Overcome Imposter Syndrome: Use These 2 Simple Tips For Results
The Miller Mindset: Episode # 0005
Welcome to “The Miller Mindset”, a weekly podcast where we explore the power of positive thinking and its impact on our lives. Join me, Chris Miller, as we dive into such topics as goal- setting, overcoming obstacles, and developing a growth mindset. If you’re looking to improve your life and reach your full potential, then this podcast is for you. Don’t miss an episode. Be sure to subscribe today! On today’s show, we will be discussing Imposter Syndrome for Entrepreneurs. So let’s get into it.
Defining Imposter Syndrome
Imposter syndrome is a feeling of self-doubt and insecurity that can affect anyone, but is especially prevalent among entrepreneurs. It’s that nagging voice in your head that tells you that you’re not good enough or that you don’t belong.
One way to combat this feeling is to remind yourself of your accomplishments. Take a moment to reflect on your successes and the hard work that went into achieving them. Remember that you are capable and deserving of your success. You have gathered experience, training, and understanding of a thing that others lack the full scope of in some capacity, and because of that, they need your help to do it for themselves. Rather than thinking about the things you haven’t done, think about the things that you have done and the opportunities that are available to you.
Here are 2 simple tricks to help you kick those negative thoughts out of your head quick, beat feelings of Imposter Syndrome, and get yourself back on track so that you can accomplish your goals.
Tip#1: Reframe your thinking.
Instead of focusing on the negative, try to focus on the positive. Try this exercise on for size. When you are feeling like:
- things aren’t going your way
- you don’t deserve to be giving advice to others
- you aren’t qualified
- you are feeling guilty about the fact that you are charging such high prices for something that is seemingly simple for you to do.
Take a moment. Take a breath. Look in the mirror and reframe that thought out loud, but with a positive spin.
Let me give you one as an example. I have worked in the banking industry for many years now. I work a good deal in the factoring and invoice financing space. In the business world, it is quite common for businesses to purchase products and supplies on credit terms of 30 days to get themselves time to flip those goods into profits. As an independent broker, I set my clients up to get paid on the invoices they send to those business customers within 24hrs instead of waiting the typical 30 days for the customer to pay them. It offers my clients a debt-free solution to increase their company’s cash flow position so that they can start building their business instead of juggling when to pay what bill because their revenue isn’t stable. For my services of finding them the right banker to work with, negotiating the deal on their behalf, and ultimately putting more cash flow back into their business to allow for growth, I get paid quite a lot of money. Sometimes as much as $50,000 if it is a large company.
So that’s what I do, but why is it important for my mindset?
The thing is, I’m really good at what I do. So good in fact, I literally teach a class on it to aspiring factoring brokers at the FactorCareers Broker Training Academy. If you want to know more about them, just check out factorcareers.com. But it is precisely because I am so good at it, that it gets real simple and straight forward for me to see the logical progression to get the deal done for my client.
Sometimes, I do feel guilty for the fees I charge. Especially if I get the whole deal knocked out in like 12 hrs. But that isn’t the point. The point is that what I do is a specialty service that few others are as good at, and most businesses don’t really understand; but I do. On the average, I save my clients roughly $70,000 in financing fees that they would normally pay to the bank for these services. I can do this for them because I know what to look for and how to negotiate those extra fees back out of the contracts. This is not something your average business owner knows how to find or to do; and that’s why I can charge the fees I charge, and my clients are happy to pay them.
So sometimes I have to remind myself as well, that I do deserve to be here to do what I do; and I do it with this trick of looking in the mirror and reframing my concern. So I’ll look into the mirror, and instead of saying something like:
“Are you crazy? You’re about to go into this meeting and ask these people to pay you $25,000 for 12hrs of work to get this setup? That’s $2,000 an hour. Your lawyer doesn’t even make $2,000 an hour crazy!”
Instead, I say something like this:
“Man, I’m about to make $25,000 today for just setting this up, saving my clients more money, and ensuring their business has the cash flow it needs from now on to grow, and thrive, and keep feeding the families of everyone who works there for them. Am I in the best business in the world, or what?”
Can you see how that simple reframing can shift your mindset and put you back in the right frame of mind to get your goals accomplished? Try it out on your own for your own personal situation when you have the opportunity. If you reframe your mindset in these moments, and in this manner, I promise you that imposter syndrome won’t have a terrible grip on you; at least not for long.
Tip#2: Get on the success train to outpace Imposter Syndrome.
Get on the success train, you’re thinking. What in the world does that mean? Well, I’ll tell you. A great deal of the psychological determinations that make up feelings of imposter syndrome are all stemming from a lack in confidence. Confidence is gained, naturally, through achievement. So, if you want to build confidence, you need to celebrate more achievements. It’s that simple.
So how does that compare to a train, you ask. Check it out. Take a moment right now, and think of a goal that you have. Now grab a pen and pad and start listing out, on one line, each step that it will take to achieve that goal. Try to break it down into one word and one numeric quantifier for each step. For example: Don’t write I need 30 customers by Friday. Instead, just write 30 customers. Now, draw a box around each of your steps on that line, and BINGO. You just made a success train.
Step 2 is to continually refer to this train diagram and check off each train car as you complete it, taking time to celebrate each accomplishment along the train from: 8AM – Work, to 6 Ads, and finally $100K sold. As you do so, your confidence level will start to soar, and your feelings of inadequacy will melt away.
By implementing these simple tricks, you can change your mindset and prevent imposter syndrome from holding you back. Remember to celebrate your successes and focus on the positive.
Well, that’s the show for beating Imposter Syndrome folks.
I hope you enjoyed and and perhaps learned a little something that you found to be of value to you. If you feel you enjoyed the show, please do leave me a comment, and don’t forget to subscribe as well so you don’t miss a thing. You can also see this episode in blog form, and sign up to receive email alerts when new episodes are released at themillermindset.com. Until then, I’m Chris Miller, reminding you to always keep smiling.
On the Next Episode of The Miller Mindset:
Next time, on The Miller Mindset, we’ll be exploring 5 simple shifts to your mindset that you can use on a daily basis to improve your time efficiency and get more accomplished. That’s next Tuesday, May 9th, 2023 at 2pm EST; so Don’t miss it.
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