Here at LVRG, we are passionate about helping small business owners grow and succeed in their business. We love helping these small businesses access 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 6 reasons why 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. Seek out small victories
Confident people tend to challenge themselves and compete, even when their efforts yield small victories. Small victories build new androgen receptors in the areas of the brain responsible for reward and motivation. This increase in androgen receptors increases the influence of testosterone, which further increases your confidence and your eagerness to tackle future challenges. When you have a series of small victories, the boost in your confidence can last for months.
#3. 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.
#4. Take an honest look at yourself
Johnny Unitas said, “There is a difference between conceit and confidence. Conceit is bragging about yourself. Confidence means you believe you can get the job done.” In other words, confidence is earned through hard work, and confident people are self-aware. When your confidence exceeds your abilities, you’ve crossed the line into arrogance. You need to know the difference.
True confidence is firmly planted in reality. To grow your confidence, it’s important to do an honest and accurate self-assessment of your abilities. If there are weaknesses in your skill set, make plans for strengthening these skills and find ways to minimize their negative impact. Ignoring your weaknesses or pretending they’re strengths won’t make them go away. Likewise, having a clear understanding of your strengths enables you to shake off some of the more groundless feedback and criticism you can get in a busy, competitive work environment—and that builds confidence.
#5. Be assertive, not aggressive
Aggressiveness isn’t confidence; it’s bullying. And when you’re insecure, it’s easy to slip into aggressiveness without intending to. Practice asserting yourself without getting aggressive (and trampling over someone else in the process). You won’t be able to achieve this until you learn how to keep your insecurities at bay, and this will increase your confidence.
#6. 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.