The Sunbelt New Mexico Blog
A lot of people know the symptoms: feeling overwhelmed, unworthy, overly lucky, terror at being “found out.” If you’ve wrestled with Impostor Syndrome, you know the struggle is real—even when your lack of qualifications isn’t!
Impostor Syndrome is a pervasive sense of self-doubt, a belief that one’s successes have not been earned. While this insecurity can strike at any level of professional experience, research indicates that it is more common when starting a new endeavor, such as managing a new business.
In a recent article on Fast Company, writer and senior strategist Jackie Berkery shares four tips tailored for new managers dealing with confidence issues.
Claim Your Success
“Take time to contemplate what’s been accomplished and the role you played,” Berkery suggests. Acknowledge what your team did well, but also what you, as their manager, did to facilitate and foster that success. “When you don’t have a concrete sense of how your individual behaviors generate certain outcomes,” she points out, “you can’t learn from either your failures or your successes—and, for the record, the latter is just as important as the former.”
Vulnerability in Moderation
“The benefits of vulnerability get sidelined when your team hears you doubt your own management skills,” says Berkery. “Most of the time, your team needs someone who can inspire confidence, display composure and consistency, and lead by example. While there’s still ample room for showing empathy, owning your mistakes, and developing an approachable, open management style, expressing doubt in your abilities as a manager is not an effective strategy.”
Get Specific Positive Feedback
Receiving and responding to constructive criticism is an important part of growth. Positive feedback is an important part of the learning process too! “Ask for two to three specific things you’ve done that have been helpful or had a positive impact,” Berkery suggests.
Embrace a Growth Mindset
It’s OK that you don’t know it all yet! “There will be a learning curve and skills you need to develop over time. It’s only natural you’ll second-guess yourself along the way,” says Berkery. “Recognizing your imperfections while putting in the work to improve isn’t the same as the paralyzing downward spiral of self-doubt triggered by Impostor Syndrome. If you don’t feel confident in your abilities right now, be confident in your ability to learn and grow and just plain work hard instead. Confidence as a manager and leader will come.”
In another article, we discuss the value of a training and transition phase as well. When you buy a business, this phase is a great learning opportunity. The seller, as well as veteran employees, will often help you settle in. Take this chance to learn as much as you can. You got this!
Strong showing, New Mexico!
“Readers rated cities on their sights and landmarks, culture, cuisine, friendliness, shopping, and overall value,” T+L explains.
New Mexico also got three of ten Top Destination Spas, and Santa Fe’s Inn of the Five Graces was named The Best Hotel in the Continental U.S.
Additionally, New Mexico outpaced the national average for job creation this year, according to a report by the NM Department of Workforce Solutions. “This growth, particularly in the private sector, shows New Mexico is headed in the right direction and open for business,” says NMDWS Secretary Bill McCamley. “You can earn a great salary here while staying in our friendly, beautiful communities.”
And, obviously, we have the best chile.
The Land of Enchantment is a great place to be a business owner!
Finding the money to start your own small business can be a challenge. Over the decades, countless people have turned to the Small Business Administration (SBA) for help. A recent Inc. Magazine article, “Kickstart Your Business Dreams with SBA Lending,” by BizBuySell President, Bob House, explored how SBA lending can be used to the buyer’s advantage.
The article covers the basics of an SBA loan and who should try to get one. House notes that the SBA doesn’t provide loans itself, but instead facilitates lending and even micro-lending with a range of partners. The loans are backed by the government, which means that lenders are more willing to offer a loan to an entrepreneur who might not typically qualify for one. The fact is that the SBA will cover 75% of a lender’s loss if the loan goes into default.
Entrepreneurs can benefit tremendously from this program. In some cases, an SBA loan even means skipping the need for collateral. SBA loans can be used for those looking to open a business, expand their existing business or open a franchise.
House points out that getting an SBA loan has much in common with receiving other types of loans. For example, it is necessary to be “bank ready.” By “bank ready,” House means that all of your financial documentation should be organized, clear to understand and ready to go.
Next, a buyer would need to check that he or she qualifies, find a lender and fill out the necessary SBA forms. In order to be eligible for an SBA loan, it is necessary that the business is a for-profit venture and that it will do business in the United States. Once the necessary forms have been submitted, it can take between 2 to 3 months for an application to be processed and potentially approved.
The simple fact is that the SBA helps thousands of people every year. If you are looking to buy a business or expand your current business, then working with the SBA could be exactly what you need. Of course, business brokers are experts on what it takes to buy. Working with a broker stands as one of the single best ways to turn the dream of owning a business into a reality.