Overcoming Imposter Syndrome as an Entrepreneur

Have you ever questioned your own expertise in a role? Or felt like you might be “faking” your way through a career despite your skill set?  

If so, you may have fallen victim to imposter syndrome—a psychological experience where a person feels as though they are a fraud, or “imposter” when it comes to achievements or successes. This is usually characterized by feelings of self-doubt, insecurity, and incompetence, despite no real evidence to support these traits and no truth behind the idea that one is faking their achievements or are undeserving of success. 

Although unpleasant, imposter syndrome is something most of us (as many as 70%) will face at some point in our life, especially during times of change such as landing a new job or starting a new project or endeavor. Unfortunately, this means entrepreneurs and small business owners are often the prime victim of this vicious thought pattern.  

When it comes to the entrepreneurial journey, you’re not alone if you find yourself feeling overwhelmed or questioning your own suitability for the role. Let’s face it—when dealing with competing priorities, financial uncertainty, risk management, and the myriad of other challenges that come with launching a business, it’s easy to resort to feelings of self-doubt and anxiety. 

So what can you do? Here are some tips to manage and overcome imposter syndrome as an entrepreneur: 

1. Build a supportive network

If you feel swamped trying to manage your business and begin questioning your abilities, it can help to know that others are experiencing something similar. Surrounding yourself with positive influences and like-minded individuals not only provides emotional validation, but these connections can offer practical advice when challenges arise.

Attending industry events, workshops, or conferences can also help to expand your network and engage with others who can provide expertise, validation, and encouragement for your own business endeavours. 

Although we may know that feelings of doubt and anxiety are common among other entrepreneurs or business professionals, hearing it directly can make the world of difference. By connecting with mentors or advisors who can offer reassurance and insight into their own business journey, you can start to dismantle your own feelings of weakness or failure. 

2.  Treat failure as growth

Unfortunately, those who experience imposter syndrome tend to also fall into the habit of perfectionism. As such, they may put extra pressure on themselves to avoid mistakes out of fear that failure may lift the veil of their perceived incompetence. 

However, by viewing failure as an opportunity for growth rather than a potential threat to your reputation, you can challenge the imposter syndrome thought cycle. The entrepreneurial journey doesn’t come without setbacks, and while challenges can amplify feelings of self-doubt, they also allow us to build up resilience and adaptive problem-solving skills which will lend to success in the long run.

In fact, failure often has the opposite effect when it comes to imposter syndrome. Rather than disprove your credibility, admitting to mistakes can reinforce trust by demonstrating traits such as adaptability, resilience, and commitment to improvement. 

3. Set realistic goals

While ambition has its obvious pros in business management—creating a more systematic and achievable method to meet goals can reduce feelings of inadequacy. If you set goals that are already out of reach, imposter syndrome will only worsen when you realize you’re not able to meet those milestones. Instead, goals should be broken down into smaller, actionable steps to avoid overwhelm.

Goals that are clearly defined, measurable, and achievable within a reasonable timeframe will allow you to slowly build momentum without the looming fear of failure.  

4. Embrace collaboration

Recognize that teamwork is your friend, and delegate tasks where possible. Those who struggle with imposter syndrome often overcompensate by wearing “too many hats” as a way to prove that they are qualified or competent enough. However, it’s important to remember that you don’t have to be an expert in everything—so take advantage of those who are. 

One of the great things about collaboration is the ability to use diverse skill sets to your advantage. For instance, affordable services like the ones offered at Guildstreet take the pressure off your task list and further aid the collective success of your business by allowing you to focus more on your own expertise.

It may take time to completely dismantle the imposter thought process, and you may find it resurfaces throughout your career. However, once you know how to recognize it and how to manage it, you’ll be able to continue on with confidence. At the end of the day, not only is self-work and personal reflection important for your own mental well-being but is often necessary in breaking down internal barriers that could prevent your business from flourishing. 

Are you an entrepreneur or small business owner looking for support with financial management? Guildstreet offers personalized solutions to help you achieve your business goals. Contact us today.

Written by Hannah Lemiski