How to Conquer Your Business Startup Fears with Mind Mapping
Let’s face it. The first step is always the hardest. Whether you’re trying to quit smoking, start graduate school, or learn how to play guitar. It’s that first step that leaves us feeling awkward, inadequate, and questioning our conviction. Taking that first step toward entrepreneurship is no different. We question our business skills, product performance, and financial competency. The dreaded, “what if I can’t do it?” question creeps into our daily thoughts. We start reasoning that it might be better to “just wait another year.”
These fears are extremely common and unfortunately well founded. Reports show that as much as 50% of all new start-ups fail within the first year. That is not exactly encouraging odds. However, we all have a choice when it comes to creating our destiny. We can use statistics like these to confirm our business’s certain death, or gain confidence from the fact that you could be part of the 50% that become a success. In the famous words of Zig Ziglar, you just have to eliminate your “Stinkin’ Thinkin’”.
One of the tools I use to overcome my fears is mind mapping. It’s a terrific tool that can help you isolate the source of your fears, bring much needed perspective, and help brainstorm solutions to your sticking points. There are several “mind mapping” tools out there and many are free to use. I prefer to use the tool by Wisemapping since it’s free, allows me to add notes and web links, and I can publish or share the completed map.
To demonstrate my fear mind mapping strategy, I’ve created an example below.
First, I outline my top fears associated with starting the business. I then brainstorm how I can overcome those fears. My final step will be answering those questions. My goal is to find a positive solution to each of the questions I’ve asked. For example, for the question, “Can I reduce my startup costs with outsourcing?” I would research potential manufacturing possibilities until I could answer the question with a “yes.” If I can’t find a way, I then brainstorm ways to overcome the obstacle. A “no” isn’t necessarily bad, it just means you need to tweak your business plan to compensate for this reality. Try to be as thorough and honest as possible with your mind map. The goal is to solve your sticking points on paper before you’ve invested your time and money. I use this tool regularly for many of my business decisions including product launches, partnership agreements, and even potential marketing opportunities.
It’s amazing what this simple exercise can do for your confidence level. You are no longer living in fear of the unknown. Instead, you are on a mission with a powerful road map to your business’s success.
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April 9th, 2009 at 6:07 am
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April 9th, 2009 at 8:14 am
Heather, this is a really good tip. I already had a startup mind map and I am adding this section in for myself. Thanks!
April 9th, 2009 at 6:26 pm
This is a great Mind Map.
Once of the best ways to overcome fears is sincerely asking the right kinds of questions. In a way these questions break the illusion of fear and allow us to see life and our objective as it really is.
April 9th, 2009 at 10:20 pm
I know of another great free open source “Desktop” Mind Mapping software called FreeMind. Mind mapping software is the best when it comes to brain storming. It’s also a killer APP if you have a tablet PC like myself LOL. You can find FreeMind by Google or by going to http://freemind.sourceforge.net.
April 14th, 2009 at 8:40 am
Great post Heather. While considering a mind map, it’s important to develop a core story for a business (why the business was founded, what it does and for whom, its values and its goals). We find that the process of writing a core story allows clients to identify the key priorities that they must accomplish to reach their goals. A strong core story is the basis for a great mind map.
April 14th, 2009 at 10:50 am
is there a template that could be used to fill in the blanks..
April 14th, 2009 at 11:09 am
I have learned that you have to take a long term approach, be flexible and very creative with the funding and resources already at your disposal. More people are willing to barter than you’d imagine.
With the internet you even have access to international resources - the most valuable being mind-power. Start your own MasterMind group and see how rich and resourceful you already are.
Think ONLY success. You will get there.
Lee
Twitter.com/LivingRichLee
April 14th, 2009 at 11:22 am
Heather,
This is a great tip to use to work through any big strategic decision that you are facing in your business.
I’m trying to put one together to help guide me in my marketing investment decisions. Fear of where to put my marketing dollars seems to be a great mind map for me.
Thanks for the suggestion.
April 14th, 2009 at 12:00 pm
Thanks for all the great comments! I think “mind mapping” is a personal process and will be different for everyone. The main lesson is to open up to the process and try to be a thorough as possible to get your ideas on paper. This is a terrific tool for organizing all those thoughts that swarm around in our minds. Best of luck everyone!
April 14th, 2009 at 12:20 pm
Billion$ <- (Yes Billion) idea not a cent to make it happen.
All I need is money to get money.
Same old story NEVER changes.
The ones with money want to keep it.
Others just do not have it.
VC ? ? ? They want the world in return, even then they want it to fit this small window of opportunity that suits them.
One sad story huh.
April 14th, 2009 at 12:31 pm
This is a great tip. We used mind maps extensively when we started our business and continue to do so. We have also created a FREE E-course which includes suggestions on mind mapping and other tips to ensure your business success.
Warm regards
Graham and Claire
Whole Being
http://www.passionforbusiness.co.uk
April 14th, 2009 at 7:46 pm
I’ve used Mindmaps for over a year now and they have made such a difference. They are great tool for everything from a to do list to launching my business and planning my blog posts.
http:// inventionaddict.blogspot.com/
April 15th, 2009 at 8:46 am
Thanks, Heather. Great information which I will use tonight! My endeavor is a little different, but still very applicable! Excellent.
April 16th, 2009 at 11:16 pm
Mindmapping is a phenomenal tool and like heather has used it . it can be utilised in every process, presentation or thought process you have. Our brains naturally think this way and usually you will come up with greater ideas faster using this technique.
I love to use it too and i love the mind map you have created heather think i will do similar ones for my business.
Thanks for a great post!
Paul Telling
Creative Communications Creator and Graphic Facilitator
Pauls Site
Visualise and Monetise!
July 3rd, 2009 at 2:50 pm
Awesome mind map Heather! I find this example easier to follow than the random circles I’ve seen used.
June 22nd, 2010 at 1:03 am
i never doubt that mind power can also increase the healing ability of the body.;.`
July 26th, 2010 at 10:45 am
i always thought that there is some sort of built in mind power in everyone of us.:’:
September 12th, 2010 at 11:08 am
mind power somehow exists in one way or another*’.
January 29th, 2012 at 6:18 am
I’m agitated all these article directories. It sure would be nice to have every article directory that instantly accepts articles.