3 limiting beliefs sabotaging your business growthMunira Rangwala
Every entrepreneur has their moments of self-doubt and frustration while running their current business or launching a new one. On one hand, entrepreneurship provides opportunities to businessmen to try out new ideas and reach new levels of success, and on the other hand, it fills you with a belief that you cannot do certain things. If you've found yourself in this position before and didn't know how to fight it, this article is just for you. Keeping in accordance with what runs through the minds of entrepreneurs, we've compiled a list of the three limiting beliefs that every entrepreneur harbours that sabotages business growth in the long run.
Your competition is doing better than you
Just like most people, entrepreneurs have a natural tendency to compare themselves to others. However, what most entrepreneurs don't realise is that when businesses publish their success stories, they only talk about their achievements. They quietly brush under the carpet any hint of failure. Also, if your business is relatively new, you can't compare yourself with the established big-wigs. For example, it would be foolish to compare your small business of make-up products to the success of companies like MAC and Bobby Brown. Instead of focusing on the heights of prosperity you see your competition achieving, focus on your target audience and their needs. Business growth will follow when you stop wallowing in your inability to reach similar success and start providing value to your existing customers.
Your product is not perfect
One of the biggest problems of all entrepreneurs is that they want their product to be nothing less than perfect. While aspiring to manufacture good quality products is always a good idea, entrepreneurs shouldn't restrict going ahead with a new business idea just because they feel that their commodity isn't ready to hit the market yet. Perfection should always be the objective, not a necessity. Customers today are on the lookout for products that will be a solution to their problems. If you wait to achieve what you consider perfect, you will squander away the opportunity of any kind of business growth.
Your product is still unfinished
No matter how much time, effort, and money you spend behind building the perfect product, somewhere deep down you'll always feel like your product is incomplete. You need to fight this belief if you want to achieve business growth. Your product doesn't need to provide all the functionalities the moment it goes live. You can always introduce your commodity in the market and refine it over time. Entrepreneurs usually harbour this belief when they feel like their product fails when compared to other similar products that are already in the market or that their product does not do justice to the price tag. Entrepreneurs should be bold enough to introduce their product early and adapt as they move forward.
Releasing a new product in the market can be intimidating even for experienced business owners. However, if you manage to destroy the above mentioned beliefs, you'll have a much better chance at growing your business.