How to Overcome Limiting Beliefs as an Entrepreneur?

You've got big dreams and even bigger goals. 

But all too often, a silent dissenter is lurking in the shadows of your mind, ready to undermine every move. 

Its name? Limiting beliefs.

These pesky mental gremlins have a way of creeping in and whispering stories of fear, and doubt. 

They tell you you're not good enough and that your ideas are destined to fail.

And the real kicker? Most of the time, you don't even realize these beliefs are running the show behind the scenes.

Limiting beliefs act as inner obstacles to pursuing bold opportunities, causing entrepreneurs to miss out on potential growth and success. They create a distorted map of reality that keeps you playing small.

But you don't have to stay stuck in this land of limitation. 

In this guide, we'll explore limiting beliefs, their causes, and most importantly - how to overcome them so you can maximize your potential.

What are Limiting Beliefs?

At their core, limiting beliefs are the stories we tell ourselves about what's possible (or impossible) for us. They're the self-imposed boundaries and constraints that shape our internal map of reality.

As human beings, we don't operate directly on reality itself. We operate on our own simplified, edited representation of reality - our "map" of a larger territory.

This map is incomplete. It leaves out far more than it takes in. And the beliefs we hold, often unconsciously, are the filters that determine what gets included on the map and what gets left out.

For entrepreneurs, this is crucially important. Because our beliefs shape the size and scope of our ambition. 

They determine the opportunities we see (or don't see), the options we consider (or never even imagine), and the actions we take (or fail to take) in service of our goals.

When we buy into limiting beliefs, we create a map of reality that reflects them to us. We edit out evidence of our capability, and resourcefulness while highlighting examples that seem to confirm our limitations.

The more we invest in a limiting belief, the more it will seem to be "true". And therefore, the more we find ourselves in situations that reflect that limited view.

Not because we're changing reality itself, but because we're shaping our experience of reality to match the map we've created.

So in a very real sense, our beliefs - and especially our limiting beliefs - create our reality. They shape our experience of what's possible, often without us even realizing it.

Moreover, limiting beliefs can lead to a hostile view of the human race and cause entrepreneurs to underleverage collaboration. They prevent us from seeing the incredible diversity of human psychology and how people with different beliefs experience the world differently.

What Causes Limiting Beliefs?

Limiting beliefs starts as decisions made by your unconscious mind about how the world works or how you work as an individual.

Over time, these beliefs get reinforced through confirmation bias, where you notice evidence that supports the belief while ignoring contrary evidence.

So you might focus on the times your ideas got shot down in meetings while discounting the instances where your creative solutions saved the day.

The more you focus on evidence that confirms the belief, the more deeply entrenched it becomes - until it feels like an undisputed fact.

So where do these pesky beliefs come from anyway? Let’s have a look at some of the causes:

1. Perfectionism

One particularly sneaky limiting belief that plagues many entrepreneurs is perfectionism. If you have perfectionist tendencies, you likely feel like you can only ship a product or service once it's flawless. Anything less than perfect feels like failure.

This often stems from a core belief of your output never being good enough. If you don't fully trust yourself and your instincts, you might find yourself constantly double-checking your work before putting it out there.

You might tell yourself you're just being thorough, but in reality, this endless perfecting is often a form of procrastination. It’s a way to avoid the vulnerability of putting your work out into the world.

Meanwhile, your competitors who are willing to embrace imperfection and iterate as they go are already out there launching, learning, and improving. They're off to the races while you're still tinkering under the hood.

The problem with perfectionism is that it can lead to chronic procrastination, missed deadlines, and difficulty collaborating with others. You might get so caught up in perfecting every last detail that you never actually launch - or burn yourself out trying to meet impossible standards.

2. Imposter Syndrome

Another common culprit is imposter syndrome - the persistent feeling of being a fraud, despite evidence of your competence and achievements.

If you struggle with imposter syndrome, you might discount your expertise, chalking your successes up to luck or timing rather than skill. You feel like you're constantly on the verge of being "found out”.

Imposter syndrome can hold you back from negotiating better terms, raising your rates, or putting yourself out there as an expert in your field.

It's rooted in a deep-seated belief of not being good enough - a belief that can manifest as, people-pleasing, or hesitation to take action.

This inaction can show up in sales conversations, where you struggle to confidently guide prospects, or in your business growth, where you hesitate to invest in yourself or take bold steps.

3. Fear of failure

Fear of failure is closely tied to the belief of not being good enough. If you believe that failing makes you a failure, rather than someone who's learning and growing, you're likely to play it safe and avoid risks.

This fear can manifest as an inner critic - a voice in your head that questions every decision and action you take. You might find yourself constantly second-guessing yourself, engaging in mental arguments that drain your energy and slow you down.

Entrepreneurs with a fear of failure often struggle to try new things, pivot when needed, or step into unfamiliar territory. They may miss out on opportunities or feel stuck and stagnant.

4. Zero-sum game mentality

Entrepreneurs with a zero-sum mentality believe that for them to win, someone else has to lose. This scarcity-based way of thinking can lead to a reluctance to collaborate or share resources and a constant sense of competition and comparison.

When you're stuck in a zero-sum mindset, it's hard to see opportunities for mutual benefit or win-win scenarios. You might burn bridges, hoard information, or undermine others' success, all in the name of getting ahead.

5. Pessimism

Pessimism and a belief that the world is against you can be major limiting beliefs for entrepreneurs. Entrepreneurship requires an optimistic stance - you're investing time and energy today to build something for tomorrow. 

But if you believe the future will be worse than the present, or that external forces are conspiring to keep you down, what's the point of building anything? These beliefs undermine the entrepreneurial spirit and can lead to a victim mentality.

Many people have an inner conflict where part of them wants to create, but another part is habitually pessimistic. They believe the world is going downhill or that circumstances are stacked against them. 

They feel they're in a race against time to accomplish something before it all falls apart, or that they're constantly fighting an uphill battle.

When you believe that forces beyond your control are holding you back, it's easy to slip into helplessness and reject responsibility for your results.

You're less likely to take action, advocate for yourself, or believe in your ability to effect change.

How to Overcome Limiting Beliefs?

So, we've explored some of the most common limiting beliefs that hold entrepreneurs back. But how do you go about overcoming them?

Here are the steps you must follow:

1. Identify your limiting beliefs

The first step to overcoming limiting beliefs is to simply acknowledge that they exist. You can't change what you're not aware of, so it's crucial to start by focusing on the stories you're telling yourself.

One way to do this is to pay attention to your self-talk, especially in moments of stress, fear, or self-doubt. 

What are the recurring thoughts or phrases that come up for you? What do you tend to believe about yourself, your abilities, or your chances of success?

Another clue that a limiting belief is at play is when you find yourself resisting taking action on something you know would be good for your business. If you feel stuck or like you're coming up with excuses, there's likely an underlying belief holding you back.

Try to put words to the specific belief you think might be limiting you. Some examples might be:

"I'm not good at sales."

"I don't have enough experience to charge high rates."

"I'm not a 'real' entrepreneur because I don't have a business degree."

"I'm not ready to launch my product until it's perfect."

2. Examine the origins of your limiting beliefs

Once you've identified a limiting belief, the next step is to ask yourself: "When did I first start believing this? Where did this story come from?"

These decisions usually stem from negative emotional experiences, often in childhood. Our unconscious mind is trying to keep us safe from pain, so it creates a belief or "rule" about how to avoid that pain in the future.

For example, if a child is mocked for trying something new, their unconscious mind might create a belief that putting yourself out there leads to ridicule and hurt. Over time, that belief gets reinforced as the child selectively notices evidence that confirms it, while ignoring evidence to the contrary.

It's important to remember that these beliefs usually start as a way to protect us from pain or keep us safe. They're not inherently bad or wrong. 

The problem arises when we continue to operate from these outdated stories as adults, even when they no longer serve us.

So appreciate why they existed in the first place but also understand they don’t hold your best interests anymore.

3. Challenge your limiting beliefs with evidence

Now that you've identified your limiting belief and explored its origins, it's time to start challenging it with evidence.

One powerful way to do this is through journaling. 

Start by listing out times in the past when, had you not held this limiting belief, you could have pursued an exciting opportunity or taken a bold risk.

For example, if your limiting belief is that you're not good enough to run a successful business, you might list out:

• The time you got positive feedback from a client but discounted it.

• The project you didn't pitch for because you felt unqualified, even though you had relevant experience.

• The conference you didn't attend because you felt like an imposter, even though you had valuable insights to share.

As you make your list, challenge yourself to come up with as many examples as possible. 

The goal is to start poking holes in the story you've been telling yourself and gathering evidence that the belief is not always true.

4. Take aligned action

Ultimately, the most powerful way to overcome limiting beliefs is to take action that directly challenges them. This means identifying the specific actions or behaviors that your limiting belief has been holding you back from and then choosing to do them anyway.

For example, if your limiting belief is that you're not good enough to charge premium prices, challenge it by raising your rates. If you think you can't trust anyone, take a calculated risk on a collaboration.

The key is to start small and build up gradually. Focus on taking consistent, aligned action that feels manageable but still pushes you outside your comfort zone.

Furthermore, Commit Action can help you execute your tasks with the help of its science-backed accountability coaching.

Remember, everything we've covered so far - the introspection, the journaling, the mental rehearsal - is important groundwork. But it's the actual doing that ultimately rewires your brain and helps you develop new, more empowering beliefs.

It's putting yourself out there, executing despite uncertainty, launching the MVP - and then discovering through experience that you're capable and resilient.

That's how you gather experiential evidence that your old limiting beliefs are no longer relevant to your current reality. And you open up your map of the world to new possibilities.

The Key to Conquering Limiting Beliefs

Limiting beliefs are a common part of the entrepreneurial journey. We all have them to some degree, and they're nothing to be ashamed of.

The key is to recognize that these beliefs are not permanent. With the right strategies and support, you can overcome them and have a more empowered mindset.

If you're ready to start overcoming your limiting beliefs, here's our advice:

First, make a plan to take action that challenges your limiting beliefs - but do it incrementally. Focus on making 1% progress each week. Over time, those small steps will compound into a massive transformation.

Second, don't try to do it alone. Surround yourself with ambitious, possibility-oriented people. Their mindset will rub off on you in profound ways.

Consider working with an accountability coach like Commit Action to help you stay committed to your goals. 

Our weekly planning ritual helps you take consistent action on your best ideas. By executing your plans week after week, you'll naturally confront and work through your limiting beliefs.

You'll prove to yourself through your own experience and results that those old stories are no longer true. And that's the ultimate way to put limiting beliefs to bed for good.

If you're ready to invest in your growth and take your business to the next level, book a free consultation with one of our expert coaches.

Frequently Asked Questions (FAQs)

1. Can you change limiting beliefs?

Yes, you can change limiting beliefs. It takes awareness, willingness, and consistent effort. But it is possible to rewrite the stories you tell yourself and create new, more empowering beliefs.

2. What are the disadvantages of limiting beliefs?

Limiting beliefs can hold you back from pursuing your goals, taking risks, and realizing your full potential. They can lead to self-sabotage, procrastination, and a lack of confidence. Ultimately, they keep you playing small and prevent you from achieving the success and fulfillment you desire.

3. How can I train my mind to think less?

While it's not about thinking less, it's about learning to observe and question your thoughts. Some practices like mindfulness and meditation can help you create space between yourself and your thoughts, so you can start to see them as mental events rather than absolute truths. This allows you to choose which thoughts to engage with and which to let pass.

4. What is the opposite of limiting beliefs?

The opposite of limiting beliefs is empowering beliefs. These are beliefs that support your growth, inspire you to take action, and expand what you see as possible for yourself. Some examples include "I am capable of learning and growing," "I have unique value to offer," or "Challenges help me grow."

5. What is the psychology of limiting beliefs?

Limiting beliefs are often formed in childhood as a way to make sense of painful or confusing experiences. They get reinforced over time through confirmation bias, where we selectively focus on evidence that supports the belief. 

Psychologically, they serve as a misguided attempt to protect us from pain, but in reality, they limit our potential for growth and fulfillment.