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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Jul 17, 2023

Self-doubt can be a significant barrier to success in business, holding individuals back from pursuing opportunities or capitalizing on their strengths. Overcoming self-doubt requires anyone in business (especially entrepreneurs) to develop a positive mindset, embrace their expertise, and trust their instincts in decision-making. By actively combating self-doubt and harnessing confidence, entrepreneurs can overcome the obstacles holding them back, paving the way for professional and personal growth.

Host Melina Palmer emphasizes the importance of overcoming self-doubt in the episode, offering practical advice for those grappling with imposter syndrome or a lack of confidence. She endorses the use of daily affirmations, practice in speaking confidently, and actively engaging in activities that boost self-esteem. By overcoming self-doubt, entrepreneurs can unleash their full potential, contribute positively to their businesses' success, and advance toward the realization of their goals and ambitions.

In this episode, you will be able to:

  • Realize the significance of a positive attitude in boosting entrepreneurial achievements.
  • Master techniques to conquer impostor syndrome through role-playing and self-assurance methods.
  • Grasp how flexible thinking can break barriers and facilitate entry into new markets or pricing changes.
  • Learn about anchoring and adjustment to establish pragmatic and rational goals.
  • Appreciate the influential role of mentorship in sculpting personal and career advancements.

Show Notes:

00:00:00 - Introduction,
Melina welcomes listeners to episode 306 of The Brainy Business podcast, which is all about adjusting one's mindset and overcoming impostor syndrome, particularly when it comes to pricing. She encourages listeners to be open-minded and ready to adjust their anchors, priming, and mindset to achieve their goals.

00:03:36 - Mindset Challenges,
Melina notes that mindset issues can make or break one's business and impact confidence around pricing and offerings. She emphasizes the need for listeners to be aware of vicious cycles that can drag them down and to focus on virtuous cycles such as the confidence-competence loop. Melina recommends practicing saying new prices aloud, building one's confidence and training one's brain to project confidence.

00:08:25 - The Role of Confidence,
Melina shares her experience working at Alaska Airlines and how her training there helped her project confidence when quoting prices. She explains how projecting confidence is vital in sales and how, regardless of the price, one needs to say it confidently without hesitation. Melina also shares how her first agency job helped shape her mindset about billable hours and not discounting on the back end.

00:11:45 - The Importance of Confidence,
Melina highlights how projecting confidence is essential when quoting prices and how the subconscious brain of buyers pick up on the slightest sense of hesitation. She advises listeners to train their brains by practicing saying new prices aloud, projecting confidence, and speaking as if they were telling someone the weather.

00:16:22 - Mindset is Key for Success,
Melina emphasizes the importance of having a positive mindset and believing in your worth. She explains that having the right mindset is crucial in pricing conversations, networking events, live videos, and other situations where you need to show your worth.

00:17:35 - Setting Realistic Anchors,
Melina talks about the behavioral economics of mindset, specifically anchoring and adjustment and relativity. She explains that we tend to set an unrealistic anchor by comparing ourselves to top-performers in our industry, which can result in feeling stuck and not taking action. She advises resetting your anchor to where you are now and taking small steps each day.

00:19:31 - Setting Achievable Goals,
Melina encourages listeners to focus on where they are now instead of setting unrealistic goals for the future. She emphasizes the importance of taking small steps each day and adjusting your anchor to the present offering you have out there. She also highlights the importance of long-term planning sessions and having goals for where you want to get to eventually.

00:21:07 - Overcoming Self-Doubt,
Melina acknowledges that self-doubt and imposter syndrome are common among many people. She advises listeners to take small steps each day to gain more competence and confidence. She also shares some Dr. Seuss quotes that she finds inspiring and applicable to mindset.

00:28:19 - The Importance of Mentorship,
Melina talks about her upcoming episode with Scott Miller (307), where they will be discussing his new book. The Ultimate Guide to Great Mentorship.

00:29:04 - Conclusion,
Melina's top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

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