5 Limiting Beliefs Holding Entrepreneurs Back

We need more things to sell. We have all these customers. We should create a new product, a back end offer, a front end offer. We need to have all these other widgets, these upsells, these little, you know, these little widgets that we can put at the checkout counter that gets people to buy and like, increase the lifetime value of our customers. This leads to so much operational complexity that often, as we start stacking more and more products into the equation. That’s not the reason we’re not growing. In fact, the more products and services that you’re offering, you’re becoming a victim of what I call the tyranny of choice, which is that your customer has too many choices. They can’t make a decision, and so they’re defaulting to maybe not the absolute best solution that you would push them towards.

Maybe the one that has the highest margins, the best rate of delivery, the best customer satisfaction. Right? They’re just going with a decision, not necessarily the best, because they’re just overwhelmed by too many. Also, when you have too many products thinking that the way to grow, once you hit this glass ceiling, thinking, oh, I just need to introduce more products, it’s just putting more operational drag on the team. It’s dividing focus, it’s dividing operational prowess, and in the process, your expenses are growing. What you would find is it’s better to run a fat margins, having a lot of cash flow coming off of fewer products, rather than having a bigger business with thinner margins that are just coming off of a whole cornucopia of products. This is a very limiting belief that I see a lot of times, which is we’ve maximized the opportunity available to us in the marketplace with this one option, this one product. The only way for us to grow now is to add more products in. I would challenge you until you are reaching like the low eight figures.

So unless you’re doing around 10 million a year in revenue, you’re probably not actually tapping the potential of your current products in the marketplace. Focus your time and energy on that rather than trying to put out more products. Anywho, number four, I don’t have enough time. Listen, you have plenty of time. Time isn’t your limiting factor. Your focus is your limiting factor. Where are you applying it? You might have this feeling that you don’t have enough time to get everything done because you have too many products. Right? That could just be one example.
If you were to narrow it down and focus just on doing less but better, you would discover, oh, I have more time. I have plenty of time. I have all the time in the world. It’s just a matter of where are you allocating it and are you allocating it to the highest leverage activities possible. Often as entrepreneurs, we’re getting sucked into low leverage activities, those $10 an hour tasks that would be better outsourced rather than. But instead of that, because we can delude ourselves into thinking, I can’t afford an assistant, I can’t afford that hire. We do the work for, we do the work ourselves, and now we have no time. And we’re like, I don’t have the time.
It’s because you have these two limiting beliefs that are stacking and cycling on top of each other becomes like this negative reinforcing cycle. So you got to break that by acknowledging there is enough time. Time is not the resource I lack here. It’s focus, it’s prioritization, it’s delegation. Right? Anywho, let’s move to number five. The limiting belief that I am not a math person or I’m not a finance person, I’m not a sales person, I’m not a social media person. These are all limiting beliefs at the end of the day, that the entrepreneur, if you want to be successful, if you want to build the seven, eight, nine figures you can’t afford to buy into, you might be able to say, I’m not a math person yet, I’m not a finance person yet, I don’t love sales yet. But these are skills that your business requires of you to scale, to grow, and to become the best version of yourself as you can be.
So you can’t afford to buy into this idea that I don’t do that. That’s not my job, I’m not good at that. And the way I see this playing out so often for entrepreneurs is they convince themselves, I’m not that type of a person, I’m not the Internet guy. And so they go and they hire that the person who does seem like they’re the Internet person, and they abdicate responsibility and they say, oh, you know what you’re doing over here? Good luck, godspeed. And that is a very good way to make sure that your business craters, is to put all your trust into somebody, that you don’t actually have an ability to hold them accountable because you don’t understand what’s happening there. You don’t need to master these things, but you need to understand them well enough to be able to coach and to hold people accountable to results. You can’t do that unless you overcome this limiting belief that I’m not that type of a person. The simple word here, I think that needs to be in every entrepreneur’s lexicon is simply the word yet I’m not that person yet, but I will become that.

I know how to learn. I know how to acquire those skills. That is the one belief from which every other belief can be built upon, which is the belief that I have the ability to find the answer, to find the way to do this thing. If you just buy into one belief, let that be the one that’ll get you pretty damn far. So that’s going to do it for me. Guys and gals, I appreciate you as always. Thank you so much for checking out the podcast. If you want to learn more about growing businesses, if you’re an entrepreneur, you’re doing five, six figures.

You want to go to seven, eight figures and beyond. Then go check out beyond theapex.com dot. You can register for our community, for the trainings, for the coaching, all that jazz. It’s cool. Great. If you’re a good fit, we’ll reach out and that’s going to do it for me, guys. Otherwise, keep tuning in. If that’s not your cup of tea, no worries.

We put out tons of free content for you. Just keep consuming it, keep applying it, and you will get to where you’re trying to go to, I promise. So I will catch you guys in the next episode. Until then, stay hyper focused, my friends.