Welcome to Milestone Moments, the show where
we explore the journeys that lead to success.
I'm Sheila Slick, your host and founder of Five
Milestones. In every episode, we will bring you
insights from the minds of entrepreneurs, leaders
and experts who will share not just their expertise,
but the milestone moments that have reshaped
their journeys and led to significant achievements.
So if you're looking for motivation, you're in
the right place. Subscribe now and discover the
milestones that mark the path to success. Welcome
to another episode of Milestone Moments in Business
and Leadership. I'm Sheila Slick, your host.
And today, we're going to talk about how to overcome
self -doubt if you're looking to start your own
business. Self -doubt is something that stops
so many individuals, so many aspiring entrepreneurs
in their tracks. It starts with that voice questioning
your thoughts. Am I good enough? What if I fail?
Who would even buy my product? Who would listen
to me? Having worked with hundreds of startups
and entrepreneurs and over 25 years in business,
I can tell you that this is incredibly common.
But the good news is that you can overcome self
-doubt and start building your business with
confidence. In today's episode, we're going to
talk about five steps that you can take to quiet
that inner critic if you are looking to start
a business. Whether you're planning to start
a coaching practice, an online store, or a local
service business, these five steps will help
you get the clarity and the courage to move forward.
Before we start talking about those steps, let's
first understand why self -doubt hits entrepreneurs
so hard. And it's not just you. Studies show
that over 70 % of entrepreneurs experience doubt
and imposter syndrome. In my consulting practice,
I've seen even experienced business owners and
founders struggling with doubt when facing new
challenges or expanding into unfamiliar or unexpected
territories. is that fear signals that you're
stepping out of your comfort zone. And that's
exactly where growth happens. Everyone starts
with doubts. And the difference between those
who launch and those who don't isn't confidence.
It's the willingness to act despite the doubt.
So the first thing that you can do is name your
fears. This step is about being honest with yourself.
Is it fear of judgment? Is it financial insecurity?
Is it not knowing enough, not having enough experience?
When you start to name your fears, they immediately
lose power. Neuroscience backs this up. When
you label emotions, your brain's fear center
actually calms down. One exercise that I recommend
to my clients, it's a very simple exercise, is
to identify your fear and then immediately...
counter it with what you'll do if that fear comes
true. For example, if someone says to me, I'm
afraid no one will buy my product, then I'll
say, well, if that happens, what can you do?
You can gather feedback, you can improve the
offer, and then you can try again. And when you
name your fears, you realize that they're manageable
challenges and not barriers. Step two is to validate
your idea, and you can do that with a simple
one -page business model canvas plan. Self -doubt
thrives on uncertainty, and when you don't have
a clear business model, we question everything.
So the solution is to make a plan. And the Business
Model Canvas is a powerful one -page tool. It's
used a lot by startups and even Fortune 500 companies
alike. It has nine essential building blocks
that give you complete clarity. It allows you
to validate your product or your idea. The first
one starts with your customer segments. Who are
you creating value for and who are your most
important customers? The second part is your
value proposition. What problem are you solving
and what need are you satisfying for each one
of these customer segments? Number three is your
channels. How are you going to reach and communicate
with your customers? Number four, your customer
relationships. What type of relationship will
you establish with each segment? Number five,
your revenue streams. And this is really important.
How will you generate income from each of these
customer segments? Number six, what key resources?
What are those assets that are required to deliver
your value proposition? Number seven, key activities.
What actions must you take? to operate successfully.
Number eight, key partnerships. Who can help
you leverage your business model? And last, your
cost structure. What costs will be incurred in
order to operate your business? And this approach
works because it really forces you to clarify
and expose any gaps that you may have in your
thinking. It helps to transform vague ideas into
a visual roadmap that you can reference and refine
as you learn more and more about your market
and your business. Step three to overcome that
doubt if you're looking to start a business is
to set small, achievable goals. Once you have
your business model Canva, you can break it down
into tiny, actionable steps. Self -doubt loves
big, vague goals because they feel impossible
to achieve. So the solution is to focus on progress,
not perfection. And by taking your Canva, your
business canva plan, and turning each component
into a series of small manageable tasks, you
are creating a practical roadmap that makes progress
inevitable and self -doubt optional. The fourth
step is to build a strategic support system.
Entrepreneurship can be very lonely and isolation
feeds self -doubt. In my experience, I recommend
that entrepreneurs build a network with three
different types of people. One are peers who
understand the journey. They're facing similar
challenges, and they can also offer real -time
support. Second, mentors who are a few steps
ahead. They have walked that path. They provide
perspective and shortcuts. And third, people
who believe in you unconditionally. You just
need one person to be your cheerleader, the more
the merrier, but it really just takes one. A
strong support system does not happen by chance.
You need to be intentional about finding the
right people and then nurturing those relationships.
You can find people at industry events, online
communities, local business groups. Your family,
your friends, these are all great places to start
building these critical connections. And the
final step to overcome that self -doubt if you're
thinking about starting a business is to take
imperfect action. That's the most powerful one
on the list after that Gamba business plan. Perfectionism
is just self -doubt in disguise, and it tells
you you're not ready yet. But here's the truth.
No one is ever completely ready. Taking imperfect
action doesn't mean being careless. It means
recognizing that real -world feedback is more
valuable than theoretical perfection. It means
embracing version 1 .0 of your business as a
necessary step towards version 2 .0, etc. When
you take action, despite your fears, you send
a powerful message to your brain. My desire to
succeed is stronger than my fear of failure.
And that's when self -doubt begins to lose its
grip. Remember that entrepreneurship isn't about
being fearless. It's about acknowledging your
doubts and moving forward anyway. And with a
plan. Having guided hundreds of entrepreneurs
through these exact steps, I can tell you that
they work, but only if you apply them consistently.
If you're looking to start a business, I'd love
to support you on this journey. And if this episode
resonated with you, please leave a review, subscribe.
It'll help others find it. Until then, remember
that doubt is normal. Action is the answer and
your business deserves to exist. This is Sheila
Slick signing off from Milestone Moments in Business
and Leadership. See you next time.