Why Entrepreneurs Fail

The biggest reason people fail when starting their business is because they get in their own way. Seriously. You are your biggest business blocker.

The fundamentals of starting your business are everywhere and “anyone” can do it. But the reason not everyone succeeds is they can’t get past their own blocks.

The top 3 ways I have seen (and personally experienced) people get in their own way are:

• Imposter Syndrom
• Perfectionism
• Fear

Imposter Syndrome

This is when you just don’t think you can do it. No one has told you this (or maybe they have) but in your mind you aren’t smart enough, skilled enough, capable enough.

It is natural to feel this. Which can be a good thing if it protects you from doing something that isn’t safe. But when it comes to starting a business or tackling something new it can stop you from going after what you want.

There isn’t a quick solution for imposter syndrome. Instead it is a choice. The choice being that you WANT to do what you are going to do and you aren’t going to let those negative thoughts take over.

It doesn’t mean the thoughts won’t come up because they will – but when they do you are prepared to tell them – NOPE – stay where you are.

It is all about training your mind to not let those thoughts take over. It takes work – but if you want it bad enough and make it a priority you can control these thoughts. Your mind is a strong tool – that YOU control.

4 Tips To Get Past Imposter Syndrome:

1 – Acknowledge Your Feelings: Recognize and accept that you are experiencing imposter syndrome. Understand that it is a common phenomenon where individuals doubt their accomplishments and have a persistent fear of being exposed as a “fraud.”

2 – Identify Your Strengths: Make a list of your achievements, skills, and qualifications. Reflect on the hard work and effort you’ve put into reaching where you are today. This can help counterbalance the negative thoughts associated with imposter syndrome.

3 – Talk About It: Share your feelings with trusted friends, family members, or mentors. Often, discussing your concerns with others can provide perspective and reassurance. Many people can relate to imposter syndrome and sharing your experiences can help normalize it.

4 – Change Your Self-Talk: Challenge your negative thoughts and replace them with positive affirmations. Practice self-compassion and remind yourself that it’s okay to make mistakes or have doubts. Treat yourself with the same kindness you would offer to a friend in a similar situation.

Remember, overcoming imposter syndrome is a journey that takes time and effort. Be patient with yourself and celebrate your successes along the way.

Perfectionism

The killer of so many things!! I can 100% guarantee that the first time you start your business you aren’t going to do it perfect. And honestly you probably never will. You will learn as you go and get better at things. BUT it is important to let go of the idea that everything you do has to be perfect before you move on.

If you wait until everything is perfect your business will never get off the ground. It will always stay in the idea phase or in the development phase but will never move on to completion.

I’m not by any means saying to put a crappy product out there, or to not run things through grammarly, or to do some A/B testing or ask a family member or close friend to review your work. All of those things are fine.

But at some point you have to move forward. You have to say it is good enough and keep moving forward!

4 Tips To Get Over Perfectionism

1 – Set Realistic Goals: Instead of aiming for perfection, set achievable goals for yourself and your business. Break down larger tasks into smaller, manageable steps. This approach not only reduces the pressure to be perfect but also allows you to make progress steadily.

2 – Embrace Iteration and Feedback: Understand that your business will evolve over time. Rather than waiting for everything to be perfect before launching, be willing to iterate and improve based on feedback from customers, mentors, or advisors. Use feedback as a tool for growth rather than viewing it as criticism.

3 – Focus on Minimum Viable Product (MVP): Launch your business with a minimum viable product—a basic version that fulfills the core needs of your target audience. This approach allows you to enter the market sooner, gather feedback, and iterate based on real-world data and user experiences.

4 – Shift Your Mindset: Challenge the notion that everything has to be flawless from the outset. Recognize that perfectionism can lead to procrastination and prevent you from taking essential steps towards starting your business. Embrace a mindset of continuous improvement and learning as you navigate the entrepreneurial journey.

By implementing these tips, you can overcome perfectionism and take practical steps towards launching your business effectively. Remember, entrepreneurship is a journey filled with learning experiences, so embrace the process and keep moving forward.

Fear

I talk about this one in the Mindset Mastery course but it is worth bringing up again. This is the F word in the entrepreneur world. It can derail the best ideas and plans.

It is NORMAL to feel fear when you are starting something new. The key is you have to be able to get past the fear to keep moving ahead to start your business or add a new service or to start something new.

There is so much beauty on the other side of fear!

If you can tackle imposter syndrome and perfectionism you are on your way of getting past the fear. Outside of that it is a consistent effort to be aware when you are being held up by a fear.

Once you can sense when that is what is happening you can have a conversation with yourself to talk yourself through it and get past your fear.

In order to do that you also have to be OK with failure – since that could be the outcome. Prepare yourself that failure could happen and think through what that would look like, what you would do about, and how you would come out the other side.

If you have already faced the failure and can see a way out – it hold less power.

4 Tips To Get Past Your Fear

1 – Educate Yourself: Knowledge and preparation can significantly reduce fear. Take the time to research and understand your industry, market trends, potential competitors, and business strategies. The more informed you are, the more confident you’ll feel about making decisions and navigating challenges.

2 – Start Small and Test: Break down your business idea into smaller, manageable steps. Rather than launching with a full-scale operation, consider starting with a pilot project or testing your product/service on a smaller scale. This approach allows you to gain valuable feedback, validate your business concept, and build confidence gradually.

3 – Seek Support and Mentorship: Surround yourself with a supportive network of mentors, advisors, peers, and friends who can provide guidance, encouragement, and practical advice. Learning from others who have experience in entrepreneurship can help alleviate fears and provide valuable insights into overcoming challenges.

4 – Visualize Success and Manage Risks: Instead of focusing solely on potential failures, visualize the positive outcomes and success that your business could achieve. At the same time, identify and mitigate risks by developing a contingency plan and being prepared for unexpected challenges. By proactively managing risks, you’ll feel more confident in your ability to handle obstacles that may arise.

Remember, fear is natural when starting something new, but it shouldn’t paralyze you. Embrace it as part of the entrepreneurial journey, take practical steps to address your concerns, and keep moving forward with determination and resilience.

The thoughts I share here are all based on my experiences building multiple businesses without having any clue what I was doing. But instead just learning as I went.

If you are looking for support as you start your business consider my coaching packages: