compare yourself too much to others who are more established.
Rather than being threatened by those who are more successful than you, aim to lean into the fear by learning from them.
Practical ways you can do this are by buying books, going to talks or networking with successful people in your field.
Don’t be afraid to ask questions and be humble along the way.
5. “Jealousy and Obsession With Competition”
Yes, entrepreneurship is competitive, but you should not spend all your time and energy obsessing over being jealous of your competition.
You should, of course, be aware of who your competitors are, but you should not make it your sole mission to “take down” your competition.
Healthy competition fosters innovation and, as a result, leads to improved products and services for customers, which in turn leads to more business for everyone.
Aim to create your own niche or loyal audience, so your competitors have minimal impact or traction with your customer base.
This strategy is particularly helpful if there are many large players in your field that overlook your niche segments of the marketplace..
6. “I Need to Do Everything Myself”
Entrepreneurs need to be resourceful, especially in the early days. As such, founders often wear multiple hats in the business, from sales, marketing, to finance and of course it can be exhausting.
Try to learn early on where your main skills set lies and aim to outsource the rest to freelancers or consultants.
Once your business grows, you can take on staff to carry out tasks that soak up your time.
Remember that you cannot be an expert in everything, and spreading yourself too thin can lead to burnout and inefficiency.
Success isn’t about doing everything; it’s about ensuring everything gets done effectively.
7. “If I Succeed, I’ll Lose Balance in My Life”
Some entrepreneurs hold themselves back because they believe success will cost them their health, relationships and even their personal freedom.
By viewing entrepreneurial success as a “sacrifice” that has to be carried out without the backup of personal relationships and time away from work, entrepreneurs are setting themselves up for self-sabotage.
Aim to set boundaries, so you have adequate time to feed other elements of your life, including health, mental well-being and relationships.
Your business should eventually enhance your personal life, not totally detract from it.
Read this article on The Hidden Health Dangers For Entrepreneurs:
Breaking Free from Limiting Beliefs
Limiting beliefs act like invisible barriers. They are often hard to spot because they are ingrained in us, often from early childhood.
Entrepreneurs should aim to question themselves and ask whether their belief is fear- based or based on fact and reality.
Remember, those who fear failure never take risks and those who doubt their worth consistently undersell themselves.
Especially pay attention to persistent negative thoughts about your business and the success of others.
Aim to redirect these negative thoughts into actions that can propel yourself forward rather than holding yourself back.
Final Thoughts
The journey of an entrepreneur is not only defined by bank balances, market conditions or perfect timing.
Often, having the correct mindset is a defining condition that separates those who achieve their goals from those who do not.
Limiting beliefs, while often invisible, are often more destructive than external challenges. They are sometimes harder to resolve, as it means the individual must change and grow, rather than an external factor that can easily be adjusted.
Entrepreneurs can unlock their true potential by reframing their limiting beliefs and taking positive action towards their goals.
Remember, real success belongs to those who refuse to let their beliefs limit their possibilities.
Good luck!
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