No matter what stage you get to in your entrepreneurial journey, you're going to face limiting beliefs.
It doesn't matter if you're a fresh entrepreneur walking into the field for the first time or a seasoned entrepreneur moving onto their 3rd venture.
To have limiting beliefs that hold you back from achieving the pinnacle of your success is human.
After all, our bodies are designed and programmed in a way to keep us safe from anything that's harmful to us.
These instincts have been brewing inside us from the beginning of mankind, and have only gotten stronger and stronger as time went by.
It's impossible to completely eradicate this from our identity.
With this said, it's not impossible to change the way you think about them - if you can't stop them, you should at least rewire your brain to see them in a different light.
Why should you?
Limiting beliefs are extremely powerful, self-inflicted mental blocks that have the ability to stop you dead in your tracks.
For the longest time, I've had some limiting beliefs myself.
After my first failure in business, my confidence swooped lower than it's ever been.
Taking my first independent step forward and starting a business led to complete failure, as I scurried back to safety.
Following this tragic event, I never looked at business the same way - all I could think was that business is a scam, it doesn't work for people like me.
I even thought that only those who already have money can be successful.
Business after business that I started, these beliefs shackled me like a prison guard escorting a prisoner to a cell.
Every time I got close to success, I would fumbled it.
With the agency, I would feel like I was too young, too dumb for any business owner to listen to me and put their business in my hands.
(Do you feel like this? Read this article here)
That's why you want to overcome these limiting beliefs - so you can be successful.
In this article, we're discussing the 6 limiting beliefs that hold entrepreneurs back and how to overcome them to be successful.
'I'm not cut out'
One of the most common and paralyzing limiting beliefs that hold entrepreneurs back is the belief that they're not enough.
They believe that they're not the right people for the job, that people would be making a mistake choosing them.
This was me when I owned my marketing agency.
I would book meetings, get some interest in my service, however, my limiting belief somehow ends up stopping me from seeing it through.
"I've never gotten a client before, so how do they know that I would be able to fulfill the promise I've set?"
Truth is, you won't know until you give it a try.
The idea of having someone else's marketing budget in my hands was scary.
I didn't know if my media buyer and I were enough, if we were ready to produce great results for businesses.
However, if we didn't just go for it and get over those limiting beliefs, I never would have known if we're good at what we offered.
Imposter syndrome can be the worst limiting belief to face.
Just as you're about to see success, you somehow get in your own way and ruin it for yourself.
It doesn't matter how smart you are, how good you are at something, how confident you are.
Imposter syndrome can still affect you.
You might have a 'once in a lifetime' type of opportunity staring you right in your eyes, but if you can't overcome this limiting belief, you may end up missing it.
It'll hurt afterward when you realise what you've just let it fly by you.
Someone I know is starting to experience this for the first time ever.
She's got a great opportunity which she could apply for but is starting to feel like an imposter.
'Why would I be accepted?'
'They wouldn't choose me, do you know how many others apply to this every year?'
My only advice to her, and anyone else facing this same imposter problem, is to just do it and think about the repercussions later.
Apply to that thing you want to apply for and worry about the rest later.
Start that business you're looking to start, and worry about the finer details later.
Sign the client you've wanted to sign, but worry about the service later.
You will get accepted.
You will succeed in the business.
You will deliver great results.
The only barrier is yourself. Remove yourself from the equation and watch how much more you're able to accomplish.
Know it all
As a business owner, it's vital that you know everything you need to know about your business, right?
You need to know every little bit of detail about your niche, your market, your product.
you need a business plan that outlines everything you're going to be doing in the future to a T.
That's what we, as the entrepreneurs, believe to be true, it's the limit that holds us back.
In reality, there is so much to learn, that it's almost impossible to know every single bit of detail about your business.
It's not about knowing it all, you're never going to know everything there is to know.
The markets are extremely dynamic - one second X might be happening, whilst the next second, Y is happening.
As an email provider, an email sender, you might think that your biggest competitor is Mailchimp.
Mailchimp is a bootstrapped billion-dollar company and the largest email newsletter service in the world.
However, a few weeks ago, there was news that Mailchimp was acquired for $12 billion.
All of a sudden, the dynamics of the market changed, just like that.
Who knows what sort of changes are coming after that acquisition.
Again, it's not about what you know.
It will only come down to who is the hungriest, who wants it the most.
When I started Hawk Prospecting, my most recent SaaS business, I didn't know anything about coding.
On top of this, owning my agency gave me an upper hand in understanding the needs and requirements of this audience.
Therefore, I had a rough idea of what people wanted Hawk Prospecting to do.
Read this if you're interested in learning about the right way to build an MVP.
I didn't know everything, yet I still started and managed to launch.
Being the owner of a business doesn't mean you need to be all-seeing, all-knowing even.
You don't need to be a drone that follows your employees or freelancers everywhere they go.
When you first decide to outsource some of your work, you're accepting the fact that your business is in a position of growth.
You're accepting that in order to grow this business and scale further, you need to be able to bring in others to help you.
However, when you've been the one who's run the entire operations of the business till now, it could be extremely hard to retire some of that control over to others.
It can be extremely difficult to give up some of your power, however, if your business is to scale, this must happen.
You can't build a $1m, $5m, or even $10m business as a lone wolf.
At some point, maybe in the mid 6 figures, you're going to have to find people who you can trust to work with you.
This is your baby, your child that you've watched grow every day.
It's something you've been through ups, downs, and successes with.
I understand how hard it could be to relinquish control over this.
However, like every child, it has to grow up and move on, it has to grow up and become independent.
As a business owner, you don't want to be the one who does the work in your business, you want to work ON the business.
You're going to be focusing on the 20% of work that produces 80% of the results.
you're going to need to manage your time effectively and make sure it's being spent doing the important tasks.
If you're busy doing service delivery, who's going to be talking to new prospects and closing them?
If you're doing outreach, who's going to have time to communicate with clients?
Develop the ability to trust others.
A team is only as good as the trust between its members.
Don't let the thought of needing to control every aspect of your business keep you small.
It's not ready to launch
It's been a little over one month since I launched my SaaS business, Hawk Prospecting.
Prior to launch, during the last few days building up to it, I felt scared and anxious.
Every day, I'd wake up and think of launching, however, my mind was attempting to come up with any excuse to delay it.
It even worked for a few days.
I would think of something small, something meaningless which delayed the inevitable.
'Oh, I forgot to fix the size of the text.'
'I can't launch today, I still need to test to see if X works.'
Whatever excuse you can think of, I had already thunk.
Launching a business is always scary - even if you follow the principles and steps outlined in this article here.
Even if you've done your customer discovery and understood that this is what people want, there will always be that little voice in your head telling you this won't work.
Being as prepared as possible is going to be the best way to overcome this.
Plan and make sure you have a clear roadmap of what the future could look like after you launch.
How will you go about getting your customers, how will you get paying users?
What does your go-to-market strategy look like?
What if this approach doesn't work, what then?
What if there are a bunch of errors or mishaps with your product?
The more you plan, the better off you'll be.
Try to plan for some of the things that can happen so you're as ready as possible when they do come up.
Most of the time they will, so instead of being caught off guard, you can be ready for them.
'I'm not ready'
Sometimes it's not the fear of failing, but the fear of being successful that holds a lot of entrepreneurs back.
Sometimes it's scary to think about how life would be like when the one thing you've been so ominously chasing actually happens.
Years of hard work, years of failure, and bounce backs, and you're finally edging towards it.
You can feel it in your grasp, you've got a firm grip on it!
You've been chasing this for so long that it's become your lifestyle. Every day you wake up is another day in the chase.
So once you finally get it, what now?
What happens next? Is this it?
There are a ton of stories where successful founders exit their business for millions, sometimes even billions then reality hits them.
They've sold something that has occupied the past 5, 10, 15 years of their lives.
They don't know what to do now, they've sold away their purpose and now they feel empty inside.
It usually leads down a path of sadness, depression even.
Sometimes, this occurs due to an internal feeling, an internal belief that is associated with success.
Maybe your parents always complain about how the rich are evil, they're manipulative, etc.
Therefore, the reason you don't want success could simply be because of this belief.
Only until you figure out the reason for yourself and tackle it head-on, you'll be able to overcome this limiting belief of not being ready to accept success.
'Business doesn't work'
Finally, it's one that a lot of us, including myself have faced before.
In fact, I still get this feeling sometimes.
"How I went from idea to £3m ARR in 14 months."
I then start to compare everything I read with my own reality.
Although you should never compare yourself with overs, it's almost impossible not to do so.
This person has managed to build a business from 0 to £3m per year in just over a year.
I, on the other hand, have failed almost a dozen businesses with little to no remnants of success to show for.
I've failed at dropshipping.
I've failed at forex trading.
I've failed at being a normal 9-5 worker.
I've failed at building a clothing business.
I've failed my marketing agency.
I've failed at building a mobile app.
I've failed so much over the past two years almost, that failure has become part of my identity.
It's like when I don't fail, I become surprised because it's all I've gotten used to.
This is an extremely defeating feeling to have.
The thought of working and failing constantly is draining.
Going through life with the limiting belief that what you're doing is for nothing, that what you're doing has a small margin for success, is agonizing.
The way I combat this belief is by just being consistent.
Listen to success stories, stay motivated.
With consistency and hunger to succeed, the pieces WILL fall into place. Believe that.
Those were the 6 limiting beliefs that hold entrepreneurs back.
Did you learn something valuable from this article?
Let me know if you have any of these limiting beliefs below.
Also, please share this article with someone you think would find this beneficial!
Till next time,