How to overcome imposter syndrome as an entrepreneur

Looking across the mental health spectrum, imposter syndrome has been a bit of a buzzword lately. The term pops up in headlines across social media and news stories and seems to come up in everyday conversations. So, what exactly is it? Continue reading for details and information on how you can overcome imposter syndrome as an entrepreneur.  

What is Imposter Syndrome?

📌 By definition, imposter syndrome is a psychological phenomenon where a person doubts their achievements and feels like a fraud, even when they have evidence of their accomplishments. Typically, people with imposter syndrome often believe that their success is due to luck or other external factors, rather than their own abilities or hard work. They may also fear being exposed as a fake and worry that others will discover their perceived inadequacies.  

Are you identifying with any of those feelings? You are certainly not alone. Imposter syndrome can affect anyone, regardless of their education, skills, or experience. A study done in 2019 showed that 82% of people have thought in their life that they’re not good enough or felt like a fraud.

Impacts of imposter syndrome on entrepreneurs

Imposter syndrome can affect small business owners and entrepreneurs just as it can affect anyone else. In fact, entrepreneurs and small business owners may be particularly vulnerable to imposter syndrome due to the nature of running a business, and the fact that you don’t get the feedback you might if you worked for someone else.

Running your own business, you often must wear many hats and may feel that you are not an expert in all areas of your business. Additionally, you may find you regularly compare yourself to other successful business owners and feel like you are not measuring up. These feelings can lead to self-doubt, anxiety, and a lack of confidence, which can in turn affect the success of your business. Therefore, it is important for you to recognize and address imposter syndrome in order to maintain your confidence and ensure the success of your business. 

5 ways imposter syndrome manifests

📌 Imposter syndrome can appear in numerous ways. Here are five of the most prevalent examples:

• The perfectionist sets extremely ambitious standards for themself and feels like a failure if those standards are not met. They feel like they are not good enough, even when they receive positive feedback from others.
   
• The expert feels as though they are not knowledgeable or experienced enough, even when they have significant expertise in their field. They may feel like a fraud and fear being exposed as such despite their extensive experience.
   
• The soloist feels they must accomplish everything on their own, without help or support from others. They may feel they are not capable of working with others.
   
• The natural genius: thinks success should come easily and quickly and feels like a failure if it does not. They may feel they must excel at everything without effort or practice.
   
• The superhuman thinks they have to work harder than everyone else, and often feels guilty for any downtime or relaxation. They feel like they’re not doing enough, even when they’re accomplishing so much.

Entrepreneurs living with imposter syndrome

📌 Entrepreneurs and small business owners can cope with imposter syndrome by taking steps to address and overcome feelings of self-doubt and inadequacy. Here are some strategies that can help:

• Recognize and acknowledge: The first step in coping with imposter syndrome is to recognize and acknowledge that it exists. Small business owners should understand that their feelings of self-doubt and inadequacy are common and normal.
   
• Focus on strengths: Small business owners should focus on their strengths and the things they are good at. They should remind themselves of their accomplishments and the positive feedback they have received from others.
   
• Surround yourself with supportive people: It can be helpful to surround yourself with supportive friends, family, and colleagues who can provide encouragement and feedback. Joining a business community or networking group can also help you connect with others who understand your challenges and can provide support.
   
• Seek out education and training: You can increase your confidence and skills by seeking out education and training opportunities. This can include attending workshops, conferences, and webinars, or taking courses in areas where you feel less confident.
  • Noomii, the professional coach directory platform, lists numerous business and life coaches who specialize in helping entrepreneurs tackle imposter syndrome. The platform allows you to find coaches who can offer personalized strategies and support to manage the psychological hurdles that come with running a business.
     
  • Squarespace highlights effective approaches to tackling imposter syndrome, such as quantifying accomplishments, practicing confidence, remembering resilience, and building a support network. They emphasize the importance of acknowledging achievements and setting up a supportive environment to foster confidence and resilience in business owners.  
     
• Challenge negative thoughts: Banish those negative beliefs by asking yourself if they are based on reality or if they are simply negative self-talk. Also remind yourself that making mistakes is a normal part of the learning process. 
   
• Practice self-care: Taking care of oneself physically, emotionally, and mentally is important for coping with imposter syndrome. Make sure you are getting enough sleep, exercise, and healthy food, and take time to engage in activities that bring you joy and relaxation.

By implementing these strategies, you can develop the confidence and skills you need to be successful in your business, and life in general.

Tools and techniques for entrepreneurs to overcome imposter syndrome

📌 Now that you’ve recognized and acknowledged you may be living with imposter syndrome, consider some of the tools and techniques that can help you overcome this psychological phenomenon.

• Cognitive-behavioral therapy (CBT)
  CBT is a type of therapy that helps individuals change negative thought patterns and beliefs. It can be helpful for people with imposter syndrome because it can help them identify and challenge their negative thoughts and replace them with more positive and realistic ones. 
   
• Mindfulness meditation
  Mindfulness meditation involves focusing on the here-and-now moment and accepting one's thoughts and feelings without fear or judgment. It can help individuals with imposter syndrome become more aware of their negative self-talk and learn to let go of it.
   
• Journaling
  Writing down your thoughts and feelings in a journal can help individuals with imposter syndrome become more self-aware and identify patterns in their thinking. It can also help develop more positive self-talk and challenge negative beliefs.
   
• Visualization
  Visualizing yourself succeeding and achieving goals can help develop a more positive mindset and increase your confidence.
   
• Positive affirmations
  It may sound silly but repeating positive affirmations such as "I am capable" or "I am worthy" can help develop a more positive self-image. It’s a tool used with children, too, to help break the cycle of negative self-thoughts.
   
• Coaching and mentoring
  Working with a coach or mentor who has experience in your field can provide support, guidance, and feedback, which can help you develop the confidence needed to overcome imposter syndrome.

You can find great research and resources at the Imposter Syndrome Institute, the official provider of information and insight about imposter syndrome since 1982. The organization has one simple goal: to stamp out imposter syndrome.

You’re in good company: Navigating imposter syndrome together

Living with imposter syndrome might feel lonely and impact your mental health, but it’s important to recognize that you’re not alone and there’s no need to suffer in silence by yourself.  

Several prominent entrepreneurs and small business owners have openly shared their experiences with imposter syndrome, helping to destigmatize this common psychological phenomenon:

Howard Schultz, the former CEO of Starbucks, has spoken about feeling inadequate and doubting his abilities to lead such a large organization, despite his significant successes in transforming Starbucks into a global brand. Follow him on LinkedIn to track his progress and success.

Sara Blakely, founder of Spanx, frequently shares her early stories of self-doubt and how she overcame those feelings while turning her idea into a billion-dollar enterprise. She talks about embracing failure and learning to trust her instincts, which were crucial in combating her imposter syndrome. You can find Sara here.

Mike Cannon-Brookes, the co-founder of Atlassian, an Australian enterprise software company that gives us tools like Jira, Confluence, and Trello, has publicly discussed his ongoing battles with imposter syndrome. He emphasizes that many high achievers feel like they aren’t worthy or capable enough, despite external evidence of their immense capabilities.

These stories are powerful reminders that imposter syndrome can affect anyone, regardless of their level of success. They also illustrate how acknowledging and addressing these feelings is crucial for personal growth and professional development.

Entrepreneurs rising above imposter syndrome

💡✍ The truth is, imposter syndrome is nothing new, people have been struggling with this psychological phenomenon for centuries. What is new, however, is putting it at the forefront and being able to have valuable discussions about it. Let’s face it, nobody likes admitting that there is something ‘off’ with them; it doesn’t feel good. At the same time, letting these feelings weigh us down – like any of the ones felt with imposter syndrome—feels even worse. 

We all owe it to ourselves to give our body, mind, and soul the very best we can. If that means taking a few minutes each day to journal our thoughts and feelings or waking up each morning and speaking positively to ourselves in the mirror, so be it. We are all worth that time! American motivational speaker Denis Waitley said it best: “It’s not who you are that holds you back, it’s who you think you’re not.” Don’t let negative thoughts of who you think you aren’t, keep you from being the greatest.  

Let’s not allow imposter syndrome to diminish the vibrant, innovative spirit that characterizes the small business and entrepreneurial community. Embrace your successes, learn from each challenge, and move forward with confidence, knowing you are fully capable of achieving great things. 

Success looks different to us all. As a small business owner, your success factors should include profitability, balanced work-family life, and happiness. All are obtainable with courage, hard work, drive, and determination. And as you travel along the road to success with your small business, let us travel along to help safeguard what you’re building with the right business insurance. Get a quote today.