Dear Daughter,
One topic that frequently comes up when I talk to women about starting their own business is fear. They let the fear of failure prevent them from going from for their dreams. This fear often stems from imposter syndrome. Am I good or smart enough to run my own business? What is the point of starting if I’m going to fail anyway? When I dig deeper, we often discover that the feeling of not deserving success is another common thing holding them back. I can’t deny that I haven’t had both these thoughts and feelings myself many times. Who am I to think that I can run a company? My biggest fear was always that I would put you and our family in a difficult situation due to my decisions. What if I couldn’t support our family, or I would make decisions that caused us to lose money? It’s scary to start a business, but we can’t let that stop us. The “what if’s” are crushers of dreams. I actually think that we can use that fear and the imposter syndrome to our advantage. It is good to pause and evaluate our actions since that will ensure we are strategic, and that we have thought through our business decisions.
I always remind myself that I rather want to say I tried, than saying I wish I would have tried. I would spend the rest regretting I didn’t try it and wondering what could have happened if I had tried it. Below is the mindset I’ve used to help me in the process of starting my own business. I go back to these now and then since they are great reminders when things are challenging.
#1 Prepare yourself for constant changes
Starting a business and being an entrepreneur is a journey full of unknowns and unexpected twists and turns. But that is, in my opinion, the fun part. If you embrace it and prepare yourself for constant changes, you will be ready to tackle them as they occur. See each twist and turn as an opportunity to improve things and learn new things.
#2 You WILL succeed. Nothing else is an option
Be stubborn as a mule. As long as you're persistent, strong-willed and passionate about your idea, you can achieve all your goals. There should be no doubt in your mind whether you will succeed.
#3 Small steps lead to big goals
Don’t rush into big decisions and steps. Take baby steps in the beginning when you start your business. Before you invest and start spending money think about how you can reach the same goal but with spending less. For example, do you need a big complex printer in your office, or can you buy a small used one? Do you need to buy office furniture or do you have an old table you can use until you see money coming in? Be creative and strategic about how you spend money. Take small smart steps in the beginning when building your dream company. The first year we filed taxes for GrassPass the Accountant thought that I had made a mistake when documenting costs (me? ha, never! :) ), but it was because we got through the first year on blood, sweat and tears and minimal costs.
#4 Network, network, network
Network, network and network. My business partners and I always say that no meeting is a waste of time, since it introduces us to new contacts regardless of the meeting agenda and outcome. As a business owner and entrepreneur, you’re constantly asking yourself questions and second guessing your decisions. It’s great to have someone to bounce your ideas off of, and someone to talk to when you are stressed. Who do you know, or who can introduce you to someone else who has started a business? Reach out today!
#5 There is nothing called a failure
You are going to make many mistakes. That is inevitable since you are doing something new, and you are human. The trick is to learn to not to beat yourself up for it every time, but to learn from it and move on. There are many successful entrepreneurs and businesspeople who failed many times before they succeeded: Oprah Winfrey, J.K. Rowling, Steven Spielberg, Walt Disney, Thomas Edison and many more. What would their lives look like if they gave up?
So Elsa, don’t let fear stop you from following your dreams. You don’t want to look back later and regret that you didn’t go for it. And last but not least, one of the key to success is coffee. Lots and lots of coffee!
