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NatWest Business Builder: Understanding your mindset

Feeling like a fraud as founder can be crippling, so here’s how you can tackle the dreaded imposter syndrome.

According to a survey published last month, the Microbusiness Index, a third (33%) of female micro-business owners in Scotland doubt their achievements.

Across the whole of the UK, around two thirds of SMEs say they have suffered from imposter syndrome and a fear that they’re going to be exposed as a fraud, or so found a 2017 study carried out by AXA Direct. Furthermore, women are more likely to admit to feeling like an imposter – 74% compared with 58% of men – and 44% of business owners say the self-doubt they’re plagued by is intense enough to be called a daily companion.

Suffering from imposter syndrome is often exacerbated by the fact that business owners may not have anyone to speak to about their concerns. Here, SME owners share their experiences and advice.

1. Age is just a number

Rachael Dunseath is the founder of Myroo, a plant-based skincare brand for sensitive and allergic skin. She launched the company just over two years ago, having previously had a successful career in financial services marketing.

“I knew it was a great idea – my research showed that the market needed these products – but I was so unsure about taking the leap,” she says. “My imposter syndrome hit its peak when I landed a place on an accelerator programme. I was surrounded by younger, more dynamic entrepreneurs, who were taking risks, being brave and hustling.”

While Dunseath is in her early 40s, many of her fellow entrants on the programme were in their 20s. Over time, Dunseath has found that a coping strategy has been to forget about her age and focus on what she wants to achieve instead.

2. Remember: Rome wasn’t built in a day

A lack of skills particular to your business can seem daunting. For Nikki Hollier, owner of Border in a Box, a ready-made garden border template kit, it was her perceived lack of plant knowledge and general horticultural skills that she believed was holding her back.

“I worked in corporate IT for two decades and recently retrained as a garden designer, so I’m always concerned about not being good enough,” she says. “I’ve learnt to deal with it by reminding myself that Rome wasn’t built in a day.”

What this means in practice is focusing on improving the skills needed to make the business a success and, in time, you’ll find that people will start to take you seriously, explains Hollier.

3. Break down daunting tasks

“I always think of it [imposter sydrome] through the lens of the common mountain analogy,” says Callum Hemsley, co-founder and CEO of Eola, a platform and marketplace for adventure sports and outdoor activity centres.

In the analogy, the mountain is a big task that needs to be navigated and overcome to reach a destination or end goal. Hemsley says that if a particular task is too daunting and is heightening your imposter syndrome, then it’s helpful to break the task down into manageable chunks.

“Doing this reduces the feeling that the whole cannot be accomplished and makes your targets seem within your capabilities,” he says.

4. Enter awards

Dunseath and Hollier are in agreement that entering awards can not only help your business to gain recognition, but also give you confirmation that you’re doing a great job.

““The company had won awards before, but I’d managed to explain those away. This was a huge, national win, though. Even I couldn’t take the shine off that”

Rachael Dunseath, founder, Myroo

“I won Micro Business Entrepreneur of the Year at the 2016 Great British Entrepreneur Awards,” says Dunseath. “The company had won awards before, but I’d managed to explain those away by telling people that not many others had entered. This was a huge, high-profile national win, though. Even I couldn’t fully take the shine off that.”

While losing out on an award might feel demoralising, it shouldn’t be seen as a setback. Instead, you should use it as an opportunity to enter more awards – to seek the recognition you believe your business deserves, argues Hollier.

5. Don’t be afraid to market your business

Helen Campbell, a business mentor and PR coach to SMEs, says that one thing is clear from her experience of dealing with clients: many business owners and founders tend to be reluctant to promote themselves.

“A lot of them are in a loop where they feel awkward about self-promotion, but if they don’t market themselves they bring in little-to-no work, which then worsens the imposter syndrome,” says Campbell. “In some cases, this lack of promotion will lead to the business failing. It’s important to remember that marketing your business is not boasting. Not showing off your skills and expertise, however, can stop you from reaching your potential.”

Campbell’s advice is to find your own authentic style and a way of promoting yourself that feels right for you, amplifies your talent and aligns with your company’s values.

6. There will always be doubters

Regardless of success, there will likely always be those who’ll doubt you.

“It’s best to avoid these people, as they can bring your confidence down quickly,” says Hollier. “But while some are very mean-spirited, equally, there are some who are absolutely wonderful, so make sure you surround yourself with them.”

7. Ask yourself: what’s the worst that could happen?

In the two years it’s been running, Myroo has grown its team and its products are stocked up and down the country, including in stores of fashion chain Anthropologie. Myroo is also about to announce a significant international account.

“I do still battle the imposter demons, but I’m getting better at knowing how to handle it,” says Dunseath. “And I now realise that failure can be a good thing as long as you learn from it. My mantra is: ‘What’s the worst that could happen?’ The reality is usually not as bad as you think.”

Further Reading

• SME Tools: maintaining focus
• Management strategies: overcoming imposter syndrome
• The five traits of success

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

NatWest Business Builder The Importance of Mindset

Disruptive businesses make a big splash in the media, but how does the thinking behind them come about? We look at the key rules of disruptive business thinking.

The word ‘disruptive’ used to refer to poor behaviour in the classroom, or the impact of strikes on the railway. But the tag is now far more likely to be linked to new types of business, where market value often outweighs investment and costs. Both Uber and Airbnb entered the already crowded markets of minicabs and holiday lets, but their rethinking of the entire model was what saw them race to the top at a pace traditional businesses could only dream of.

The media can’t get enough of them, and their business growth was largely driven by digital-native millennials who had the technology. Both are now large enough to commission television ad campaigns and PR drives to mop up the older generations.

So how can other start-ups in diverse sectors use this model to dominate (or at least radically change) the marketplace?

1. Find the gap in the market

Finding the gap may require mentally dismantling your target market and rethinking it from scratch. How would you start if you were the first one into the market, or what can you do that no one else can? Uber has as many detractors as fans (as is often the case with disruptive models), but there’s no denying it does away with the lottery of knowing which cab company to ring for the fastest and cheapest journey.

“Disruptive ideas come from having an attitude to challenge and push to improve established ways of doing things,” says Jas Bagniewski, CEO of innovative mattress retailer Eve Sleep. “I think if you try to improve every aspect of an industry, becoming disruptive is inevitable.

“When we started, we looked at how we could improve every aspect of the traditional mattress-buying experience. That way of buying – going into a showroom and lying down awkwardly for 10 minutes – is broken. We offer a better experience for customers because you can buy online quickly and easily, we offer next-day free delivery and you have 100 nights to try the product. By selling direct to customers, we can also offer a premium product for a better price.”

2. Be a true original

The first thing any business will need to do is ape the old Apple slogan of ‘think different’. It may be a business-speak cliché to speak of thinking outside the box, but disruptive entrepreneurs need to do little else in the initial stage of their start-up. Without that spark and a USP, their business is just another ‘me-too’ company that could simply get lost among the competition.

True disruptive thinkers and entrepreneurs are few and far between. So great ways to disrupt often come from teams of thinkers coming together to create a business, or outside experts being brought in to rethink a market. You want the kind of idea that makes people wish they’d thought of it.

“I think if you try to improve every aspect of an industry, becoming disruptive is inevitable”

Jas Bagniewski, CEO, Eve Sleep

3. Solve a problem

“Ours was a consumer problem rather than a gap in the market,” says Tom Cavill, co-founder of property investment business Bricklane.com.

“We started with the problem that we and many friends had, then worked hard on an innovative solution. Before Bricklane.com, you either had to scrape together a huge deposit and invest all you had with a mortgage, or you were shut out of the market. We allow you to own a stake in a property [with others], whatever your situation.

“We feel we’re disrupting several markets: we allow first-time buyers to keep up with the market as they save and allow those who can’t or don’t want to buy to receive the financial benefits of ownership. Renters living in our homes also get better service and stability than is average in the market.”

4. Don’t forget the small print

It’s easy to see disruptive thinkers and doers as the anarchists of the business world, but none of them would get anywhere without considering the legal or ethical implications of their new ways of thinking and working.

If you’re testing the boundaries, you can be sure lawyers will want to as well, especially when people start putting large valuations on your business. Make sure the way you wish to operate complies the law and financial regulations because small slip-ups can be costly. If your app is bumped from app stores for minor violations, you could be set back by months.

5. Think about time efficiency

Millennials drive the market for disruptive business and famously want everything done now, whether it’s their food delivered or their finances sorted.

Airbnb took a concept that was only accessible on obscure community pages and brought it to the fore, saving hours of searching and competing with hotels along the way. If you can reduce complex tasks to a couple of clicks, you could be on to something.

“We’re disrupting the automotive retail space by consolidating the customer journey of buying a used car,” says Maximilian Vollenbroich, co-founder of Carspring.co.uk, a business that allows you to search for the car you want, find financing and arrange delivery of your pre-checked motor all in one hit. “Whereas a consumer would have to do transactions with multiple parties – from the dealer, financier, insurance and warranty provider and breakdown cover – at different places and times, we enable them to sort this all in one place.”

Further Reading

• SME Tools: how to be productive
• Eight business habits to break
• How to create the right mood

Join the Business Builder Facebook Community here

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE’ 

Brian Bush Online Imposter Syndrome

Impostor syndrome (also known as impostor phenomenon, impostorism, fraud syndrome or the impostor experience) is a psychological pattern in which an individual doubts their accomplishments or talents and has a persistent internalized fear of being exposed as a “fraud”.

Weirdly while many people struggle with imposter syndrome, many people discuss it and there is lots of content around detailing the issue the ‘owner‘ often feels very alone in their feelings. Those feelings may include the idea that you don’t belong, that you are a fraud and this will be discovered and you will be ruined and shamed, that you don’t deserve your job, friends, business or any success.

First identified by psychologists Pauline Rose Chance and Suzanne Imes in the late 70’s much research and new knowledge has developed since. Initially thought to affect women only opinion among the psychology field soon balanced out the issue across the sexes and also attached the effect to all sorts of people .

I know in my own experience I have had these feelings occasionally and they have also at times held me back from doing things. Challenged my own beliefs in myself and had me feel like a fraud for no fraudulent behaviour at all. Like seeing a police officer and worrying you have done something when you know full well that you haven’t.

I also know people who are exceptional at what they do and struggle with this and according to the International Journal of Behavioral Science an estimated 70% of people experience these feelings at some stage of their lives.

So what do we do? Live with it, ignore it or cure ourselves. Of course there are different strokes for different folks and ultimately we control the onset of the thoughts that trigger the emotions. We can therefore review the thoughts and question them as they arrive and then frame our thinking differently to oppose the negative pattern. We can learn to think like non-imposters says expert Valerie Young

In my coaching work I find that investigating the issue using evidence helps as you must support the negative pattern by proving it actually exists. So if someone is struggling with this aligned to feeling inferior as a team manager for instance what evidence supports their claim? Proper hard evidence and not just negative self assumption. Are they getting complaints or constantly underperforming and this is being picked up in assessments or by their manager? If no real evidence supports this then it can be discussed to identify that this is a self developed emotion triggered by self doubt and then dealt with relevantly to the individual.

People struggling can be encouraged to share their thoughts with others to reassure them that they are not alone and in fact the people they assume to be successful may be triggering those same thought patterns themselves.

So most importantly we will all have moments of doubt and this is perfectly normal and the aim is not to think that you should never have these moments but to equip yourself with the knowledge and techniques to balance yourself out again. Again to Young who states that you can still have an imposter moment, but not an imposter life.

You can view this article from Brian Bush, Business Growth Specialist here

NatWest Business Builder: Understanding your mindset

In this module we’re going to explore some of the key characteristics and behaviours of fixed and growth mindsets to give you a deeper understanding of each mindset and their overall effect on a person’s ability to learn and develop. We’ll also give you a simple tool to help you recognise some of the positive and negative behaviours surrounding your mindset, and start to look at some of the factors that are stopping you from adopting a growth mindset when faced with certain situations.

In this module you’ll explore:

• Key characteristics of fixed and growth mindsets
• How to recognise different behaviours of each mindset
• What’s stopping you from adopting a growth mindset

Start by downloading and saving the workbook to your computer, to use throughout the module, capturing any key takeaways and completing the exercises at the end of each chapter.

Characteristics of fixed and growth mindsets

We know mindsets have a major influence on people’s ability to learn, and those with a growth mindset tend to learn, grow and achieve more than those with a fixed mindset. But why?

In this chapter we’re going to look at the key beliefs and focus of each mindset to understand this further.

Understanding your mindset

In the next chapter we are going to introduce you to a simple coaching tool to help you recognise some of the key behaviours of adopting a fixed or a growth mindset at any one time, as well as hearing from some fellow entrepreneurs about their own experiences.

What stops you from having a growth mindset?

We now understand a little more about the characteristics and behaviours of each mindset, but what fundamentally stops us from having a growth mindset 100% of the time?

In the final chapter we’re going to explore the science of this in more detail, reflecting on your own inner voice and some key ways to manage this.

Further Reading

• SME Tools: maintaining focus
• Management strategies: overcoming imposter syndrome
• The five traits of success
• Seven tips to beat imposter syndrome

We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘