In this post, I want to reveal some of the major misconceptions when it comes to having a successful business. I know that most of you who opened this article to read are probably starting out in your business. You are going to be thrilled by the truths that I’m going to lay out to you here. So keep reading.
Imposter syndrome never goes away
You would normally assume that imposter syndrome is something you feel in the beginning of the journey. Maybe when you quit your job to start your own company, you’d feel overwhelmed and nervous if you can make it or not. Maybe when you get your first client, you’d feel imposter syndrome by looking at others who secure 4-5 clients in the first six months of running their business. You would assume that when you get as much success as the people you benchmark, your imposter syndrome would go away.
But the truth is, imposter syndrome never really goes away. The logic behind this is as follows. When you have no experience, your confidence levels are at the highest. Reason for this is that you don’t know what you don’t know, and therefore you have big goals, big vision. You think you’re going to crush it. Now, unfortunately, the more experience that you get, you start to realize a lot of the skills that you might be lacking. You start thinking about a lot of the things that you know you don’t know yet, and therefore you feel like an imposter. The imposter syndrome simply gets worse.
However, how do you deal with the imposter syndrome? You will get a little bit better at dealing with it because you’re going to start hanging around people who are more supportive for you. Therefore through experience, you’re also going to have a much stronger and richer mindset to tackle these issues when you start feeling the imposter syndrome rising. So even though impostor syndrome never goes away, but you just get better at working through it.
Monetary goals don’t mean anything
You’re probably rolling your eyes while you read this, and you’re probably tempted to close the article. But trust me. Back then when I wasn’t making a dime, I would roll my eyes at any person who said this because I used to think that only rich people say this. But I’m really being brutally honest with you here.
Being ambitious in business and setting monetary goals is absolutely normal. However, I’m telling you right now that the chase never ends until you actually chill out and just enjoy the process. You could assume that once you get your first client, you’ll be able to chill. But as soon as you hit your first client, you’ll immediately start stressing out on the fact that you don’t have a second client, or the third and so forth. It is important to have feasible monetary goals, but while you chase those goals, you’re still probably going to feel pretty empty inside. Not only this, you’re going to feel really burnt out because you’re actually chasing nothing. You’re not chasing anything that has substance. Once you start hitting those milestones that you’re wishing for right now, you’re probably going to look back and agree with me that you’re really chasing nothing, if you’re just chasing money and numbers.
Take me as an example. Even though I’m still pretty new in business, I already know that money is not going to solve all of my life problems, until I find other reasons to be happy with what I’ve built. If you can’t find something that is meaningful to you within your business that’s not attached to money, then you’re always going to be on this crazy goose chase.
You will never really get flexible in spending your money on yourself
As you grow in business and as you scale, you’re going to have a lot more responsibilities. It’s not just going to be you anymore, but your accountant, a lawyer, a team, and all those people you hire who will rely on you to pay them. That’s a lot of pressure. Thus you will have to be really, really careful with the money that you spend. So instead of buying a new pair of shoes for yourself, you would rather spend that money on giving someone a bonus because they really helped you out in your business.
There are just so many different things that you have to keep in mind and care for when you actually have the money and have grown the business that’s beyond just yourself. And that always turns off business people from being flexible with spending their money on themselves. This is not to say that successful people don’t spend money on themselves, but they just don’t spend it as excessively as you would think.
You could be running a thriving business and still not be rich
A lot of people think that just because you are making six-figure revenue from your business, you are rich. And I’m going to tell you right now, especially if you’re serious and scaling your business, that this is not always true. With scaling come a lot of expenses. The more money you make, the more you have to spend to sustain what you’re making money from. So if you think that having a six-figure business is all of a sudden going to turn you into a luxury king or queen, I’m telling you that that’s not true.