The Entrepreneur’s Source Identifies the Limiting Beliefs Holding You Back from Success
Limiting beliefs are untrue, negative thoughts that hold people back from achieving their full potential.
“I often use the example that I love donuts, but I do not think it is a good idea to eat them for breakfast, lunch, and dinner; however, if a donut business were to be a feasible business model for me, I would need to put my emotion to the side and look at the return on investment,” said Tamara Loring, Brand Manager at The Entrepreneur’s Source. “It is important to do the same with any kind of business model. Thinking that people need to enjoy or love a product to capitalize on it is a limiting belief.”
The idea that a person needs to love a product to be able to capitalize on it is a limiting belief that inhibits investors from exploring all their options.
“When considering any major life change, especially a career move or pursuing entrepreneurship, it’s crucial to start at the beginning and ask yourself ‘why,’” says Terry Powell, Founder of The Entrepreneur’s Source. “Doing so will allow you to understand what possibilities are available and how to effectively refine your options in order to identify the best opportunity that will become your vehicle for success.”
Another common limiting belief is FEAR, or False Evidence Appearing Real. People tend to believe their emotions are actually the truth, but once they start examining and comparing facts, they realize that they were making an emotional decision as opposed to a fact-based one.
Other limiting beliefs include:
- Confidence: People believe they do not have the right skills, maybe due to lack of experience in business, and therefore think they are not good enough.
- Head trash: Emotion-based thoughts we keep in our minds and believe as reality, when it is actually a stumbling block preventing us from being better.
“People are surprised when they go through a process and realize, for instance, that many franchisors are not looking for somebody who has previous industry experience. In fact, they have a paint-by-numbers approach as well as a proven business model for owners to follow,” said Loring.
Too much experience can actually be a detriment when entering into a franchise business concept.
“I used to have limiting belief thinking that my possibilities were very narrow based on my past experience. Once I learned about franchising business opportunities, I realized that the world was my oyster,” said Loring.