One Thing We Wish More Business Owners Knew

There is one thing we wish more business owners knew. We are talking about what that one thing is, providing Jami’s insights from working with business owners over the years, talking about some resources available to help with this and how you might be able to improve your mindset.

What we cover in this episode:

1:46 – What’s the one thing we wish more business owners knew?
4:51 – Overcoming fear
8:20 – Surrounding yourself with the right people
10:34 – Possibilities for business growth
16:40 – The Art of Possibility
21:18 – Removing limitations
23:33 – The potential impact of chasing possibilities

What’s the one thing we wish more business owners knew?

We wish more of you knew the possibilities of what you can do professionally and personally. You can do this!

It takes work to open your mind to possibilities and it starts with being open and asking questions. If we don’t invest time and energy into creating possibilities, we can shut ourselves down before even getting started. Self-doubt, questioning how plausible a plan may be, and getting lost in the weeds figuring out the logistics can all cloud our ability to see possibility.

Innovations like Roomba and Tesla weren’t brought to the market because their creators were doing business as usual. In order to innovate, you have to give yourself the room to dream.

That innovation allows you to push forward toward the vision you have for your business.

Overcoming fear

Possibilities are on the other side of fear. There are many fears that can creep in as you dream of possibilities for your business. Whether you’re considering possibilities for an established business or new business ventures, there are similar fears that we can all experience.

Fear of failure is one of the first fears that may creep its way into your psyche. And, let’s be honest, you may fail. But, you can learn from that failure and choose how to handle it moving forward. Failure isn’t the worst thing that can happen and, as an entrepreneur, most of us are pretty familiar with failure, learning and shifting to make the best of those failures.

Fear of judgement from others can be another difficult emotion to handle. There are people who may shut you down; keyboard warriors online can be brutal when it comes to your business and possibilities that you see. And, even worse, friends or family may not share your vision. But, if they aren’t investing in your business, don’t let their opinion drive your choices. Rachel Hollis has a great quote when it comes to this – “Don’t let people in the cheap seats have an expensive opinion.”

While we don’t want to let anyone control our future, where we want to be, and what we want to do, we have to be willing to accept criticism because that allows for self-reflection. Finding the right people you can trust to give you honest, constructive feedback is important for growth. The point is, let it serve you in a positive way without letting the negative completely override and take over, causing paralysis. But that brings us to our next point, find “your people.”

Surrounding yourself with the right people

It is advantageous to have someone you can speak with, whether it’s a colleague, friend or advisor who can serve as a sounding board. If you have someone you share respect for and who has some expertise in your area and background, allow yourself the freedom to think and speak openly with them. In voicing and exploring opportunities, that person may ask you questions that you didn’t consider, allowing you to think through the possibilities and options further.

When you find people who inspire you, that can make a world of difference. If you strive to constantly learn, you are able to observe them and pick up amazing habits, advice and motivation.

Possibilities for business growth

It is important to speak with an advisor, colleague or trusted professional as you navigate growth in your business. There may be certain situations where you may be completely blind to a possibility until you speak with someone who has more knowledge in that area.

Tax brackets are a great example. Some successful business owners are leery of these thresholds because of increased tax rates, which sound intimidating at face value. Business decisions should not be made before asking all necessary questions though. Many business owners make decisions based on limiting beliefs. When business owners say “I don’t want to leave that tax bracket” what does that actually mean? If you make $15k more for the year and are taxed at a higher rate, you will likely still come out ahead. It’s worth it to run out that scenario, ask questions and learn before just shutting down a possibility because of a belief you may have. Wealth isn’t created in a box, despite what you may want.

There are many things that we tell ourselves “I could never do that…” but of course you can. It’s just a matter of choice. It’s a matter of letting the fear be put away. All of us have an ideal plan in mind and in a perfect world, we would stick to that plan. In the famous words of John Lennon, “Life is what happens to you while you’re busy making other plans.” The agility to be able to adapt and change as needed allows you to continue moving toward your end goal, without being thrown off by failure.

The Art of Possibility

This book is a great resource if you’re interested in diving further into this topic. In The Art of Possibility by Rosamund Stone Zander and Benjamin Zander, one of the first concepts they establish is the idea that “It’s all invented.” Meaning, many things in life are simply inventions and that allows you the freedom to invent your own concepts and solutions as well.

After establishing that concept, there are two questions the authors pose to assess and see possibility.

“What assumption am I making that I’m not aware I’m making that gives me what I see?”
“What might I now invent that I haven’t yet invented that would give me other choices?”

The first question allows us to recognize our perception of the situation. The second question asks us to step back from that perception to allow for creativity in solving a problem or seeing another opportunity. There is more than one way to reach your goals. You can choose an alternate route. That ability to reassess your situation to determine how else you can achieve your goals allows for more understanding, more peace, and more freedom.

Removing limitations to see possibilities

The first thing we suggest in order to start removing limitations is to actively make the choice to think bigger and allow other routes for your goals. If you don’t make that commitment to yourself, there is no one else who can help you. Ultimately, you are limiting your own happiness because this is big picture.

We reference The Regrets of the Dying by Bonnie Ware, where Bonnie notes the top regrets of someone facing their own mortality, “I wish I’d had the courage to live a life true to myself, not the life others expected of me.” We are all guilty of this at some point, but the responsibility to make sure this doesn’t happen falls on no one but you.

Second, surround yourself with professionals who are going to enrich you, push you and challenge you. If they do their job correctly, you will likely find yourself at odds with them here and there, but those are the individuals who will inspire you to self-reflect and improve how you’re operating.

The potential impact of chasing possibilities

When you push yourself into this space, it causes a ripple effect. As a business owner, your choices affect your clients and team, their families, their children, their friendships, their livelihood, etc. Our investment and what we are willing to do can impact so many more people than we think about on the surface.

Challenge yourself to get outside of your box. Understand the possibilities for not only yourself and your business, but your possibility to positively impact others. Push yourself to think, reflect and open your mind to possibilities.

Resources to help with mindset and possibilities

Here are some great resources we love that can help you get in the right mindset!

Conclusion

We wish more business owners knew more about the possibilities available to them. Innovations don’t just happen. They happen when people allow themselves time to dream without boundaries. Fear is one thing that can hold you back as you begin to think about possibilities. Fear of failure, fear of judgement from others, rejection, etc. are all things that can prevent you from pursuing a possibility.

Surrounding yourself with the right people is a great way to overcome fears and continue down the path of possibility and toward business growth. By touching base with this trusted group of advisors, mentors or colleagues, you can help open your mind to possibilities you may not have even thought of or thought was possible.

By removing your own limitations and seeing more possibilities, you have potential to grow, do more of what you love and impact others in a positive way.

#13: What’s the One Thing We Wish More Business Owners Knew?