Six keys to building confidence as an entrepreneur
How often have we heard the words “be confident in your abilities”, yet businesses fail every day. Some say confidence is the distinctive feature of entrepreneurs – they challenge stereotypes. But one thing every entrepreneur desires is confidence in his/her business prospects, especially when pitching to investors. So how does one build confidence?
Although there are no hard and fast rules to building confidence, in this article we outline six practicable tips anyone can adopt.
Know what you want!
“Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible.” – Oprah Winfrey
As an entrepreneur, you need to know exactly what you want, what defines you, where to place your chips, etc. Express your business concept with clarity and feed into the positivity of the road map you create in your thought process. Like Oprah said: state what you believe. Consciousness of your next step feeds confidence and helps in the development of your business. That knowledge (or passion) is a driving force, and it almost always decides the success of a business.
Take action!
“A good plan implemented today is better than a perfect plan implemented tomorrow” — George Patton
Procrastination is deadly. Potentially viable business ideas go to waste when one tarries. Do not overthink ideas or take them too seriously. As an entrepreneur, the ability to act quickly might be the difference between success and failure. More than seven years before Apple Inc. rolled out the iPhone, a Nokia team showed prototype phones with a colour touch screen set above a single button. In the late 1990s, Nokia secretly developed another alluring product: a tablet computer with a wireless connection and touch screen—all features today of the hot-selling Apple iPad. Perhaps, they weren’t confident enough to hit the market with such products, but the same has made Apple the most valuable company globally. Lesson: Don’t be afraid of failure. Get it done. It builds confidence.
Confront your fears
“One of the greatest discoveries a man makes, one of his great surprises, is to find he can do what he was afraid he couldn’t do.” – Henry Ford
Ever thought up reasons why your business idea wouldn’t work? Some even take it a step further: doubt their abilities to see a carefully crafted plan through. As an entrepreneur, confronting your fears is somewhat tied to satisfaction. You must also realise that fear is often based on unhelpful interpretation.
Hardwork and preparation
“Amat victoria curam.” – Latin proverb (Roughly translated: victory loves preparation)
Hard work, due diligence and preparation is pertinent to the success of any business. Preparation feeds confidence. When you are thoroughly prepared it builds confidence in your ability to handle different situations. But when you know nothing about what you about to venture into, it feeds fear and doubt sets in. Your thoughts are vague and you struggle to express yourself, organise your thoughts or handle the simplest of tasks. Astute entrepreneurs know everything about the business they’re venturing into; some even have an exit strategy.
Learn from failure(s)
“It’s fine to celebrate success but it is more important to heed the lessons of failure” – Bill Gates
Building confidence requires you to face your fears, and even when you fail, dust yourself up and try again. It is ok to fail. The important thing is the lessons you learn. The experience of failure leaves makes you’re a veteran; you gain confidence in the fact that you will never walk that path the same way. As entrepreneurs, learning from the failure of others is also crucial to building confidence.
Find a mentor
“[Mentorship gives] a huge head start over go-it-alone competitors.” – Amy Errett
That mentorship helps entrepreneurs is not in doubt. However, the importance of finding mentors who build confidence, especially in the early stages of business, is crucial. Mentors offer an outlet to discuss the fears and doubts. Some become confidants and help with insights, clear doubts and explain business dynamics. Mentors also inspire confidence and reaffirm self-believe. However, it is advisable not to go for an “expert in the field”, but a “war veteran”, someone is patient, but does not spare the rod, and is success-oriented.
For more inspiring stories and resources on entrepreneurship, join the largest entrepreneurship community in Nigeria on www.mentor.mara.com or download the Mara Mentor app on Android and iOS stores. For inquiries, email: support@mentor.mara.com