The Self Belief/Doubt Cycle

The hard work starts turning the idea into a realistic business proposition.

Suddenly (or gradually) the first shadows of doubt start to emerge:

• What if no one likes it?

• What if I can’t raise the funds needed?

• Can I actually do this?

This can be the start of anxiety, stress and even depression. It can feel very lonely.

You start to google “imposter syndrome” and you don’t feel any better – or even worse.

STOP

This process is normal. It happens to every entrepreneur even when the business has grown and expanded – whether people acknowledge it or not.

It has affected the author of this page and the entire website.

Throughout the whole start-up process and through scale up and maturity the process repeats itself.

Successful entrepreneurs find ways to manage this Self Belief/Doubt Cycle.

Some people find it too much and walk away. There’s no shame in walking away. You might try again later or just find a comfortable space.

How do you manage the cycle?:

• It’s important to accept that it’s normal. You are not failing you are going through what can be a positive process of review and reflection which can lead to positive improvements in the business model.

• Go back to your Why. This is what underpins your purpose and vision. Keep reminding yourself – it’s a powerful tonic.

• Try to work out what triggered the doubts.

  • Was it negative feedback?

  • Has your research found some new information that changes your ideas?

  • Are you just a “natural” worrier (glass half empty)?

• All of the these issues are positive and are critical to building a sustainable business. They are helping you learn and evolve – if you listen.

• Remember the capabilities that you have. Not just your qualifications and experience but the passion and enthusiasm that created the idea.

• Don’t ignore the negative thoughts. Embrace them, write them down and then use the Reversal/Inversion technique to create a positive list that can drive the next stage of development.

A few typical negative thoughts:

• Pre-launch

  • Is the product/service really solving a problem?

  • What pain is it curing for customers?

  • Will people buy it?

  • Is the pricing right?

  • Are my suppliers, partners, sub-contractors reliable?

• Launch

  • Sales are too slow

  • Costs are higher than planned

  • The team are not quite ready

  • Social media comments are negative

• Scale up

  • Sales are too slow

  • Controls are not telling me what I need to know

  • Are discounts needed to accelerate sales?

  • Some weak links in the team

  • Feeling out of depth and even drowning

• Beyond Scale up

  • All of the above

Sharing the burden can help – a good mentor can be invaluable just to talk things through.

When you speak your fears and anxieties they often start to sound less intimidating particularly if there’s a good listener to help put the issue into context.

Most of the doubts and fears listed above are manageable and the Changing the Odds website handles these issues in a realistic and practical way.

If you’re affected by any of these issues feel free to get in touch, post ideas on LinkedIn or share with others.