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5 limiting beliefs that could be holding back your business

Posted by Tasnim Ahmed

June 23, 2022

Entrepreneurship is a tough journey. Not only do entrepreneurs have to believe in themselves, but they also must make the world believe in their vision. It is a taxing, unforgiving, 24x7 scenario that encompasses their lives, but the benefits and the sense of achievement they get is second to none.

All entrepreneurs have their good and bad days. While there are days on which they feel on top of the world, it is the days in the pits that they should be concerned about. People tend to throw in the towel when they are at their absolute lowest, and this never seems to benefit anyone in the long run.

Being an entrepreneur is a mindset, and while anybody can have an entrepreneurial mindset, this mindset can be cut to the bone by limits that the human mind puts on itself.

Check out five beliefs that limit and stifle the growth of entrepreneurs, acting like a negative seed and growing the tree of self-doubt.

I need the perfect product.

This thought has killed more business plans and ideas than bad business plans themselves. If you think that the product you launch in the market needs to be perfect and error-free, you will never be able to launch it. Products should ideally be launched when they are minimally viable, that is, they can do what they are meant to be with the least number of errors.

Adding other embellishments or features can come later and after customer usage and feedback. Always remember that you make the product, your customer determines its usage. As they say, there are a thousand ways to skin a cat.

I can do it all.

A statement that reeks of unnatural inclusivity, close mindedness and a hermit style of working that is at odds in today’s world. No one, in this day and age, can do everything at once. Most entrepreneurs believe that they can handle any problem that may come up; they will accept any business that comes their way.

In reality, everything takes time, and time is one precious commodity that entrepreneurs have little of. Rather than wasting time doing mundane tasks with little to no effect on your business itself, you should start delegating. Outsourcing to specialists can come in quite handy here.

I am accountable.

Yes, you are accountable for your business and your product. However, you are not responsible for everything. Entrepreneurs believe they are responsible for everything that happens in their business, and this tends to weigh most of them down as well as fill their heads with certain trepidation.

The truth is, you are only responsible for your business and the work, but not for its outcome or for the factors affecting it. You are accountable for your actions and not for the external factors that influence those actions. Lessening this load from your head will remove a huge mental block and you will see more joy and happiness in your work.

Passion is my fuel!

A great thought, one that has launched a thousand ships. And it does hold true for many people. Passion is the fuel that will burn and take you to your destination of remarkable success. However, what about those who still have not found their passion, or are only people who have true passion destined for entrepreneurial success?

Most of the time, your acceptance of a job or liking toward it will propel you forward, but if you are good at something that you don’t particularly enjoy can also get you great benefits in work satisfaction and remuneration. So, don’t always keep waiting for the spark or the light bulb moment to strike you. Keep trudging along. Maybe, your job will be your vocation.

Should I reinvest the profits?

How much of the profit earned should I put back into the business? How much should I take out for myself? These questions have pestered every business owner. Putting everything back in the business may seem like the logical thing to do, as that gives access to funds and allows you to scale up easily. You should note that your business will always need money for one thing or the other and if your business needs outside funds (profits) to stay afloat or do additional business, you will have to make some fundamental changes.

On the other hand, if you take out all your money as well as your working capital, you will make your business cash-starved and create conditions that are not conducive for its sustained growth. Always keep in mind that money from a business can be taken out, although, with riders.

Takeaway

Rather than hiding behind false assumptions and beliefs that take control of your mind and undermine growth, reframe limiting thoughts and address the genuine issues that can result in massive entrepreneurial success.

Author

Tasnim Ahmed

Tasnim Ahmed is a content writer at Escalon Business Services who enjoys writing on a multitude of subjects that include finops, peopleops, risk management, entrepreneurship, VC and startup culture. Based in Delhi NCR, she previously contributed to ANI, Qatar Tribune, Marhaba, Havas Worldwide, and curated content for top-notch brands in the PR sphere. On weekends, she loves to explore the city on a motorcycle and binge watch new OTT releases with a plateful of piping hot dumplings!

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Small Businesses

5 limiting beliefs that could be holding back your business

I need the perfect product.

I can do it all.

I am accountable.

Passion is my fuel!

Should I reinvest the profits?

Takeaway

Author

Tasnim Ahmed

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