The Soulful Entrepreneur's Club

Common Myths of Becoming an Entrepreneur

September 26, 2023 Kavita Melwani Season 4 Episode 2
The Soulful Entrepreneur's Club
Common Myths of Becoming an Entrepreneur
Show Notes Transcript

Title: Common Myths of Becoming an Entrepreneur


I discuss some common entrepreneurship myths in this Soulful Entrepreneurs Club podcast episode. Whether you're already an entrepreneur facing struggles or considering starting your own business, I debunk these myths to provide clarity and support.

My hope is by me revealing these myths,  you feel connected and less alone in your challenges and struggles. 

Some keys: 

đź’«You feel complete freedom as an entrepreneur

đź’«There is a Secret Formula to Success

đź’«Money myths are common, such as there is one reason you are not profitable

đź’«You have to do everything for your business yourself 

What about you? What are some myths you believed before becoming an entrepreneur - send me a message on IG (@kavitalifecoach) and let me know. 

Becoming an entrepreneur is not devoid of challenges, and it's essential to separate fact from fiction regarding common myths. Embrace the freedom and responsibility of entrepreneurship, find a strategy that works for you, and remember that success should be defined by more than just money. 

#souljourney #alignedandsoulfulsuccess #thesoulfulentrepreneursclub #growthopportunities #purposefulbusiness #intuitivesuccesscoach #intuitionandempaths

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Hello, soulful entrepreneurs. Welcome to this week's episode of the Soulful Entrepreneurs Club podcast. And this week, I am going to talk about some common myths that people have about becoming an entrepreneurs. And this is relevant to you, whether you are already an entrepreneurs and feeling maybe some of your struggles aren't common for entrepreneurs, you might be feeling a little bit alone in some of your struggles or if you are just starting out or wanting to become an entrepreneurs and just not sure if it's for you. I wanted to share these myths to help support you and help you in making decisions, to help you feel more connected to everyone else as well. So I'm going to start with four. Today, there are many myths of entrepreneurs, and these are just the four that I have been seeing impacting myself and my clients more recently. And I'm going to invite you, after you listen to this episode, to send me a message on my Instagram page and let me know if there's a myth that you believe or believed about becoming an entrepreneur.

Kavita Melwani [00:01:27]:

That no longer applies. So my instagram is at Kavita life coach. It's my original Instagram when I started my business as a life Coach, and I never changed it. So you can go there and you can follow me, send me a message. I'm on there often creating reels and hopefully inspiring my audience. All right, so first myth is that as an entrepreneurs, you are going to be free. You have complete freedom, and you're able to feel that freedom on a regular basis. You're not tied to a corporate job or a job where you have to be there and have certain hours.

Kavita Melwani [00:02:11]:

And so there's like this sense of complete freedom that happens as an entrepreneur. So the reason this is a myth, although some of that is true, there is a sense of freedom as an entrepreneurs. And sometimes that sense of freedom causes stress because you are responsible for creating your schedule. You are responsible for making sure things are running in your business and the results. And so when you are running your business and if you work with clients in any way, shape or form, you do have a responsibility to those clients. So that can feel like a little bit of a responsibility, which is some restriction, right? And so sometimes that your definition of what that freedom looks like and what you want it to feel like. More importantly, needs to adjust to the reality, the reality of the fact that you will be responsible to your clients and to providing the level of service that you want in your business now, whether that's a service or a product, right? And so if your service is coaching, you want to provide a high level of coaching. So you want to make sure that you're setting up your sessions.

Kavita Melwani [00:03:35]:

And when you have a session scheduled, you're not going to schedule something else during that session time, right? So that is the truth about the freedom. So there is freedom. There is a sense of you can pick when you want to have sessions with clients or when you want to have meetings with clients if it's not sessions. And there's this idea that can happen of you wanting to be flexible for them and bending your schedule completely. And instead I'm going to ask you to go back, if you do that, to your idea of why you started your business. Because part of the reason was you wanted some freedom. Honor that. Honor what you want your schedule to be like.

Kavita Melwani [00:04:20]:

And you can create your business in a way that honors your rhythm and your schedule. And so in that way there is that freedom. But then when we have responsibilities and really wanting to do a great job, and if we're working with other people, our customers and our clients, then there is that less sense of complete freedom. So I want that to be clear, right? So although there is freedom, there is also responsibility, okay? And so the responsibility can feel limiting sometimes to some people. Okay? So number two is something that I see a lot is that there is a secret formula to having a successful, a purposeful, profitable business and that you just need to figure out what that formula is. And unfortunately, there are a lot of people that will market and tell you that their formula is the way. Now, there are many ways and there are many formulas and there are many strategies that can help you have a successful business if you learn about a strategy or a formula that someone else used or is teaching and it does not feel like the way that you want to run your business. It doesn't feel aligned with who you are and your strengths.

Kavita Melwani [00:05:51]:

You can choose a different strategy. You can choose a different formula. So it is not that there are no formulas, it's that there's not one. There are many different paths to success in entrepreneurs. Some people will tell you it's their way or that the other ways don't make sense. And the truth is you have to figure out what is the way for you that uses your strengths and also takes you out of your comfort zone. Okay? We're not trying to just say, well, I'm going to pick things that are just super easy and that are not out of my comfort zone at all, but instead, what are some things that are a way that I can see myself continuing to sustain over a period of time. And maybe some of those activities you don't have to do forever, right? You start to hire those activities out to contractors or eventually to employees if that's the type of business that you want to have.

Kavita Melwani [00:06:52]:

And so then as you're moving forward and realizing that you can create your own formula, adapt it to what you've learned from people because there is value in learning. There are people that know great successful formulas on how to do certain things for your business, like how to create a course, or how to start a podcast, or how to attract clients or all these different strategies, how to use social media for client attraction or how to create a brand. Those are all valid things to learn. Just don't get stuck and attached that that's the only way. Be open to figuring out what the way is for you and don't keep searching for the secret formula that if you just do these few things then everything's just going to fall into place and work out okay? So really dancing around that in a way that hopefully that makes sense with what I'm saying, that can cause a lot of confusion, a lot of searching, bright shiny object syndrome, a lot of the challenges that I see that entrepreneurs face. So we talked about the freedom, we talked about the secret formula. Number three is about money. And this is a big one because money is the commodity of our world.

Kavita Melwani [00:08:24]:

In order to do things in the world, in order to live in the world, we need to have money, right? That we need to generate income and use that money for the services that we need. Sometimes we can get so attached to that dollar amount, that figure and you will see that in the marketing out there of programs and that something about that money figure means something about you or your business. And that's what kind of defines the business. The other part of the myth around money is that it's again going tied back to somewhat of the secret formula where in order to make money, you have to do things this way, you have to market a certain way or you can only have certain services or products. And if you really look out the world as much as you can, step back and look at all of the different services that are out there, all of the different products that are out there, there's some things that people have created that we didn't even think we needed, but now we want, and it's become part of our general culture, right? So what are those things? And so those people that created those products did not limit themselves. They did not limit themselves to believe that they could not create this product because no one has done it before or that it's not something that is needed. Okay? There was no evidence, there was no proof that people really needed that. Yet they believed enough in what they were creating.

Kavita Melwani [00:10:19]:

And yes, they took steps along the way to test out the products, to have people try them out, to try to sell them locally like all the things. But they continued to believe in what they were selling. They did not think that there was only a few things that were possible to work. Okay? So that is one of the myths about money and entrepreneurs is that you have to do certain things to create the money, only those things. And those are proven and tried and true proven ways or niches or types of products. And that also your success is tied to the level of income that you create. And in order to create that income, it's all about the strategy. That's another part of that money kind of myth bundle, right? And so a lot of creation in your business and business is a wonderful way to use your creativity, is about your mindset and your beliefs.

Kavita Melwani [00:11:23]:

Going back to that example of people that have created products that we didn't even realize we needed, they believed in their product when they had rough days, when they were told no, they did not give up, they continued to move forward. They had to continue to work on their mindset and their beliefs, they had to continue to trust that it will work and continue to take action on a regular basis and aligned action. Okay, so this idea that in order to make money, you have to do things that have to fit these certain formulas or there's only certain things people will pay for. And I just want you to expand your mind beyond that and see what is it that you have that you can offer that people, you know, that people need. There's a need that's not being fulfilled or there's a need that's being fulfilled, but not in the way that you can do it. And as you continue to take steps and move towards that and learn how to create this business for yourself, you will be successful. And working on your beliefs and your mindset is vital to that process. So that's the third kind of myth bundle around money.

Kavita Melwani [00:12:51]:

And the last one is this idea of the kind of entrepreneur hustle that you have to do everything, right. As an entrepreneurs, you wear a lot of hats, you have to do everything. So it is important in the beginning, especially as you're an entrepreneurs, to learn some of the skills that you're not as comfortable with, right? So sometimes if you were in a previous career that you didn't have to use as much technology or different types of software maybe in your business to manage it, learning those things are essential to running your business. Now, you may have to do some of those things in the beginning and the goal, because remember, you started your business partially for freedom, right. The goal is for you to focus on what you are really good at in your business and to pay other people to do the things that you don't want to do or you're just not good at. And so this is the way that you can have that freedom business where you focus on the things that are your zone of genius. You focus on the things that you really are good at and that you really enjoy in your business and those other aspects you get to outsource those out. And so as you take those steps to outsource out, you will have more freedom.

Kavita Melwani [00:14:16]:

And in the beginning you don't have to do everything because I don't want you to do everything in the beginning. Keep your business simple, keep it simple and keep it the foundation building. You want a solid foundation for your business that you build upon and there's often like all these things. Oh, you need to have all these pieces in place before you can run your business, before you can generate income. And I'm telling you that really it's about making your business as simple as possible in the beginning, taking steps, focusing on forward movement, moving past the no's and continuing to trust that it's going to work. And I do believe in working on your mindset and your mentorship, looking for ways that people before you have been successful and then adapting it to yourself so you can have a purposeful and profitable business, a business that you are excited to work in every day. That doesn't mean it won't have stressful points, it doesn't mean that there won't be days that you're doing things even though you don't feel like it. What it means is that you know that your work means something.

Kavita Melwani [00:15:35]:

You know that the reason you started your business may be partially to have some freedom. It may be a good mix of wanting to help people in a certain way, wanting a certain lifestyle for yourself. There's so many reasons that people start a business. The why could be a mix of many different things. One might be the strongest why. But there's usually more than one reason that people start their businesses. And so going back to that as the foundation, this is why I started my business, keeping it simple. And then you get to have and create the life and business that you want.

Kavita Melwani [00:16:17]:

So I'll review the myths really quickly. One is that you are guaranteed freedom, complete freedom I should say, as an entrepreneurs. Number two is that there's one secret formula to success in business. Number three is kind of like a myth bundle of money which is that you have to sell a tried and true product or service. And those are the things that only things that make money and that your value is based or your success is based on the amount of income that you generate. This often money mindset forgets the mindset working on your mindset and your beliefs throughout the process which is very important to generating the income. And the last one is that you have to do everything yourself. And so I hope today's episode was helpful.

Kavita Melwani [00:17:14]:

And after listening to these things you feel less alone. As an entrepreneurs, I'm excited to share some things that I have coming up in the next few weeks to help support you. In the meantime, I'm going to invite you to if you haven't already, subscribe to the podcast. Follow the podcast, share it with people who you think would benefit, and take a moment and follow me on Instagram so we can connect there as well. I look forward to continuing this conversation. And finally, if you haven't got my free gift, the how to Attract Dream Clients you love, it's a free guide. I have a link in the show notes for you to grab that for yourself. Until next time, take good care.

Kavita Melwani [00:18:06]: