139. The Mindset Holding You Back from Starting a Business
Feb 8, 2024
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Overcoming mindset obstacles and fears of failure in starting a business. Exploring false beliefs about needing an MBA or detailed business plan. Importance of taking action and 'done is better than perfect'. Reflections on becoming an expert and gaining credibility. Embracing the mindset required for entrepreneurship.
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Quick takeaways
Starting a business is often hindered by the fear of failure and the belief that our dreams are unattainable, but reassurance and taking small steps can overcome these barriers.
The myth of a perfect time to start a business is an excuse that delays progress, as there will always be obstacles and reasons not to start, but every time is a great time to begin.
Not all businesses require significant starting capital, as many successful ventures have been built without outside investment or an MBA, especially when time is invested instead of funds.
Deep dives
Getting Started is the Hardest Part
The fear of failure and the belief that our wildest dreams are out of reach often prevent us from starting a business. The key is to give ourselves constant reassurance that it's okay to make mistakes and not have all the answers. Rather than focusing on what we can achieve in the distant future, we should focus on taking small steps and starting now.
There's Never a Perfect Time
The myth that there is a perfect time to start a business is often used as an excuse to avoid taking action. Waiting for the ideal circumstances delays progress. In reality, there will always be obstacles and reasons not to pursue entrepreneurship, but every time can be a great time to start.
You Don't Need a Ton of Money to Start
The belief that all businesses require a significant amount of starting capital is not true for all ventures. While some businesses may need substantial investment, there are many that can be started with limited funds, especially if you are willing to invest time instead. Many successful businesses have been built without outside investment or the need for an MBA.
Don't Wait for Perfection
The mindset that everything needs to be perfect before launching a business often hinders progress. Done is better than perfect. Waiting for the perfect website, branding, or logo can delay the start of a business indefinitely. Iteration and improvement can happen along the way. Launching with a minimum viable product or service allows for flexibility and growth.
You Don't Have to Be an Expert
Feeling like you need to be an expert or have all the answers before teaching or starting a business is a common mindset that holds many people back. Recognize that you have valuable knowledge and experiences to offer, even if you're not the world's foremost authority on the subject. You can teach and help those who are a few steps behind you on their journey.
Someone Else Is Already Doing It
The belief that someone else is already doing what you want to do can be paralyzing. However, there is room for everyone to succeed. Just like the bread aisle in the grocery store, different brands and perspectives can coexist. Your unique approach, style, or target audience sets you apart. Embrace your own voice and find your own niche.
“We're so scared of showing up imperfectly, we're so scared that maybe our wildest dreams are out of reach and too big that we don't ever get started.”
For many entrepreneurs or people dreaming of becoming an entrepreneur, getting started is often the hardest part. That feeling of nervousness and fear — or the thinking that we need to know it all before getting started is not uncommon, but it is holding you back from taking action. In this episode, Tori shares some of the biggest mindset issues and entrepreneurship myths she’s come across as a consultant and business owner and gives you valuable insight into how to use this information to get out of your own way.
