The Importance of Self-Confidence for Entrepreneurs and How to Increase Yours
If you could change one aspect about yourself that would make you a better entrepreneur, what would it be? There’s one factor that can make you a better entrepreneur, make you happier, and increase your chances of success. But what is it? Confidence.
When you’re just starting out, it can be hard to have confidence as an entrepreneur. You’re probably worried that everything won’t work out. You may not even be confident enough to even tell people about your business. (I struggled with this for years!)
However, building confidence is crucial both for your mental health and overall success as an entrepreneur.
Confidence boosts your mental health
People who are not confident can get dragged down by self-doubt and fear. Sometimes, they can even develop imposter syndrome.
You don’t feel that you are as capable as doing what you actually can. Sometimes, you don’t even feel like you deserve to succeed. However, if you work to develop more confidence, you can build better mental health. Over time, you can increase what you are capable of.
People who are confident gain a variety of mental health benefits:
- More happiness overall
- Positive self-esteem
- Less stress
- Better able to bounce back after failure (resilience)
Self-efficacy and entrepreneurship
Self-efficacy is a person’s belief that they are able to and will be able to make something happen. Feeling that you are able to succeed is a key factor in actually succeeding in what you do.
Studies have shown that people with high self-efficacy are confident in sticking with and achieving their goals. This also leads entrepreneurial people to be willing to take more risks. So, instead of just thinking about starting their business, they actually do it.
Confidence helps you succeed in your business
Entrepreneurs who are very confident are better poised to start and succeed in a new business. Because of their self-efficacy, they feel that they are able to succeed. This makes them willing to put in the risk for a new business. Succeeding in that business then builds even more self-confidence.
This is because it allows you to feel better and therefore, be more successful overall.
- More likely to go after opportunities
- Better persistence
- Easier to overcome obstacles
- Others will accept your ideas more
How to build self-confidence as an entrepreneur
If you have lower levels of self-confidence, it can be hard to build more and to start your business. Luckily, you can make some small changes in your life. As you start to see your success, your self-confidence will continue to grow even more.
Some small ways to build your self-confidence:
- Celebrate your wins (even the small ones)
- Accept praise from others
- Use good posture (head high, shoulders back, no slouching)
- Use positive affirmations
- Know your strengths and weaknesses
- Set SMART goals (and stick to them!)
- Stop comparing yourself to others
What will you do to build your confidence as an entrepreneur?
Following some of these steps will help you build self-confidence. You’ll feel better and start to see the benefits of more confidence.
What will you do to grow your self-confidence as an entrepreneur? Let us know in the comments below!
