WEBVTT 00:00:00.000 --> 00:00:03.080 Welcome to Milestone Moments, the show where 00:00:03.080 --> 00:00:05.960 we explore the journeys that lead to success. 00:00:06.599 --> 00:00:10.199 I'm Sheila Slick, your host and founder of Five 00:00:10.199 --> 00:00:13.859 Milestones. In every episode, we will bring you 00:00:13.859 --> 00:00:17.100 insights from the minds of entrepreneurs, leaders 00:00:17.100 --> 00:00:20.800 and experts who will share not just their expertise, 00:00:20.879 --> 00:00:24.120 but the milestone moments that have reshaped 00:00:24.120 --> 00:00:27.059 their journeys and led to significant achievements. 00:00:27.960 --> 00:00:30.359 So if you're looking for motivation, you're in 00:00:30.359 --> 00:00:33.560 the right place. Subscribe now and discover the 00:00:33.560 --> 00:00:40.479 milestones that mark the path to success. Welcome 00:00:40.479 --> 00:00:43.740 to another episode of Milestone Moments in Business 00:00:43.740 --> 00:00:46.560 and Leadership. I'm Sheila Slick, your host. 00:00:46.799 --> 00:00:50.219 And today, we're going to talk about how to overcome 00:00:50.219 --> 00:00:53.420 self -doubt if you're looking to start your own 00:00:53.420 --> 00:00:57.350 business. Self -doubt is something that stops 00:00:57.350 --> 00:01:00.890 so many individuals, so many aspiring entrepreneurs 00:01:00.890 --> 00:01:05.349 in their tracks. It starts with that voice questioning 00:01:05.349 --> 00:01:08.569 your thoughts. Am I good enough? What if I fail? 00:01:08.890 --> 00:01:12.109 Who would even buy my product? Who would listen 00:01:12.109 --> 00:01:15.609 to me? Having worked with hundreds of startups 00:01:15.609 --> 00:01:18.989 and entrepreneurs and over 25 years in business, 00:01:19.290 --> 00:01:22.390 I can tell you that this is incredibly common. 00:01:22.549 --> 00:01:25.650 But the good news is that you can overcome self 00:01:25.650 --> 00:01:28.349 -doubt and start building your business with 00:01:28.349 --> 00:01:31.680 confidence. In today's episode, we're going to 00:01:31.680 --> 00:01:35.299 talk about five steps that you can take to quiet 00:01:35.299 --> 00:01:38.019 that inner critic if you are looking to start 00:01:38.019 --> 00:01:40.959 a business. Whether you're planning to start 00:01:40.959 --> 00:01:44.359 a coaching practice, an online store, or a local 00:01:44.359 --> 00:01:47.379 service business, these five steps will help 00:01:47.379 --> 00:01:50.780 you get the clarity and the courage to move forward. 00:01:51.120 --> 00:01:54.099 Before we start talking about those steps, let's 00:01:54.099 --> 00:01:57.379 first understand why self -doubt hits entrepreneurs 00:01:57.379 --> 00:02:01.760 so hard. And it's not just you. Studies show 00:02:01.760 --> 00:02:06.000 that over 70 % of entrepreneurs experience doubt 00:02:06.000 --> 00:02:10.780 and imposter syndrome. In my consulting practice, 00:02:11.099 --> 00:02:14.199 I've seen even experienced business owners and 00:02:14.199 --> 00:02:16.699 founders struggling with doubt when facing new 00:02:16.699 --> 00:02:21.000 challenges or expanding into unfamiliar or unexpected 00:02:21.000 --> 00:02:31.060 territories. is that fear signals that you're 00:02:31.060 --> 00:02:34.180 stepping out of your comfort zone. And that's 00:02:34.180 --> 00:02:38.099 exactly where growth happens. Everyone starts 00:02:38.099 --> 00:02:40.719 with doubts. And the difference between those 00:02:40.719 --> 00:02:44.000 who launch and those who don't isn't confidence. 00:02:44.280 --> 00:02:48.080 It's the willingness to act despite the doubt. 00:02:48.280 --> 00:02:51.419 So the first thing that you can do is name your 00:02:51.419 --> 00:02:55.539 fears. This step is about being honest with yourself. 00:02:56.379 --> 00:02:59.719 Is it fear of judgment? Is it financial insecurity? 00:03:00.439 --> 00:03:03.560 Is it not knowing enough, not having enough experience? 00:03:04.159 --> 00:03:07.719 When you start to name your fears, they immediately 00:03:07.719 --> 00:03:12.060 lose power. Neuroscience backs this up. When 00:03:12.060 --> 00:03:14.659 you label emotions, your brain's fear center 00:03:14.659 --> 00:03:18.740 actually calms down. One exercise that I recommend 00:03:18.740 --> 00:03:22.300 to my clients, it's a very simple exercise, is 00:03:22.300 --> 00:03:24.639 to identify your fear and then immediately... 00:03:25.000 --> 00:03:28.419 counter it with what you'll do if that fear comes 00:03:28.419 --> 00:03:32.539 true. For example, if someone says to me, I'm 00:03:32.539 --> 00:03:36.219 afraid no one will buy my product, then I'll 00:03:36.219 --> 00:03:40.680 say, well, if that happens, what can you do? 00:03:41.240 --> 00:03:44.280 You can gather feedback, you can improve the 00:03:44.280 --> 00:03:48.199 offer, and then you can try again. And when you 00:03:48.199 --> 00:03:50.719 name your fears, you realize that they're manageable 00:03:50.719 --> 00:03:56.599 challenges and not barriers. Step two is to validate 00:03:56.599 --> 00:03:59.740 your idea, and you can do that with a simple 00:03:59.740 --> 00:04:05.319 one -page business model canvas plan. Self -doubt 00:04:05.319 --> 00:04:09.319 thrives on uncertainty, and when you don't have 00:04:09.319 --> 00:04:12.400 a clear business model, we question everything. 00:04:12.620 --> 00:04:17.060 So the solution is to make a plan. And the Business 00:04:17.060 --> 00:04:21.060 Model Canvas is a powerful one -page tool. It's 00:04:21.060 --> 00:04:24.759 used a lot by startups and even Fortune 500 companies 00:04:24.759 --> 00:04:28.079 alike. It has nine essential building blocks 00:04:28.079 --> 00:04:31.180 that give you complete clarity. It allows you 00:04:31.180 --> 00:04:34.899 to validate your product or your idea. The first 00:04:34.899 --> 00:04:37.839 one starts with your customer segments. Who are 00:04:37.839 --> 00:04:41.500 you creating value for and who are your most 00:04:41.500 --> 00:04:45.310 important customers? The second part is your 00:04:45.310 --> 00:04:48.709 value proposition. What problem are you solving 00:04:48.709 --> 00:04:51.970 and what need are you satisfying for each one 00:04:51.970 --> 00:04:55.930 of these customer segments? Number three is your 00:04:55.930 --> 00:04:59.209 channels. How are you going to reach and communicate 00:04:59.209 --> 00:05:04.089 with your customers? Number four, your customer 00:05:04.089 --> 00:05:07.269 relationships. What type of relationship will 00:05:07.269 --> 00:05:10.670 you establish with each segment? Number five, 00:05:10.829 --> 00:05:13.509 your revenue streams. And this is really important. 00:05:13.730 --> 00:05:17.089 How will you generate income from each of these 00:05:17.089 --> 00:05:21.769 customer segments? Number six, what key resources? 00:05:21.889 --> 00:05:25.610 What are those assets that are required to deliver 00:05:25.610 --> 00:05:30.629 your value proposition? Number seven, key activities. 00:05:30.829 --> 00:05:35.660 What actions must you take? to operate successfully. 00:05:36.480 --> 00:05:40.199 Number eight, key partnerships. Who can help 00:05:40.199 --> 00:05:44.040 you leverage your business model? And last, your 00:05:44.040 --> 00:05:47.899 cost structure. What costs will be incurred in 00:05:47.899 --> 00:05:51.339 order to operate your business? And this approach 00:05:51.339 --> 00:05:55.000 works because it really forces you to clarify 00:05:55.000 --> 00:05:58.879 and expose any gaps that you may have in your 00:05:58.879 --> 00:06:03.480 thinking. It helps to transform vague ideas into 00:06:03.480 --> 00:06:06.420 a visual roadmap that you can reference and refine 00:06:06.420 --> 00:06:09.639 as you learn more and more about your market 00:06:09.639 --> 00:06:15.160 and your business. Step three to overcome that 00:06:15.160 --> 00:06:17.639 doubt if you're looking to start a business is 00:06:17.639 --> 00:06:21.279 to set small, achievable goals. Once you have 00:06:21.279 --> 00:06:24.279 your business model Canva, you can break it down 00:06:24.279 --> 00:06:28.160 into tiny, actionable steps. Self -doubt loves 00:06:28.160 --> 00:06:32.139 big, vague goals because they feel impossible 00:06:32.139 --> 00:06:37.379 to achieve. So the solution is to focus on progress, 00:06:37.480 --> 00:06:43.310 not perfection. And by taking your Canva, your 00:06:43.310 --> 00:06:46.189 business canva plan, and turning each component 00:06:46.189 --> 00:06:50.290 into a series of small manageable tasks, you 00:06:50.290 --> 00:06:53.629 are creating a practical roadmap that makes progress 00:06:53.629 --> 00:06:58.329 inevitable and self -doubt optional. The fourth 00:06:58.329 --> 00:07:01.529 step is to build a strategic support system. 00:07:02.649 --> 00:07:05.810 Entrepreneurship can be very lonely and isolation 00:07:05.810 --> 00:07:10.790 feeds self -doubt. In my experience, I recommend 00:07:11.449 --> 00:07:14.350 that entrepreneurs build a network with three 00:07:14.350 --> 00:07:18.550 different types of people. One are peers who 00:07:18.550 --> 00:07:22.350 understand the journey. They're facing similar 00:07:22.350 --> 00:07:25.430 challenges, and they can also offer real -time 00:07:25.430 --> 00:07:29.410 support. Second, mentors who are a few steps 00:07:29.410 --> 00:07:32.750 ahead. They have walked that path. They provide 00:07:32.750 --> 00:07:36.629 perspective and shortcuts. And third, people 00:07:36.629 --> 00:07:40.620 who believe in you unconditionally. You just 00:07:40.620 --> 00:07:44.000 need one person to be your cheerleader, the more 00:07:44.000 --> 00:07:47.180 the merrier, but it really just takes one. A 00:07:47.180 --> 00:07:50.579 strong support system does not happen by chance. 00:07:50.720 --> 00:07:53.579 You need to be intentional about finding the 00:07:53.579 --> 00:07:56.540 right people and then nurturing those relationships. 00:07:57.120 --> 00:08:01.300 You can find people at industry events, online 00:08:01.300 --> 00:08:05.759 communities, local business groups. Your family, 00:08:05.899 --> 00:08:08.519 your friends, these are all great places to start 00:08:08.519 --> 00:08:11.480 building these critical connections. And the 00:08:11.480 --> 00:08:15.000 final step to overcome that self -doubt if you're 00:08:15.000 --> 00:08:19.019 thinking about starting a business is to take 00:08:19.019 --> 00:08:22.360 imperfect action. That's the most powerful one 00:08:22.360 --> 00:08:27.019 on the list after that Gamba business plan. Perfectionism 00:08:27.019 --> 00:08:29.939 is just self -doubt in disguise, and it tells 00:08:29.939 --> 00:08:33.169 you you're not ready yet. But here's the truth. 00:08:33.309 --> 00:08:36.409 No one is ever completely ready. Taking imperfect 00:08:36.409 --> 00:08:39.409 action doesn't mean being careless. It means 00:08:39.409 --> 00:08:43.190 recognizing that real -world feedback is more 00:08:43.190 --> 00:08:46.750 valuable than theoretical perfection. It means 00:08:46.750 --> 00:08:50.669 embracing version 1 .0 of your business as a 00:08:50.669 --> 00:08:57.360 necessary step towards version 2 .0, etc. When 00:08:57.360 --> 00:09:00.940 you take action, despite your fears, you send 00:09:00.940 --> 00:09:04.940 a powerful message to your brain. My desire to 00:09:04.940 --> 00:09:08.259 succeed is stronger than my fear of failure. 00:09:08.480 --> 00:09:12.019 And that's when self -doubt begins to lose its 00:09:12.019 --> 00:09:16.220 grip. Remember that entrepreneurship isn't about 00:09:16.220 --> 00:09:18.860 being fearless. It's about acknowledging your 00:09:18.860 --> 00:09:23.000 doubts and moving forward anyway. And with a 00:09:23.000 --> 00:09:25.840 plan. Having guided hundreds of entrepreneurs 00:09:25.840 --> 00:09:30.120 through these exact steps, I can tell you that 00:09:30.120 --> 00:09:32.720 they work, but only if you apply them consistently. 00:09:33.399 --> 00:09:36.080 If you're looking to start a business, I'd love 00:09:36.080 --> 00:09:39.679 to support you on this journey. And if this episode 00:09:39.679 --> 00:09:43.340 resonated with you, please leave a review, subscribe. 00:09:44.120 --> 00:09:48.480 It'll help others find it. Until then, remember 00:09:48.480 --> 00:09:51.679 that doubt is normal. Action is the answer and 00:09:51.679 --> 00:09:55.519 your business deserves to exist. This is Sheila 00:09:55.519 --> 00:09:59.080 Slick signing off from Milestone Moments in Business 00:09:59.080 --> 00:10:01.720 and Leadership. See you next time.