Welcome to another episode of Her Business is Our Business where we, Gayathri and Aparna look at Women Entrepreneurship beyond funding – sharing expertise, experiences and tools to grow your business.
There comes a point in the entrepreneurial journey, where we start questioning our abilities and doubting ourselves. We feel discouraged when the idea we thought was bright and viable does not yield the expected results. We are left wondering where we missed out.
This is the phase of doubt.
In today's episode, we discuss how to deal with and overcome this phase by sharing some personal experiences and tips to follow for both you and your business.
This episode is a dedication to all entrepreneurs.
Tips for your business:
Ensure you have a detailed business plan before you start the business. It should contain the expected outcomes, detailed costing for all aspects of the business, etc.
Run your plan past an expert. They can be your mentor, coach, an expert at the incubator or online services. If you are unable to find any of them, we suggest getting the opinion of a CA on the numbers, for a start.
Study and analyse success stories of businesses in your industry and absorb the aspects that could be adapted for your business.
Refer to the available data to see how it relates to your business. Always ensure that the data is substantiated.
Tips for yourself:
Talk to a coach, mentor or a friend. Having someone to talk to about the business helps clarify your thoughts.
Think about connecting with like-minded entrepreneurs and gain some insights on the way they work. This will give you the positive reinforcement you need.
Compete with yourself rather than others. This will help you be a better version of yourself.
When it gets overwhelming, take a break from the business and introspect. Think about why you started the business and the future of it.
Figure out and focus on what is important for both you and the business
Connect to your purpose, the reason why you started the business. This gives clarity and motivation to pursue your business venture.
Cognitive Dissonance (thoughts that are continuously forcing us to recheck our decisions) happens after every decision, big or small. This is common and is faced by everyone.
Don't let confirmation bias influence your decision
Stay away from unsubstantiated statements
Speak to people you trust
It is essential to understand that there is no ideal state
Accept that sometimes things are work in progress