One of the biggest “success killers” you’ll encounter when launching a new business (or a new product line) is self doubt. Yet overcoming this seemingly small hurdle is essential if you’re to achieve small business success!
Small Business Success Secret: Defeating Self Doubt
Monika Mundell writes brilliantly about the role of self doubt in her post Your Business Success Quotient.
She begins by defining the equation which is a divided by b = c. A represents the business idea and C represents the success factor. I’ll let her describe “B” for you…
While the divisor is the figure b in our mathematical example, it isn’t necessary a bad figure, but yet I see all the external influences that hinder us from getting ahead in business as divisor nasties or b.
Classic business divisor b factors are normally procrastination, setbacks, failure, mistakes and general doubt in our own abilities to succeed. A divisor b could also be a detour, you know the kind when you see somebody else being successful with something you always wanted to act on but never did.
I love the way Monika has created a “success formula” and successfully illustrated how POWERFUL the “divisor b” factors can be in limiting your success.
Monika uses a simple “mathematical” formula to illustrate a powerful truth… the greatest business idea in the world can be reduced to dust if self doubt is allowed to run rampant.
Let’s say you have a been inspired by a GREAT business idea. On a scale of 1-100, this one is truly a 100. However, if you don’t trust yourself… you may begin to procrastinate or worse yet, begin focus on your past “failures”.
Given enough time, you can actually work the value of your Divisor Nasty up to 100… which brings your great business idea whose value is 100 down to a single digit… because 100 divided by 100 = 1.
If you’re surrounded by enough negative Nellies and naysayers, you might actually get the Divisor Nasty value higher than 100… but that doesn’t mean the original idea is anything less than the 100. It just means you’ve allowed your self doubts to reduce the final success figure significantly.
One way to inflate your Divisor Nasty figure is to begin “shopping” your idea to family and friends. If your family and friends are your greatest cheerleaders and/or potential customers for your new product then seeking their input is a GREAT idea. Unfortunately, if your family and friends aren’t part of your ultimate target audience, their opinion may be entirely irrelevant.
I love watching the CNBC show The Big Idea with Donny Deutsch. I especially love the shows where he was interviewing successful entrepreneurs about their humble beginnings.
During those shows, Donny interviewed entrepreneurial superstars like Jim Koch (the founder of Samuel Adams beer) and Sarah Blakely (the creator of Spanx). Donny asked each of his super successful entrepreneurial guests about the support they got from family and friends when they were just starting out. The guests on this show all respond with some version of, “Well, to be honest with you… they thought I was crazy at the time.”
It’s fun to hear them say that year later, after that they’ve “made it.” It’s easy for us to forget that as they struggled to launch their dream these very successful entrepreneurs probably felt just like Noah did as he built a huge Ark on dry land under sunny skies.
If your family and friends aren’t part of your target market or aren’t serial entrepreneurs, then don’t put too much weight in their criticism. Instead of getting honest feedback, you may just get someone who is shooting holes in your great idea.
Self doubt will plague you (if you let it) every step of the way as you strive for business success. Every path to success is filled with obstacles, the key is overcoming those obstacles.
What’s your key to overcoming obstacles?
{ 5 comments… read them below or add one }
Wow Kathy, you are ingenious! I love the way you build upon my post. Especially the line when others shoot holes into our dreams. This is so true and despite knowing this in our subconsciousness we still ask friends and family for feedback.
Unfortunately mine (with a few minor exceptions) are definitely the wrong people to ask and since knowing this I’m not even bothering anymore. Too quickly can dreams and ideas be stolen by ignorance.
Monika Mundell’s last blog post..Your Business Success Quotient
Monika,
Right back at you babe! You are the genius! That “formula” was a real revelation for me!
I may have to change the sig on my email to your last line of the comment above…
Too quickly can dreams and ideas be stolen by ignorance.
Those are some encouraging words. Thank for laying it out “scientifically.” I grew up with family who came through the factory/mill worker mindset and even my grandmother always told me I should be a postman or other “government worker” because I would always have a job. At one time my town was for all practical purposes a one industry (textiles) town and to be an entrepreneur was a pipe dream in that culture. I appreciate the hard work and money my family saved. My parents themselves were not mill workers but they still had that mindset and my mother has always said a job is not meant to be fun, it’s meant to be work. Of course I have to be a rebel. A crazy one. I’m loving life more and more every day and I thank fellow entrepreneur’s like you who share in the encourgement.
Patrick’s last blog post..SpinningSilk Multimedia street view via Google Map
Patrick,
I hadn’t thought of pursuing the entrepreneurial path as a form of “rebellion” but I think you’ve hit the nail on the head! IT IS!!! Especially when everyone you know is “playing it safe” with a “real” job!
No wonder family and friends think we’re “crazy”!!!
Great post, Kathy, and so true! Self-doubt is a form of fear. I think of that line from Desiderata: “Many fears are born of fatigue and loneliness.” The twelve-step acronym is HALT. Don’t let yourself get too hungry, angry, lonely, or tired. Stop before that happens. Not so easy when we get all caught up with the excitement of the web and look up to see it’s already 4:00 am!
Ellen Moore’s last blog post..A Change of View
{ 3 trackbacks }