Imposter syndrome and the entrepreneurial journey

Why entrepreneurs experience imposter syndrome

Entrepreneurship demands wearing multiple hats and managing complex challenges. The constant need to prove oneself, coupled with high visibility, responsibility, and the ever-present fear of failure, can amplify feelings of self-doubt.

1. High expectations:

The pressure to succeed can foster feelings of inadequacy. Entrepreneur, Daniel Curran, noted how the intense scrutiny during the sale of his company made him feel constantly questioned, reinforcing doubts despite his achievements. The weight of these expectations can make even small setbacks feel like significant failures.

2. Isolation  

Despite having a team, the ultimate responsibility for the business's success or failure often falls on the founder. This sense of isolation can amplify self-doubt and feelings of being an impostor.

3. Comparison culture:

Entrepreneurs frequently benchmark their progress against peers, sometimes unfairly. One entrepreneur echoed this sentiment, describing how he constantly compared his business to competitors, wondering if he could have achieved more. This constant comparison can undermine your confidence and fuel imposter syndrome.

4. Fear of failure:

The fear of failure is a significant driver of impostor syndrome. Entrepreneurs often feel that every decision they make could either make or break their business, as the stakes often feel extraordinarily high. The pressure to avoid failure at all costs can be overwhelming and paralysing. 

5. Evolving roles:

Entrepreneurs often transition from hands-on creators to strategists to managers. Adapting to these new roles can be challenging and may exacerbate feelings of self-doubt. 

Despite having a team, the ultimate responsibility for the business's success or failure often falls on the founder. This sense of isolation can amplify self-doubt and feelings of being an impostor. 

Business founder, Danny Curran experienced this: “As we expanded, my role changed. I went from being deeply involved in the day-to-day operations to managing a large team. By the time we had 150 staff, I was spending most of my days responding to emails and managing people.”

Tips to overcome imposter syndrome

Understanding these underlying causes can help entrepreneurs recognise and address their feelings of impostor syndrome, paving the way for greater confidence and success.

1. Acknowledge and reframe self-doubt:

Recognising imposter syndrome is the first step. One interviewee recommended focusing on your achievements, stating, "We developed unique products and strong client relationships; that was a source of genuine pride."

2. Build your support network:

Building a support network of mentors and peers can provide valuable perspective. Steve Broughton advised “finding a mentor or someone experienced to guide you. My business partner has scaled our second business much faster than I did with my first, simply because I’m there to help him avoid the mistakes I made.”

3. Develop emotional resilience:

The business owners highlighted the importance of balancing emotion and practicality, with Alex Bell advising: "Don’t be afraid of making mistakes; that’s how you learn. You can’t live life without taking risks… and don’t worry too much about the failures – they’re just part of the journey.”

4. Celebrate milestones:

Celebrating successes, however small, as they accumulate into the larger picture of achievement.

5. Seek professional guidance:

Whether it’s a business coach or therapist, professional guidance can help unpack feelings of self-doubt and build confidence.

Imposter syndrome may feel isolating, but it’s a shared experience among entrepreneurs. By understanding its root causes and applying practical strategies, business leaders can not only manage this challenge but also use it as a stepping stone for personal and professional growth.

For entrepreneurs the journey of overcoming self-doubt has reinforced the importance of self-reflection, resilience, and seeking support. As one interviewee wisely put it, "The lows put the highs in perspective and vice versa."

Let imposter syndrome remind you of your ambition – proof that you're stepping out of your comfort zone to achieve extraordinary things.