Succeeding as an Entrepreneur Requires a Different Mindset Around Creating Value
Achieving success in entrepreneurship is determined by value and the feeling of self-worth. Yet, many entrepreneurs approach this subject with the wrong mindset.
Whitney used to have a hectic schedule. She would get up well before sunrise and work on her business until morning came and her kids woke up.
What’s more, she didn't do this for only a month or two. Whitney had this kind of schedule until she reached the point where her business exceeded the six-figure mark.
It was a tour de force and a show of tremendous dedication.
…But it also was a completely unsustainable model.
To get those results, she didn't prioritize herself. Instead, she kept overstretching to make up for the discomfort she was constantly feeling.
You see, Whitney suffered from Impostor Syndrome. She was always thinking about how she didn't have enough experience or knowledge in her field.
In addition, the job she was doing in her PR and branding company seemed to go against her very core. Whitney was a people person, not a numbers person, and she dealt more with numbers than people.
She felt lacking, which is what led her to approach the work with so much fervor and dedication. Unfortunately, it took a toll on her personal life.
But that was before we met.
When I started working with her, the first thing we focused on was tapping into the hidden potential of her business. But that wasn’t the most important aspect.
Whitney eventually realized that she needed a different approach. She learned to set boundaries, prioritize herself, and get feedback to drive her forward. And most importantly, she learned how to make her business grow without burning herself out.
Also, Whitney realized that there’s a vital component to being an entrepreneur:
How you value yourself.
And these realizations paid off significantly. Within the first week, Whitney made back everything she invested in our program. Even better, she made an additional $40k in her business.
Through learning her own worth, Whitney achieved extra income that allowed her to improve her professional and personal life.
This article will go through some crucial lessons about self-validation that can help you become a more successful entrepreneur.
The Dangers of Relying on External Validation
The world of entrepreneurship is seemingly filled with freedom. Once you embark on this journey, you can feel the boundaries disappear.
You can create anything you want…
Run your business on your own terms…
And be the leader you want to be.
Not even the sky's the limit – there are no limits!
Except… There’s a flip side.
As an entrepreneur, you might get all the freedom you want especially in the early days. But it comes at the cost of validation. After all, you no longer work within an organization where you might get regular feedback in terms of reviews and pay rises.
Your value isn’t mapped out - it no longer depends on promotions and how you move up the ladder. Instead, you must create it for yourself.
This is where the first issue comes in.
Many entrepreneurs reach out for external validation to gauge their value. They start comparing their businesses with what they see others doing. But this is a very unhealthy comparison.
Think about it this way.
You know what's going on inside.
You understand how you feel and what your business really is.
And yet… you compare that to what other companies look like.
This is a comparison between profound insight and smoke and mirrors. Of course, it won't look good for your business!
So, when determining your value, the first thing you want to do is to stop comparing.
Rather than looking for external validation, you'll need to validate yourself. And the initial step will be to see if you’re undervaluing yourself right now.
Signs That You’re Undervaluing Yourself
Did you know that your self-worth largely determines your financial results? And the link between how you perceive your value and your business success is pretty direct.
Now, when you undervalue yourself, several crucial signs start to show. There are tangible things that go further downhill the less self-worth you feel.
First among them is undercharging or overdelivering.
If you’ve become a chronic over-deliverer, consider why that’s happened.
It might seem like you’re striving to provide tremendous value. However, the real reason could be that you’re feeling something lacking inside your business.
But overdelivering doesn’t solve the problem. In fact, it might broaden the issue. Your clients can get overwhelmed, while you become resentful and burnt out because you can’t keep it up.
Another sign of self-undervaluation is that you aren't making good offers.
You might feel that you don’t have enough to give, and your offers start to reflect that. As a result, your clients never become aware of what you can do for them.
Finally, there’s the issue of procrastination.
If you never get around to doing the things you know you should be doing, that’s not a sign of laziness. Instead, it comes from fear.
When we’re afraid of judgment, it might seem easier simply to not act than to face that fear.
Now, you know what the symptoms are… But what’s the solution?
I’ve already mentioned that you can stop comparing your business unfavorably to others. And the next step is this:
To start drawing healthy, helpful comparisons.
Start Making Healthy Comparisons
Comparisons can help you elevate your business and boost your confidence. However, that will depend on how you approach them.
To be precise, you don’t want to compare what you do to some model of perfection.
After all, you can never make your business perfect. Holding an idealistic image as your role model will only lead you to stagnate and become stuck.
The right way to make comparisons is simply to look at others on a similar path to you. See what they're doing, but don't position it as a competition.
Instead, emulate others, learn from them, and allow them to inspire you.
When you do that, you’ll start to realize what’s possible. Furthermore, you’ll get a chance to learn and grow, especially if you know the other person.
Remember, comparisons that encourage progress are healthy. Rather than diminishing you, they can elevate you to the next level. And while the difference between unhealthy and healthy comparisons might be subtle, it will mean the world for your self-worth.
Build Your Own Value
Value is everything in entrepreneurship. You can’t provide your clients with what they need if you’re trying to do it from a place of low self-worth.
Remember, your value is built inside-out, not the other way around. That’s why it’s important not to rely on external validation.
What’s more, the moment you stop undervaluing yourself will be the moment you start growing. And when that happens, your business will follow.
The new confidence you discover will become the most significant driver of your success.
"MY BUSINESS IS NOT GROWING FAST ENOUGH"
I’ve been exactly where you are. I know what it feels like when deep down inside you know you were destined for more but things aren’t going fast enough or you’re feeling stuck or frustrated.
Our clients frequently report doubling and tripling their incomes, reaching more people, creating greater freedom as well as thoroughly enjoying the journey of business and leadership growth.
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