Dear Entrepreneur,

If success eludes you and profits are paltry, a new study sheds important light on your situation. Being a business owner myself, I found it quite illuminating.

All 357 female entrepreneurs surveyed knew what they needed to do to grow their business. Yet they “expressed doubt” about taking those steps due to their limiting beliefs.

“Female entrepreneurs limit their business success because they hold beliefs that lead to small actions instead of big ones,” the study reported. Or they avoid acting altogether.

Bottom line:  The more limiting your beliefs, the lower your earnings.

NOTE: I believe the findings apply to all women, working or not. We all tend to struggle with limiting beliefs, don’t we?

The most common limiting beliefs: unwillingness to delegate important tasks, reluctance to raise outside capital, worry about lack of time and concern regarding scarce experience.

Essentially these limiting beliefs stem from 3 major recurring thoughts:

1. I am not enough to be successful (I don’t know enough or have enough experience, etc)
2. I am not in control of my future (I can’t charge more; I’m not in control; there isn’t enough time)
3. I am not able to remain connected to others as I grow (I worry about how success will negatively impact my relationships or how I’ll be perceived)

All this internal chatter, the study concluded, quickly erodes one’s confidence, which impacts business growth and personal potential.

Thankfully, there’s good news for those of us holding unhealthy beliefs.  You can overcome them by following 3 steps:

1. Adopt a small-step strategy. “Completing the most mundane task on your to-do list,” explains the study, “results in a quick win and creates momentum.”
2. Surround yourself with those who are successful. “If you want to achieve a certain level of success in business (and break a revenue deadlock), spend time with successful entrepreneurs.”
3. Replace negative beliefs with positive thoughts. “Changing your thoughts changes your point of view, which can change your feelings and behavior.”
4. Get help. “Take the small step today of reaching out to a coach or consultant who can guide you to your desired success.”

If you’d like to explore further, here’s a link to the study: Limiting Beliefs and Female Owned Businesses

I’d love to hear about your limiting beliefs and how you might overcome them. Leave me a comment below.