6 Self-Sabotaging Behaviors of Entrepreneurs
Everyone is prone to self-sabotaging behavior, but these patterns can be amplified for entrepreneurs and freelancers who face daily pressures like workplace morale and financial uncertainty.
Let’s face it – there is a lot more to entrepreneurship than “being your own boss.” With that autonomy comes exposure to market volatility, time management, decision fatigue, and not knowing how much you’ll make – or be able to save – for many years to come!
While the upsides of entrepreneurship are often celebrated, rarely discussed is the psychological toll that entrepreneurship takes, especially for the newly self-employed.
In fact, entrepreneurs are especially vulnerable to self-sabotaging behavior because they are often alone in their decision-making, they face many uncertainties about the future, and they tend to take professional hardships to heart because their brand is often an extension of themselves.
In this article, we discuss six self-sabotaging behaviors that are common amongst entrepreneurs – and more importantly, how to overcome them.
1. Perfectionism.
There is nothing inherently wrong with perfectionism – in fact, it is likely what led many of us to excel enough in our fields to be able to branch off in the first place. While that perfectionist streak may have worked to our advantage while tasks were being delegated to us, it can inhibit us now that we are off on our own and have to delegate our own tasks. Too often, early entrepreneurs postpone launches or miss important opportunities because they are worried about perfecting details that, frankly, go unnoticed or are not that relevant to their brand ethos.
How to overcome it: Consider the Pareto Principle, or the 80-20 rule, which states that 80% of outcomes come from 20% of causes. In other words, 80% of a company's revenue is generated by 20% of its products, services or customers. As an entrepreneur, your job is to identify and perfect the 20%, not to attempt (and inevitably fail) to perfect 100% of your business.
2. Getting wrapped up in “busy work”.
Whether it’s bookkeeping, marketing or managing the stock inventory, entrepreneurs have to wear many hats – especially when they are first starting out. With so many tasks requiring an immediate response, it can be easy to spend the entire day swamped in “busy work” while neglecting other important facets of your business like generating future leads and establishing long-term goals for your business. This can set you up for disappointment when a dry spell rolls around and you have no plans in place to reach new customers or diversify your revenue.
How to overcome it: Allocate one afternoon out of the week – Friday afternoons often work best – to work on long-term strategies for your business that you otherwise wouldn’t be able to get around to throughout the week. Block off this time as you would a client meeting. Recalibrating your long-term goals on a regular basis can help you evaluate the overall health of your business and reconnect with your original mission.
3. Imposter syndrome.
A popular topic amongst millennials, imposter syndrome affects even the most qualified of individuals. As you grow your network and meet other accomplished individuals in your field, it can be easy to feel as if you do not belong in the room. Imposter syndrome, when left unchecked, can lead to negative thought patterns like defeatism or all-or-nothing thinking that can impact your decision making and undermine client relationships.
How to overcome it: Understand that everyone has it. Sophia Amoruso – an entrepreneur who once had an estimated net worth of $280 million – has openly discussed her struggles with imposter syndrome, even to this day. Remember that most of the time, people are too self-involved – or are perhaps dealing with their own case of imposter syndrome – to care for too long about your credentials or past accomplishments.
4. Catastrophizing.
No matter what industry you are in, entrepreneurship and freelancing come with ups and downs. This constant exposure to anxiety and uncertainty can condition our brains to interpret every slight dip in sales or negative feedback as the Beginning of the End. While it is certainly important to stay on top of your business’ health, catastrophizing every detail can send you into a downward spiral and lead to low morale and brash decision-making.
How to overcome it: The Subjective Units of Distress Scale, or SUDS scale for short, is a tool for measuring the intensity of your feelings. Start off by outlining your emotion ratings to certain situations on a scale of 1-10. For example, an unwashed dish in the sink may elicit a 2, while the death of a loved one will elicit a 10. Next time you feel overcome with emotion, rate your emotion on the same scale. Doing so can help you gain perspective on how much your emotional reaction compares to the actual magnitude of the situation.
5. Emotional reasoning.
While it is important for founders to be passionate about their businesses, it is also important to remember that being “passionate” and “emotional” are not the same thing. A passionate person uses a variety of guiding principles – including reason, logic and overall purpose – to achieve a single objective. An emotional person, on the other hand, uses emotion as their sole guiding principle to achieve a multitude of objectives. When you allow your emotions to dictate your decisions, you start to take every situation personally.
How to overcome it: Write down your company’s mission statement and put it somewhere visible. Whenever something elicits a strong emotion or you have an emotionally charged interaction – say, a cancelled contract or miscommunication with a customer – refer back to your mission statement. This should be your primary guide to plan your next course of action.
6. Neglecting to celebrate small victories.
With entrepreneurship comes a seemingly never-ending stream of problems that need to be addressed. Production delays? Quality inspection? IT glitch on the company website? Depending on your staff size, you will likely be called upon to solve all of these problems. Being stuck in a never-ending loop of problem-solving can lower motivation and undermine your mental health.
How to overcome it: Take the time to celebrate small victories, not matter how miniscule. Signed with a new client? Take yourself out to lunch. Received a positive review on Google? Reward yourself with a face mask. Got a referral from a happy client? Get yourself some flowers – and your client too! Tracking your victories with small gestures of self care will increase motivation and help you through the ahem, less victorious times.