Overcoming Doubt

Overcoming Your Doubts

Business owners are some of the bravest people I know.

Over half the adult population dreams of becoming self-employed, and yet less than 1 in 5 actually start a business. So anyone in business for themselves has already done something that most of their peers will only daydream about!

But after that first leap, it isn’t uncommon for fear to set in. After all, there’s a lot of pressure on an entrepreneur – they have customers relying on them, their family to support, employees to manage, and important decisions that need to be made quickly and often. If things are okay right now – you’re making payroll, paying the bills, you’re comfortable – taking further risk can seem foolish or intimidating.

After launch, fear of failure can become an anchor, holding you back. Fear holds entrepreneurs back from the necessary learning (and sometimes painful lessons) that come from taking action. But looking back, we are more likely to regret the things we don’t do than what we do – the chances we don’t take, the decisions we waited too long to make. 

Growth – personal growth and business growth – always happens when the pressure is on. Here are three questions you can ask to push yourself into action.

1. What’s the smallest possible step you can take?

Maybe you can’t see it all the way through, but what can you do right away, that will start to build momentum? Maybe you’re not ready to commit a lot of energy and resources to a risky idea, so how can you test it on a small scale? What resources can you gain access to now, that would make it easier to execute your big idea in the future?  

2. What do you need to learn, so you can see the way more clearly?

Sometimes when there’s daylight between our big goals and our ability to plan for them, that gap needs to be filled by new knowledge. What book do you need to read, or expert do you need to consult, that will make your next step obvious?

3. What are the true costs of inaction?

Create a sense of urgency by thinking through what will happen if you never take the chance. Maybe your competitors will. Maybe your customers will outgrow you. Maybe you’ll get bored. Change is a constant in business and in life, so deferring action and decisions has real consequences.

What are you putting off today out of fear and doubt and indecision, that in ten years you’ll wish you’d done sooner?

Maybe you can’t predict which brave ideas will pay off. That’s not an excuse to stop trying new things. 

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Profit First: By Mike Michalowicz 

The book of the month is Profit First by Mike Michalowicz. This book challenges conventional business accounting with a behavioral approach, prioritizing profit first. Mike introduces simple principles entrepreneurs can use to achieve long-term growth and feel more secure and confident in their decisions. If you're interested, check it out!