Most Common Limiting Beliefs of Early-Stage Entrepreneurs — You Are Not Alone!
The six most common limiting beliefs of early-stage entrepreneurs and how to overcome them.
Limiting Beliefs — It’s one of the top topics that comes up in my conversations with early stage founders in the GUILD Academy. While the entrepreneurs believe in themselves enough to take the action, they join the GUILD Academy and make a 8-week commitment, many are struggling with looming limiting beliefs.
Here are the most common limiting beliefs and why you should kick them out of your brain:
- I can’t possibly make more money with my business idea than in my current job — it’s limiting because this belief doesn’t allow you to fully explore the potential of your idea. Make a plan and set a financial goal, nobody asks you to jump off a cliff without a parachute (yeah, Reid Hoffman might but if you’re not the type who assembles the airplane on the way down — there are other ways). You can experiment to see if your business has validity before you jump. We show you how in the GUILD academy and provide easy-to-use templates to e.g. make a financial plan.
- Surely nobody wants to buy this product for a high price, I need to offer it as cheaply as possible — before you haven’t launched and asked for people’s money, you won’t know. If you are truly solving a big problem for your users, why would they not value that? If you don’t solve a big problem for them, think about an idea that does. You can only find out how much someone is willing to pay for your solution by launching and experimenting! A survey won’t cut it. Most founders launch with a product too cheap. Believe in the value you create. Some people say the GUILD programs are too cheap. Well hey — I didn’t say we’re perfect, did I!? ;)
- This person will never join my advisory board unless I offer equity or $$$ — Many people are excited about startups — clearly communicate what you expect them to do for you, why they are a great fit for your company’s advisory board and ask what it takes for them to join. You will be surprised how many people will join without any compensation. Make sure you understand what they value (e.g. public recognition, a bottle of wine, …). If it in fact is equity and you feel it is worth it, use this template from the Founder Institute for advisory equity.
- The product needs to be perfect before I can launch — No, it doesn’t! If you think your product is perfect, you launched too late, you need the time to iterate and explore what your users want incl. negative feedback. If you’re not embarrassed to launch, you launched too late — we’re with Reid Hoffman on this one. Check out these MVPs from companies like Google and AirBn.
- The market is frozen. Nobody will want to talk to me and make a deal — Yes, COVID-19 is throwing everybody for a loop. But that doesn’t mean that the market is frozen everywhere. Have you watched Tesla stock or the NASDAQ? There is a lot of movement and as an early stage founder you are extremely nimble which means you can outrun your competition and adapt to new market needs much faster than a competitive incumbent. What you think is your weakness is in fact your strength.
- I need a technical co-founder otherwise I can’t build my MVP — Wrong! Join us in the GUILD Academy and learn in week 3 how to build MVPs without any tech wizardry. And PLEASE don’t spend your downpayment for your home on hiring a tech team before you built an MVP under $500. PROMISE! We know too many female founders who burnt their own money and then folded their businesses. This won’t be you — because you now know that …
You are not alone!
You have a strong community of female entrepreneurs, mentors, investor and experts at your fingertips and you can make a choice to believe in your vision or in limitations.
Watch yourself in the coming days and identify which one of your thoughts are fact-based vs. limiting beliefs.
Our brain is like velcro for negative experiences and like Teflon for positive ones.
Change starts with recognizing our limiting beliefs and challenging them when we encounter them.
>> Tell us in the comments below which limiting beliefs you have overcome.
P.S. Applications for the GUILD Academy Fall Cohort are open now! Join a tribe of female entrepreneurs and crush your limiting beliefs. It’s much easier when you’re surrounded by like-minded women and you have a clear path to launching your product or service.
More info: https://www.letsguildacademy.com/
