A surprising part of starting my own business is how it challenges me to question my insecurities and tendency to second guess myself. Consistently positive feedback from my clients helps me to tackle Imposter Syndrome, something that affects individuals from all walks of life, including business owners.
A Harvard Business Review study found that nearly 70% of entrepreneurs have experienced imposter syndrome at some point in their careers. This self-doubt can be particularly debilitating for entrepreneurs, as they navigate the multiple challenges of running a businesses. Understanding and addressing this issue is crucial for personal and professional growth.
Many business owners, despite their achievements, constantly question their abilities and attribute their success to luck or external factors. This mindset can stifle their progress, hinder decision-making, and lead to burnout. So how do you overcome it?
Overcoming Imposter Syndrome
While conquering imposter syndrome is a personal journey, there are practical steps that business owners can take to manage it effectively:
- Acknowledge and Normalize – Understand that imposter syndrome is common and experienced by many, if not most, successful individuals. Normalize these feelings as a part of the entrepreneurial journey.
- Track Achievements – Maintain a record of your accomplishments, no matter how small they seem. Regularly reviewing these achievements can help boost confidence and counteract self-doubt. My business model was built on providing exceptional customer service, and reading client testimonials helps me remember my successes.
- Seek Support and Talk to Others – Talk to your business advisor, a mentor, and others in similar roles. Sharing your thoughts and feelings with someone you trust can provide valuable insights and strategies for overcoming imposter syndrome.
- Set Realistic Goals – Break your long-term goals into smaller, achievable milestones. This can help you see your progress more clearly and reduce the feeling of being overwhelmed. One step forward can make a huge difference. For me, it helps not to focus on an end goal, but rather on signs that the business is succeeding.
- Embrace Failure – Understand that failure is a part of entrepreneurship. Instead of seeing it as a reflection of your worth, view it as a valuable learning experience. We are all on a path of continuous learning.
- Practice Self-Compassion – Be kind to yourself. Focus on your strengths and abilities. You may not have all the answers today but that’s OK.
Imposter syndrome is a common challenge faced by many business owners. It can hinder personal growth, decision-making, and overall well-being.
Remember, you are not alone in this struggle, and your achievements are a testament to your capabilities and hard work. We can help you create a plan for your business that removes the uncertainty and builds on your strengths. And by providing a reliable and clear picture of your financial position, we can help you focus on growing your business and yourself.
Please schedule a chat to see how GCA can help. As always consultations are complementary, no-pressure, and no-obligation!
