3 Reasons Confidence Will Make You Rich as an Entrepreneur

Here at LVRG, we are passionate about helping entrepreneurs to grow and succeed in their business. We love helping small businesses access the funding that they need to thrive in entrepreneurship. Whilst capital is a key ingredient to success in business, it certainly doesn’t end there.

Here are three reasons why, first and foremost, confidence will be your key asset in business and make you rich.

1.     Confidence Helps You to Thrive in the Uncertainty of Entrepreneurship

Eric Ries, the author of the Lean Start-Up, defines a start-up as a business operating in conditions of extreme uncertainty. There is no denying that choosing the path of an entrepreneur over the usual 9-5 life will always involve a certain level of uncertainty as you innovate and create something truly unique.

Confidence is a key asset that propels you, in spite of the fact that the odds seem stacked against you. As George Addair is quoted:

“Everything you’ve ever wanted is on the other side of fear.”

Fear is an emotion that helps us to primitively, instinctively make a sub-conscious decision whether to respond to danger or threat by fleeing or fighting. Problems and risks, in business, naturally cause fear. But it is our confidence that enables us to respond to fear in productive ways.

2.     Confidence Enables You to Take Risks

“You miss 100% of the shots you don’t take”. –Wayne Gretzky

When operating in the uncertainty of entrepreneurship, calculated risk is a key ingredient.

Confidence is found in the fine line between naïve arrogance and fear and doubt of what is possible. Your confidence as an entrepreneur will help you to make key decisions where the result is not certain. It helps you to take the shots you need to take in order to achieve success as an entrepreneur. You have to take those shots and risk your time and money when ROI is not guaranteed. Your confidence will guarantee to you that you will do whatever it takes to make it work and thrive in business.

3.     Confidence Helps You to Overcome Failures

Thomas A. Edison, celebrated and successful American inventor and entrepreneur famously said: “I have not failed. I’ve just found 10,000 ways that won’t work”.

We’ve seen that entrepreneurship is an uncertain and risky game. Where uncertainty and risk meet, failure is inevitable. However, it isn’t failure that stops us from achieving success in business. It is the ability to confidently claim that we can overcome our failures.

Failure in business does not define our competence or ability to make it; failure is part of the process and is in itself an experience which we can use as an asset, to learn from and propel us forward.

There are many hard resources required to make a business, from capital to other resources. However, the way we manage ourselves and our emotions is one of the most important assets that will propel us forward.

Only confidence can help us to lead, inspire and leverage our business resources to achieve success.

By: Charles Barr
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