• Thursday, May 30, 2024
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Entrepreneurial mindsets: Overcoming limits and embracing growth

Entrepreneurial mindsets: Overcoming limits and embracing growth

Introspection, a daily practice, is the key to your personal and business development journey. It’s not just about changing what happens on the outside; it’s about transforming what’s happening inside. Without this habit, what you perceive as change or evolution is merely rearranging existing ideas. True innovation and growth can only come from within.

Years ago, I embarked on a life-changing journey. I entered the rollercoaster world of entrepreneurship. My family and I left our simple life in the UK, searching for greener pastures in the United States. In the process of our move, I acquired a luxury furniture store. The business thrived, and I quickly learned the ins and outs of entrepreneurship—that is, until the recession hit and claimed everything we owned. We returned to England empty-handed.

My first business lesson was not what I learned while running a thriving venture. It was what I discovered when I failed. Rock Bottom is a curious place to reside. You are constantly being offered options. One day, you are given hope; the next, despondency sits by your bed, awaiting your awakening. Still, failure’s unpredictability makes it a perfect time to launch a new idea, as you are free from the fear of further misfortune. Fear loses its grip on you once loss leaves the equation. This resilience and determination to bounce back and start anew is a testament to the spirit of entrepreneurship.

The situation presented the perfect time for me to embark on a new adventure. Having been introduced to the enchanting world of wood, craftsmanship, and luxury in my previous operation, I decided to continue my journey along the same path. I launched an online store focusing on luxury furniture and interiors for children, pouring my heart and soul into every aspect as any entrepreneur would. Another benefit of starting at rock bottom is that you are forced to think creatively in situations you’d typically buy your way out of. For example, I couldn’t afford a web designer, so I taught myself how to build it. This was in the days when website building was akin to rocket science. The ability to create the website taught me that there were other currencies besides cash; they were invisible, but I was determined to find them all.

So, I began the practice of introspection purely to retrieve my hidden gems. And gems I found, but there were more. I discovered that my hidden resources were swaddled with layers of limiting beliefs, making access to them almost impossible. I christened these beliefs lies. It was a lie that I needed a web designer to build my website, and it was a lie that I needed a large sum of money to start a business. Conversations with other entrepreneurs proved such lies were not unique to me. Lies are formed through the information you received as a child, from the words you heard to the behaviour you witnessed, books, movies, school, culture, and more. They act as protective mechanisms designed to shield us from failure. The trouble is, they don’t prevent failure; they stop us from feeling like we failed. If we are to change our outcomes, we must change our beliefs. Now, let’s explore some common mindsets that hinder entrepreneurial success.

Perfection paralysis:

This lie says, “I’m not good enough.” If you believe you need to be perfect before starting your project, you won’t start. If you were good enough to develop the vision, then you are good enough to recognise the talent you need and know when you are going off-tagent. You don’t have to know it all. Perfectionism is a dream killer, as you repeatedly rearrange your ducks in a row.

The template trap:

This lie insists on following a predetermined template, perhaps that of a guru or a competitor. It robs your organisation of the opportunity to stand out as it follows its unique path. You need courage to follow your illogical ideas. It was outlandish concepts that led to innovative companies, like that website that sold secondhand books, which grew to become the world’s largest online retailer and marketplace, or the ridiculous notion of sleeping in strangers’ homes, which became the uber-successful Airbnb. The trouble with the template trap mindset is that it sends your brain a message that you lack some vital components, and you can’t progress until the missing elements are present.

Impostor syndrome:

Probably the most subtle of the lies. Impostor syndrome is the state of mind where you cannot simply accept responsibility for your success. So, you end up relying on the opinions of others to deem you worthy. This mindset will undermine your confidence and affect areas of your establishment, preventing you from seizing opportunities; it will ensure you do not hire the best talent for the job because you don’t think the company deserves it.

How to overcome limiting beliefs:

To overcome limiting beliefs, you must replace the lies with the truth. Adopt the daily practice of introspection. This powerful self-awareness tool allows you to identify and challenge your limiting beliefs. Limiting beliefs are not finite. Once you have dealt with one, another one will show up, so self-reflection has to become a lifestyle.

Get comfortable with being uncomfortable:

We embrace lies to avoid the discomfort of truth. But it’s in this discomfort, in this space of uncertainty, that actual growth and innovation can occur. Embracing discomfort is a sign of courage; it shows a willingness to push past your comfort zone.

Tell your story.

Authentic storytelling frees you from the need to embellish yourself; it allows you to travel on your journey without the weight of unrealistic expectations and the opinions of others.

Your value lies in your uniqueness. By peeling away the layers of limiting beliefs and embracing your authentic self, you liberate yourself from the shackles of doubt and uncertainty, leading to business growth and innovation.

 

Toks Aruoture is a dynamic entrepreneur, speaker, and coach renowned for her transformative insights into entrepreneurial mindsets. With over two decades of experience in business, Toks has established herself as a visionary leader in the industry. As the founder of The Baby Cot Shop, Chelsea, she blends creativity with expertise, curating exquisite designs for discerning clients worldwide.