Entrepreneur

Keys to Success and The 5 Fears That Hold Entrepreneurs Back

44 comments
608 Flares Twitter 155 Facebook 204 Google+ 68 Pin It Share 0 LinkedIn 125 StumbleUpon 56 608 Flares ×

Success (and failure) is a choice.

There are plenty of fears and excuses that hold us back from getting what we want as entrepreneurs.

When I started out in business, this was my conversation:

“I’m young and I’ve never had a real job, why would anyone hire me without the experience?”

and…

“I still don’t have my college degree so I’m not smart enough to teach anyone this stuff.”

and..

“I’m just a washed up football jock who didn’t even make it to the NFL. If I couldn’t make that happen how will I make this happen?”

and…

“I’m sleeping on my sisters couch, if my client finds that out, they will drop me for sure!!!”

The thing is, there will always be some conversation that will try to hold you back.

It’s up to you to listen to it, or break through and make greatness happen no matter what.

In today’s video we’re going to discuss the 5 fears that are holding entrepreneurs back and how to unlock them to reach your success:

Keys to Success for Entrepreneurs

“The worst lies are the lies we tell ourselves. We live in denial of what we do, even what we think. We do this because we’re afraid” – Richard Bach

The 5 Lies and Fears of Entrepreneurs

Ah yes.  Those dirty little lies.

What have you been telling yourself all these years?

What’s really holding you back?  Here’s the five common ones I hear from most entrepreneurs:

1. Don’t Believe in Yourself -

The key to breaking this is building small wins each day so you can gain the confidence you need to take on a bigger game in your business.  Make it a game to see how many small victories each day you can have.  This can as simple as not checking email every hour, or completing one simple task each day by the deadline you create for yourself.

2. Need a Product Before You Can Sell-

This is a common one.  You think you need to have the perfect product finished before you can start selling it.  When you can use the bootcamp model or presell something to see how many people are willing to buy it before you spend months and months creating something that no one will buy.  Sell your product before you create it.

3. You Try to Be Perfect-

“I NEED THE PERFECT LOGO!!!”  I hear the logo design story so much it makes me want to puke.  No one cares about your logo, nor the font size that’s on your site.  Yes it’s important to make things great and you can certainly do this by upgrading over time, but good and profitable is better than perfect and never done.  Get things done.  Be a person who finishes even if it’s not yet perfect.

4. You Need Funding or an Investor-

This is BS.  I know so many entrepreneurs who started in debt, and built everything with hustle, relationships, building their audience, and sweat equity.  Time to get creative and start thinking like an entrepreneur instead of thinking like someone who works in a cubicle.  Jump out of your box!

5. Lack the Experience/Knowledge-

Come on now.  With everything that’s available online you are telling me you can’t learn what you need to?  You can either find a mentor, study free resources online, or mimic successful processes. There are so many ways to find the knowledge and get the experience you need to prove that you have the chops to be a great entrepreneur.

What’s Your Fear?

##

These are just 5 big things that hold entrepreneurs back – but there are a lot more.  Each person has different fears that keep you from your greatness, and it’s your responsibility to identify them.

In the comments section below share what your fears are.  Are they any from the 5 above, or something else?  Thanks for sharing and be sure to post this article on Twitter of Facebook for your entrepreneur buddies who are in denial of their fears as well :)

School of Greatness

Like what you’ve read so far?

get access to my free weekly tips

38 comments
Mermere
Mermere

Indecisiveness and an inability to choose WHAT of all the many ideas I have to choose from that I'm going to implement into successful ventures.

Gibbo13
Gibbo13

Hi Lewis,


Thanks for the great video very true. 

Biggest fear is definitely following my passion and failing.

hashimPola
hashimPola

My biggest shackel may be the environment i live in sometimes.

darronhilaire
darronhilaire

Hi Lewis,


Thank you for this. This post is practical, relevant, to-the-point, and mind altering. It has dispelled so many myths that I held when I considered taking the next step as an entrepreneur. You have become my mentor. I feel like a window has opened, and I so look forward to working with you, and learning from your insights and what you share with the world. Continue to be awesome! 


Thank You!

GraceChan
GraceChan

Hey Lewis,


Thanks for the cool video. I've drastically changed my life and at least temporarily burned my bridges to help me become more dedicated towards starting my own business, so that there's nowhere to run but forward. Deep down I do believe in myself and my ability to land on my feet, I guess just currently I'm lacking confidence. But yeah, listening to your story and watching your videos helps.

Cheers for putting this resource out there,


Grace

NavidMoazzez
NavidMoazzez

Hey Lewis,

Awesome video and very valuable post, thanks for sharing this with us!

I am Lifestyle Entrepreneur from Stockholm, and I just started my entrepreneurial journey not long ago. I tried to make everything perfect for a very long time till I just decided to start, take the first step and take massive action to achieve my ultimate goals and dreams in life. It doesn't have to be perfect to start, and now I just try to get things done instead, and improve over time. I can relate to all the 5 fears listed in this post, great stuff!

All the best,

Navid

PeterScottIV
PeterScottIV

Hey Lewis - Thanks so much man for this incredibly valuable content.  As a fellow Lifestyle Entrepreneur from Ohio, I can relate to all 5 of these fears. 

Keep sharing your authentic and vulnerable self.

Peter

Jan Koch
Jan Koch

Hi Lewis,

this post is so incredible valuable, thanks for sharing this!

Entrepreneurs just need to make the first small step to become successful, that's what resonates with my experiences most.

Best regards,

Jan

Kristy4687
Kristy4687

This is EVERYTHING I needed to see at this moment in my life .... I never realized how believing in yourself is the main principle when it comes to having your own business AND every other aspect of your life. My greatest fear is public speaking which I have to do this weekend so your video is my savour. I can't thank you enough!

ChristiaSale
ChristiaSale

Good Job on the video.

I have to get over the perfection thing. Have already written my 7 week teleseminarr and the pre-view call. There is no good reason I haven't put it on the schedule yet. I keep thinking everything has to be in place first.

Again, I need to get over that! Thanks for the push.

Alib924
Alib924

Hey just saw your video and really made me think. I have been wanting to start my own business but I have been focused on consulting to help other startups---I guess my fear is that I don't have the technical programming skills to develop a prototype for my business concept but I'm not giving up! Thanks for posting this video

AmberMcCue
AmberMcCue

I seriously needed this little reminder/kick in the tush. 

I didn't even read the whole thing, but #2. Need a product before you can sell it" prompted me right into action right this second!  

Thank you! 

chev80
chev80

I can say that my fear is taking the risk to do something great.

GirlChatSports
GirlChatSports

What a great article! Thank you for the motivation to face our fears and acknowledge them directly.


Jamie

DevaniFreeman
DevaniFreeman

OMG I love all of these tips Lewis!! Money! I also love your transparency and honesty. We ALL deal with this on a regular basis. I think one of my biggest obstacles is thinking I need to create the product or program before I sell it and also getting TOO busy and not being able to provide the high quality work I strive for. Working on breaking through this thinking :)

Are Morch
Are Morch

Hi Lewis.

I think I dealt with all of the fears you talk about here. Still have many of these fears, but now they more work as a fuel to take new action. It is like teaching or speaking when you have the butterflies that is always a good sign. 

One of the fears that I experienced, and that not many talked about was the fear of success. Suddenly you reach the tipping point where things is starting to happening, and then you freeze. This was something I was not prepared for. Getting better to handle this also.

Another pit fall I experienced it the Comparison mistake. You check out others that you identify as your competition. And then you see they take off, and you ask what are they doing that you don't. I found myself in spirals where I was over analyzing competitors. 

Last but not least in today world with Social Media where a lot of the information is bombarded on you in real time it is the fear of missing out. 

Cheers..

Are Morch

Hotel Blogger

Lewis LaLanne aka Nerd #2
Lewis LaLanne aka Nerd #2

I think one of the biggest fears anyone who's gone into business before is that of ruffling the feathers of the people you'll be competing with now. Everyone fears confrontation; but some people feel the fear and lean into it anyways. I had this fear when we started our site 5 years ago and I imagine this keeps an incredible number of people from even starting.

What I love about your suggestions Lewis is that they all address a core blunder that I believe anyone new to running their own business trips over which is Unrealistic Expectations

Below are some mindsets passed onto to me by my mentor Eben Pagan that served me extraordinarily well in getting a clear view of how to start a profitable business from scratch . . .

Profit Generating Mindset #1: Make It Prove Itself Small Before You Ever Go Big

If you want the recipe for how most people get their butt kicked when starting a business, here it is: Throw all the money you have, all the money you can get from anyone who will lend to you, and put it all on what you “feel” can’t possibly fail.

This is bass ackwards.This is gambling. This is what 90-95% of people who start a business do.

The way you know a business works is to take one of your products and try to sell it to one customer and see if they buy it. If they do, sell another one to another customer. Then refine your strategy so that you put yourself in front of more of your perfect prospects and offer what you sell to them.

If you try to sell this product one on one to someone who is your perfect prospect and they don’t buy, you’ll learn something. You’ll find you’ve got to change your approach and if that doesn’t work and you've racked up a long list of turn downs, you’ll have come to the conclusion that no one wants from you what you thought they would and you’ll only be out your effort and what little money you spent to test your concept.

The path to progress and profit is to make it work on a small scale consistently. And only after you’ve cracked the code is when you shove big money across the table at any venture.

Profit Generating Mindset #2: “80% of What I Try Will Fail”

At first glance that doesn’t seem like a very encouraging mantra to repeat to yourself, does it?

And the truth is, 80% is a generous number. It’s probably going to be higher than that. It will most definitely be higher if you don’t keep these mindsets here close to your heart.

Eben sees himself as an optimist in the long term. He believes that if he consistently keeps doing things that make him more valuable to his fellow man, building on what he’s learned from his mistakes, that more and more success will come to him.

But he sees himself as pessimist in the short term. He accepts the 80/20 universal law that dictates that most things, 9 out of 10, he tries out aren’t going to pan out the way he wanted them to.

He knows that if he keeps taking right action swings at the opportunity, the big money homeruns will accumulate based on what he continues to learn from the failures and will carry him through all the strike outs. All the action he takes will allow him to crack the code on some crucial steps, systems, products, niches, and methodologies that prove to be profitable over the long haul that never would’ve been realized had he operated under the delusion that “If I do something it should work and if it doesn’t work I should quit because this business is bad, the economy is bad, the customers are bad, the money-grubbing corporations are bad, etc.”

Most people that make a living investing in the stock market are not winners. Of the people who are winners – the top 5-15% - they make all of their money on only a few of their trades. So out of a 100 trades they made for that year, the majority of their money will have come from 5-10 trades they made where they hit it out of the park. Most of their other trades will have lost them money .

Same thing holds true for poker – most of your winnings will have come from a few hands. Most of the hands you get will be garbage. Most of the hands you play will actually lose you money.

This is the opposite of what your chimpanzee wiring wants you to do. You’re addicted to instant gratification because we live in an instant gratification driven society. When you smell pizza, you don’t go inside your mind and imagine how drained you’re going to feel 30-60 minutes from the time you shoveled the pizza into your pie hole. Nope.

What you do is imagine thing you want RIGHT NOW and then you run towards it. Thinking long term is something we don’t come wired with and have to train ourselves to do with mantras like, “80% of what I try is going to fail”.

This mindset gives you permission to be the perfect non-perfectionist. It makes it okay for you to shut down a project that’s not working and move on to the next experiment.

Profit Generating Mindset #3: “My business isn’t a job”

If you want to guarantee you fail in business, approach it the same way you’ve approached all the jobs you’ve ever had.

The difference between running a business and being employed is as vast as the difference between being a child and being a parent.

It’s very easy to think you understand what running a business is like because you’ve been employed by one. But if you want a business that makes more money than it expends, you’ve gotta ditch the idea that this is gonna happen with the same paradigm you brought to your jobs.

Employees show up at work, sit there for a fixed amount of time and they get a pay check for doing so. They still get this pay check whether they do just "okay" work or if they do "amazing" work. Heck, employees even get paid if they don’t show up if they had “sick days” or “Vacation hours”.

A business owner only gets paid for creating value and getting results. The second they stop doing either of those, the ship sinks and if they’re really crappy at managing money, they not only have no money coming in anymore but they actually end up owing money for the business that they killed.

With the advice you're giving Lewis, I can see you're doing a marvelous job preparing people for what can get (is getting) in their way and helping them overcome these obstacles and for this, I commend you. 

It's my first time here and I'm mightily impressed and am very much looking forward to coming back. :)


Syl Rochet-Belleri
Syl Rochet-Belleri

Nice! Loving the twinkle in your eye in this vid. Thanks for sharing the goodness.

Mslynsempire
Mslynsempire

My biggest obstacle used to be taking care of others' interests, while sacrificing my well-being. It was not intentional, but that's what happened over time. However, I'm in the process of conditioning myself to do and be better for myself moving forward.

JulesRobson
JulesRobson

Thinking I need to create a product before selling - this is my Number 1 obstacle in business at the moment! I'd say believing in myself is up there pretty high too. I need to get out of my own way and keep moving forwards instead of standing still. 

Love the video Lewis - shared and appreciated! Oh yes - love the Lifestyle Entrepreneur title too!

SherylM
SherylM

Thanks Lewis. The fifth fear holds me back. Sometimes your posts and podcast are an answer to my situation just like this one. When I saw it first on Google+ I was like OMG! its exactly what I think. 


EmmaLawrence
EmmaLawrence

Great video Lewis! I love the idea of taking small steps every day to overcome what's holding us back. When it comes to product creation, I definitely fall into the 'fear of it not being perfect' category! 

ejbr1
ejbr1

I LOVED this so much, Lewis.  Every word was nothing but the truth for most entrepreneurs today.  Failure...and the fear of it has stopped many folks from stepping up and doing what needs to be done to succeed.  Lack of confidence and belief in oneself has stopped many grand dreams from becoming reality for budding entrepreneurs everywhere.  Thanks for bringing these fears to light and making them relative through your own personal journey to success.  I appreciate all that you do, Lewis.

Amber Golshani
Amber Golshani

Thanks Lewis. Always great info and I love that you sign your emails "love you". :)

Joshua Liston
Joshua Liston

Saw this on G+ yesterday! Definitely worth looking at :)

John Lee Dumas
John Lee Dumas

So true Lewis...thanks for reinforcing the need to discard these fake fears!

lhridge
lhridge

Fears all stem from failure (and not wanting to see it.) I know the saying fall down seven, stand up 8 is true, but it's that first fall as a solopreneur - the one where people give you the 'I told you so' smirk, or shake their heads disapprovingly - that hurts the most. It's hard to have confidence and take ownership of who you are and your capabilities when the whole experience is new!

SelfEmployedKing
SelfEmployedKing

Amazing & so true each and ever point. A Good Plan executed today is better than the Perfect Plan.  

Highly suggest reading (many times) The Power of your Subconscious Mind by Joseph Murphy.  If we all can consciously make "Greatness" thoughts our Subconscious will make it a reality.  

This Rocked! Mike 

jamycan
jamycan

You pretty much hit most of my fears.  This is so.... what I needed to hear today as I am just starting out and believed all 5.   Thanks for this!

Live_N_Triumph
Live_N_Triumph

biggest fear: i look too young and inexperienced fear of another failure.

Live_N_Triumph
Live_N_Triumph

Hi Lewis, 

I've a question I've been meaning to ask... How much of a role does faith play in what you do?

Jeditor
Jeditor

@DevaniFreeman Wait, so you're going to sell more products/programs before creating them, even though your second problem is a lack of time for high quality work? Yeah, this will work well.

LewisHowes
LewisHowes moderator

@Syl Rochet-Belleri glad you enjoyed it!

LewisHowes
LewisHowes moderator

@Amber Golshani it's true ;)

LewisHowes
LewisHowes moderator

@lhridge It's important to know that failure is part of success as well... and we must fail to lear things the right way and eventually get what we want in our business. 

Trackbacks

  1. […]  Keys to Finding Mentors- I cover the importance of investing time into a mentor (and how to find the right one for […]

  2. […] Note: A ver­sion of this arti­clepre­vi­ous­ly appeared at […]

  3. […] By Lewis Howes. Found on Entrepreneur. Posted to YouTube by Lewis Howes. Thanks for sharing, Lewis […]

  4. […]  Keys to Finding Mentors- I cover the importance of investing time into a mentor (and how to find the right one for […]

  5. […]  Keys to Finding Mentors- I cover the importance of investing time into a mentor (and how to find the right one for […]

Build Your Business Around an Epic Life!

Sign up for free below and receive cool stuff each week on:

Join The Greatness Community Now!

608 Flares Twitter 155 Facebook 204 Google+ 68 Pin It Share 0 LinkedIn 125 StumbleUpon 56 608 Flares ×