Overcoming Imposter Syndrome as a Business Owner

Dec 1, 2023 | Listen

Overcoming Imposter Syndrome as a Business Owner

Are you suffering from Imposter Syndrome? That persistent feeling that you don’t quite measure up (even if you are legitimately smart, sexy, rich, or successful)? Do you live in constant fear that your success is just a fluke? Are you worried that someday you’ll be unmasked as a clueless fraud that has just faked it until you made it?

Unmasking Impostor Syndrome: A Shared Struggle

You’re not alone.

Imposter Syndrome is an experience shared by individuals, including entrepreneurs, from all walks of life, sabotaging confidence and stifling potential. It doesn’t discriminate; it haunts people in their personal and professional lives, and it can be very very bad for your business. 

But what is Impostor Syndrome exactly? 

What triggers it? 

And why—however irrational and false it can be—does it manage to affect so many of us? 

How do you break free from its grip – and most importantly for your growing business – help your team conquer it?

Andy Hite: An Entrepreneur Coach & Leadership Expert’s Perspective

In this episode, our guest Andy Hite and I discuss the strategies you can use to liberate yourself – and your team from the grip of Impostor Syndrome.  He also shares actionable steps to cultivate a culture of growth, learning, and resilience within your business.



Timestamps for this week’s episode

02:48  What is imposter syndrome, and why do we struggle with it?  

04:08 The importance of celebrating wins and accomplishments  

06:58 + 12:19 Effective tools and techniques that can help beat imposter syndrome  

25:22 Fostering a culture that allows short-term pain for long-term gain

29:30 Actionable steps to create a culture that values learning from mistakes


What is imposter syndrome, and why do we struggle with it?  

Imposter syndrome is a fear that stops us from leaving our comfort zones. It makes us doubt our abilities and question if we’re good enough. This fear is a bit like a safety net. 

Many experience it because it appears when trying to achieve big things or take risks. It’s a signal that we are pushing ourselves. So, imposter syndrome is common because it’s linked to our desire for safety, but it often shows up when we’re reaching for significant goals.

We need to spend as much time celebrating our wins as we do mourning our losses because it tells us, “We have achieved this” so that when we get to the moments where we question our ability, we have something to look to.

The importance of celebrating wins and accomplishments

Celebrating wins is vital because it reaffirms our worth and builds confidence. Often, we’re quick to criticize ourselves when things go wrong but hesitate to celebrate when they go right. Recognizing our achievements anchors the fact that we are deserving and capable. 

This self-recognition not only boosts confidence but also empowers us with the courage to tackle new challenges. By commemorating our successes, we create a reference point for those moments when self-doubt creeps in. It serves as a reminder that we’ve achieved before, and we can do it again. So, celebrating our wins is just as important as acknowledging our losses.

“Imposter syndrome is just like a voice. And what we want to do is to create some awareness that it is just a voice. It’s not reality so we can question the narrative that’s going on.”  – Andy Hite

Effective tools and techniques that can help beat imposter syndrome

Gaining perspective and self-awareness are two of the most powerful tools in your arsenal when taking down Imposter Syndrome. At its core, Imposter Syndrome is that critical inner voice telling us we’re not good enough, but it’s not reality. By creating awareness around this voice and questioning its narrative, we can gain altitude and see that we are, in fact, capable.

Self-awareness empowers us with choices and helps us recognize the thoughts, beliefs, and mindsets that hold us back. This can be achieved through practices like journaling or meditation, allowing us to identify and confront the fears and obstacles that imposter syndrome creates.

It’s also essential to keep our perspective, specifically our goals in sight and consistently work toward them. By focusing on our objectives, we can gradually build the confidence needed to combat imposter syndrome and continue to grow and achieve.

Doing something you've never done before, that's where growth happens. We don't grow from doing something we know how to do because we already know how to do that.

Fostering a culture that allows short-term pain for long-term gain

Many businesses struggle with the idea that growth often requires learning from failure. Failure can be costly and affect revenues. However, when organizations understand that short-term challenges can lead to long-term success, they are more likely to encourage employees to take calculated risks and learn from their mistakes. 

To create a culture that embraces short-term difficulties for long-term gains, leaders should set an example by being open about their own failures. This mindset should be evident throughout the organization, even in the hiring process, where candidates should be evaluated for their willingness to learn and grow. 

In pursuing a financially healthy and sustainable long-term future, focusing on long-term success, despite short-term challenges, is often the key to greater overall success.

“Many star performers will get promoted into leadership roles and then really struggle because performance is not leadership.” – Andy Hite

Actionable steps to create a culture that values learning from mistakes

Start by getting your leaders involved so they can give their support. 

They should also take some time to talk – to initiate open conversations with their teams about learning from their mistakes. While doing those rounds, these leaders can also actively seek feedback on their leadership style and how they’re doing in general. 

This feedback loop, which you can power with tools like the 360-degree feedback process, can help identify areas for improvement and promote a culture of growth and continuous learning for your growing business.


Summary

  • Imposter syndrome is a common fear that creeps in when people try to achieve big things or venture beyond their comfort zones. 

  • Celebrating wins is essential for boosting confidence and reminding ourselves that we can succeed.

  • Overcoming imposter syndrome involves gaining self-awareness and focusing on our goals.

  • Encouraging learning from mistakes means leaders should set an example and create a culture that values growth.

  • To promote a culture of learning from errors, start by engaging leaders, having open conversations, and seeking feedback from the team.

Transcript

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About guest – Andy Hite

Executive and Entrepreneur Coach, & Leadership Expert

Andy Hite is a recognized leadership coach who supports entrepreneurs, executives, and their teams as they navigate the world of building businesses and lives filled with prosperity, meaning, & freedom. 

Regardless of the setting—be it in front of an audience, within an intimate boardroom, or during individual client sessions—Andy’s background in commercial theatre, as an actor and executive, lends a distinctive perspective to his coaching practice. 

Committed to making an impact and facilitating transformative change, Andy empowers entrepreneurs and executives to unlock their full potential and thrive in their respective fields. 

Leading with heart, he creates a nurturing environment that fosters growth and paves the way for true authentic leadership. 

With a wealth of personal and professional growth experience, Andy is passionate about helping his clients explore new possibilities, challenge their limits, and unlock their true potential. 

As an accomplished executive and entrepreneur coach, Andy has impacted countless lives and earned a reputation for excellence. He is a sought-after guest, inspiring audiences with insights on how to lead more powerfully, love more deeply, and live more fully.

Website:  https://www.andyhitecoaching.com/

LinkedIn: https://www.linkedin.com/in/andy-hite

LinkedIn: https://www.linkedin.com/in/andy-hite/

Email:andy@andyhitecoaching.com

For exclusive resources for listeners of this podcast: https://www.scalingminds.com/hmbg


About host – Kathy Svetina

Kathy Svetina is a Fractional CFO for growing small businesses with $10M+ in annual revenue.

Clients hire her when they’re unsure about what’s going on in their finances, are stressed out by making financial decisions, or need to structure their finances to keep up with their growth.

She solves their nagging money mysteries and builds a financial structure with a tailored financial strategy. That way they can grow in a financially healthy and sustainable way.

Kathy is based in Chicago, IL and works with clients all over the US.

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