Overcoming Self Doubt to Build a Profitable Business

Updated: Mar 5

As a new mumpreneur, when you consider highly-successful businesswomen like JK Rowling, who wrote Harry Potter in a cafe with her baby sleeping in the pram, you might be tempted to think they never had any doubts while they were starting out on their business venture.

You may be surprised to know, that self-doubt is one of the most common reasons for a business to fail. At some point, those nagging voices inside your head creep through to convince you that you can’t do it and your business idea isn’t going to work. But, by overcoming your self-doubt and the setbacks that go hand-in-hand with starting a business you will become a stronger person and more determined to achieve your business goals.

Sounds easy, right? Unfortunately, it’s not. The truth is that as a female entrepreneur and a mother there are many emotions you will need to overcome and it can be a complicated process learning how to back ourselves more and doubt ourselves less.

We have put together some of the life lessons we have learned along the way to help you overcome your confidence gaps and achieve your business vision over time.

Becoming confident in your own capabilities

In an article published by Justin Wolfer of The New York Times, he notes that “fewer large companies are run by women than by men named John”, despite the fact that the evidence is there to show that female entrepreneurs consistently outperformed their male peers.

So, what’s the reason behind the shortage of women running their own businesses? We’ve found that having confidence in your own capabilities is often the key that separates the thinkers from the doers, with women tending to underestimate their capabilities in contrast to men.

Having confidence in your own capabilities is directly linked to success. The more you believe in yourself and know your strengths, the more likely you are to achieve your business goals. Pay attention to the things that inspire your creativity, passion and motivation because once you realise the power of your strength, it will be impossible to shake your confidence in yourself.

Overcoming fear of failure

As women, we tend to be quick to blame ourselves for failure. But what can we do to face our fear of messing up and pushing through our downfalls to reach success? We can redefine our idea of failure.

Behind almost every fear is the anxiety that we will do something wrong and end up not meeting expectations. By outlining some of the failures that could come up in the running of your business, you will be able to avoid some of those worries.

In an inspiring Ted Talk on the subject, Tim Ferriss suggests a tactic called “fear-setting”. By making a list of our potential failures and their outcomes, we can overcome the worry and stress that goes along with them.

Setting attainable goals

Setting attainable goals helps you map out milestones so that you can achieve what you want from your business. When you achieve one of your business goals, it encourages you to keep up the momentum to move to your next target.

Achieving your business goals involves taking action steps to ensure that you successfully reach them. We can all say that our goal is to become a successful mumpreneur, but without a process to get there and a step-by-step plan, many women give up hope, never realising how much progress they already made on their journey to success.

We’re going to introduce you to the SMART goal setting formula, which is an easy method for clarifying your ideas, setting goals and planning out strategies for achieving them.

SMART stands for;

Specific – Write down what you will do. Use action words in your outline.

Measurable – Provide a way to evaluate if you are on target. State your desired sales or other relevant metrics.

Achievable – Are your goals possible to achieve? Make sure your targets are challenging but possible to attain.

Relevant – Be honest to yourself. Is your goal worthwhile and will it meet your needs?

Time-Bond - Give yourself a time frame for reaching each of your goals. If you have not reached them by the deadline, try re-evaluating your strategy and defining what is holding you back.

Celebrating successes

This one might seem like an obvious one, but it’s important to celebrate and recognise how far you have come in your business. It may be as small as gaining your first 100 followers on social media or making your first sale, but by celebrating little wins you will help fuel your motivation to achieve bigger achievements.

Mumpreneurs should take pride in their successes, it’s not easy to balance your business venture along with motherhood, but by giving ourselves a pat on the back when we deserve it, we can use each small success to catapult our goals towards future growth.

Most importantly, these small successes give us the opportunity to keep an eye on the bigger picture. From every achievement, there are always key lessons that can guide you along your journey to overcoming self-doubt and becoming the super mumpreneur that you are.