Before you begin this journey and create your business/side hustle, you must work on your mindset. I know that this has been brought up by many successful entrepreneurs and business owners, but the mindset is the most important asset we can own. Looking in the mirror and taking self-accountability is not easy and many might fold due to the weight the responsibility carries. Lying to ourselves about where we are financially will do us no good. It’s better to address problems early rather than allow the problem to persist and cause more stress and frustration later down the road.
Unplug the Excuse Cord. It’s not worth the energy
When we create excuses, we are just creating opportunities for ourselves to fail. We are effectively saying that we don’t believe in our ability to succeed, so why bother trying? This can become a self-fulfilling prophecy; if we don’t believe we can do something, we probably won’t be able to. Creating excuses also takes away our power. We are giving up control of the situation and putting the responsibility for our success or failure onto someone or something else. This can lead to feelings of victimization and helplessness, which are not conducive to success.
It’s important to remember that we can be in control of our destiny. If we want to achieve something, we need to put in the effort and believe in ourselves. Instead of pouring time into creating excuses let’s look to start addressing the most common mental blocks.
What has hindered many from investing in themselves and becoming entrepreneurs?
1. Fear
Fear is one of the most common emotions that can stop us from achieving success. It can manifest itself in many different ways, such as anxiety, worry, stress, or even paralysis. When we’re afraid, our instinct is to try to protect ourselves from whatever it is that we’re afraid of. This can lead us to make decisions that are not in our best interests or to take actions that may harm us in the long run.
Fear can also cause us to miss out on opportunities that could lead to success. We may be too afraid to take a risk or to put ourselves in a situation where we might fail. This can prevent us from ever reaching our full potential.
The good news is that fear is something that we can overcome. By understanding what causes our fear, and by learning to manage it, we can take control of our lives and start moving forward.
From experience, I feared trying and failing. I was worried about the embarrassment that could come from coworkers, friends, and even family. One thing that I learned on my journey was people are going to talk about you whether you’re doing well financially or not. Also, failing is not bad when you understand what you did wrong, and you can fix the problem and move forward. We’ve been conditioned since grade school to believe failing was a bad thing. Failing does not make you a failure.
2. Lack of funds
One of the most common reasons why people choose not to pursue their side hustle or become an entrepreneur is the lack of funds. However, lack of funds should not be a deterrent. There are many ways to finance a business, and a lack of funds should not be an excuse not to pursue your dream. There are several ways to finance a business. One way is to save up the money yourself. This may take some time, but it is possible. Another way is to get a loan from a bank or other financial institution. This option may require collateral, but it is worth exploring. Many government programs offer loans and grants to small businesses. These can be difficult to obtain, but they are worth looking into.
Many of them will soon find out that it does cost a lot of money upfront to start a side hustle. Not every business requires huge funding. Some side hustles can be started for under $500. Eventually, more money will need to be spent as you grow and scale but starting does not have to break the bank.
3. Not knowledgeable enough
Not being knowledgeable enough about a certain topic should never stop you from pursuing a business in that area. There is always room for learning, and with the right mindset, you can quickly become an expert in any field. The most important thing is to have the willingness to learn and grow. If you’re not afraid of putting in the work, then you’ll be able to achieve anything you set your mind to. So don’t let a lack of knowledge hold you back.
When someone is learning to become a doctor, did they know everything they needed to know upfront? No, they continued to learn and continued to study so that they can be a successful doctor. We gain more knowledge about our side hustles and niches over time.
With that being said another thing to be careful of is comparing yourself to someone else. It’s okay to look up to someone and learn from them. However, don’t compare your start of the journey to someone’s 12-year journey. This can cause you to get discouraged.
4. Lack of time
Lack of time is often cited as a reason for not starting a business. However, lack of time should not be a deterrent to pursuing your business dreams. Many successful entrepreneurs have started businesses despite having full-time jobs and other commitments.
There are a few key reasons why lack of time should not stop you from starting a business:
- 1) Lack of time can be an advantage. When you have limited time to work on your business, you will be forced to be more efficient with your time. This can help you learn to manage your time better and prioritize your tasks.
- 2) Lack of time can motivate you to delegate and build a team. When you don’t have the luxury of being able to do everything yourself, you will quickly learn to delegate and build a strong team around you. This is an essential skill for any successful entrepreneur.
- 3) Lack of time can help you focus on your core business. When you have limited time to work on your business, you will be forced to focus on the most important tasks and priorities. This can help you avoid getting bogged down in the details and losing sight of your overall business goals.
- 4) Lack of time can teach you to be resourceful. When you don’t have a lot of time to devote to your business, you will need to be creative with how you use your resources. This can help you develop resourcefulness, which is a valuable trait for any entrepreneur.
5. Being Comfortable
Feeling comfortable can lead to complacency and a lack of motivation to change. It’s important to challenge yourself and push beyond your comfort zone if you want to see real progress. Of course, there’s nothing wrong with taking a break and enjoying a little bit of comfort now and then. But if you’re serious about making improvements, it’s important to remember that comfort is not your friend. Challenge yourself, stretch yourself, and keep moving forward if you want to see real results. When your side hustle begins to grow you will have more challenges and tasks to handle. Solving problems is not something that is done in comfort. It will require a level of hustle and grind not many are used to.
6. Lack of organization
Lack of organization can lead to several problems when trying to improve and start a side hustle. For one, it can make it difficult to track progress and identify areas that need improvement. Additionally, a Lack of organization can also lead to frustration and discouragement, as it can be difficult to maintain motivation when there is no clear plan or goal to strive for.
Lack of organization can also hinder productivity, as disorganization often leads to wasted time and effort. Lack of organization can be a major obstacle to success when trying to improve. If you want to see real progress, it is important to get organized and create a plan for success. Otherwise, you will likely find yourself spinning your wheels and making little headway. Years ago, when I started this journey, I wanted to write a book. I remember starting and deleting for hours straight. Finally, I decided to write down a plan and outline what I wanted to talk about in the first chapter. Once I became organized, I was able to track my progress which helped me to stay motivated.
7. Not in the right circle
Negative circles can impact our growth potential in various ways. One way is by holding us back from trying new things or taking risks that could lead to personal growth. When we’re stuck in negative circles, we may also miss out on opportunities to learn and improve ourselves. Additionally, negative thinking can lead to negative emotions that can further hinder our ability to reach our full potential.
It’s important to be aware of how negative circles can impact our lives so that we can take steps to break out of them. If you find yourself in a negative cycle, try to identify the thoughts and behaviors that are keeping you trapped. Then, make a conscious effort to change your thinking and take action toward positive goals. With time and effort, you can break out of negative cycles and reach your full potential.
Some of us may have relationships with people who hinder our growth. If you plan to stay home and focus on working on yourself and your business instead of going out partying that should be something to respect. If those friends continue to sway you every weekend to come to hang out and spend money unnecessarily, at some point you have to deal with that.
Sometimes the issue could be family and the way they talk about you. They will use the term “little business” when referring to what you’re trying to build. They may even criticize your decision to become an entrepreneur. This can become frustrating and a way we can deal with this is to find a group and network. Eventually, you will realize that your friends and family will not be as supportive. Those who are inspired by your story will be the ones to support you.
In Summary
We hope that this article has helped you to understand some of the common psychological barriers that entrepreneurs face and have given you a few ideas about how to overcome them. Please feel free to share this information with your friends and colleagues who might find it helpful. If you would like more information or help in overcoming any of these challenges, please do not hesitate to reach out to us. Also, we want to hear from you! What do you think is holding entrepreneurs back? What has been your experience in starting or running a business? Leave us a comment below and let’s continue the conversation. Check out my other blog Ways side hustles provide financial security?