The Many Mindset Traps of an Entrepreneur - Misconceptions
In a previous post I described an all-too-common scenario...a fellow business owner spent a fortune on the "necessities" of building her business (website, branding, top-level coaching, etc.) only to be frustrated because she had not dealt with the mindset issues that were holding her back.
#1 - I have to do it all myself
Raise your hand if you are a first born child. For most of us (me included) the role of being first born makes us the natural choice to be at risk for this mindset trap. If you have ever refused help, hated to ask for support, or just were frozen at the idea of you not being in charge of everything, you qualify. It's pretty standard in the entrepreneurial psyche by now, but Michael Gerber in his classic book EMyth Revisited tells of the three roles that a business has to have in order to run - the technician, the manager, and the entrepreneur. Often in start up phase we are all things because there is no cash flow. But if you are a few years into your business and still doing your own books, we have to talk!
Let me give you an example. I was at an event where the keynote speaker sat next to me and shared that on Sundays she always did her bookkeeping. Here she was positioning herself as a rock star in her area, but had huge trust and delegation issues, so took the whole day on Sunday to do something that she could have outsourced easily. On stage she was selling $25,000 programs, but I could see huge reasons why her business didn't work (nor her sales) because of this pattern of having to do it all herself. For me her presentation was an integrity disconnect because she was teaching people how to be powerful in one area, but in her own business she was defaulting to some old patterns. (And again, no judgment here because we all have some of this.)
#2 - People won't pay higher fees
This is a revenue killer. It happens when a business owner is well meaning and tends to look at a prospective clients financial situation and decides for them what they can do and cannot do. Part of it is from a place of compassion, but it may come from poor boundaries, care-taking, or even the reality that YOU wouldn't pay higher fees. It also could come by not having a clearly defined niche because if you are working right, your people will pay for what you offer. Good marketing, clarity on your value and who you serve best are the key here, but until you get this, the cost of this mindset trap is that you are under charging, under earning, or possibly working with people who aren't your idea market because of the fee structure. The truth is that while the economy is sluggish, there are lots of people still spending lots of money! In a few weeks, I'll show you how to shift your mindset to start getting more comfortable asking for your slice of the pie.
Do these sound familiar? Keep an eye out for my next post where I'll share the final 3 Traps.