As a business coach with years of experience working with new business owners, I can confidently say that self-belief is one of the most important factors in determining success. In fact, research has shown that confidence is strongly linked to achievement, both in our personal and professional lives. So, if you are looking to start a business, building your confidence and belief in yourself is crucial. Here are five practical ways to do just that:

Identify Your Strengths And Values

Knowing what you’re good at and what matters most to you is a powerful way to build confidence. Spend some time reflecting on your strengths and values and write them down. Then, use them as a guide as you start your business. When you’re feeling uncertain or doubtful, remind yourself of what you bring to the table and what motivates you. Here’s why:

It helps you define your unique value proposition: When you know your strengths and values, you can create a business that is unique to you. This can help you stand out in a crowded market and attract customers who are aligned with your values.

It gives you a sense of purpose: Identifying your values can help you understand what you want your business to achieve beyond just making money. When you have a clear sense of purpose, it can help you stay motivated and focused on your goals.

It informs your decision-making: Knowing your values can help you make decisions that align with what’s most important to you. For example, if one of your values is environmental sustainability, you might choose suppliers who use eco-friendly practices.

It builds self-awareness and confidence: Being aware of your strengths and values builds self-awareness and helps you develop a more accurate and positive self-image. When you know what you stand for and what you’re good at, you can approach challenges with more confidence and a sense of purpose.

So how do you identify your strengths and values? Here are a few tips:

Reflect on past experiences: Think about times when you felt particularly successful or fulfilled. What skills or traits did you use to succeed? What values were important to you in those situations?

Ask for feedback: Ask friends, family members, colleagues, or mentors for feedback on your strengths and values. They may have insights that you’re not aware of.

Take assessments: There are a variety of assessments available – such as personality tests or values assessments – that can help you identify your strengths and values.

By creating a business that aligns with your unique strengths and values, you can stand out in the market, stay motivated and focused, make decisions that align with your values, and approach challenges more confidently and purposefully.

Set Achievable Goals

Starting a new business involves so many moving parts, and as a startup with limited funds, you will likely be involved with many, if not all, of these aspects initially. Therefore, setting realistic, achievable goals is another important aspect of building confidence, as it is easy to get overwhelmed and doubt your abilities. 

Breaking down your larger business goals into smaller, manageable steps will provide a clear sense of the way forward. Here are a few reasons why setting goals is crucial for success. 

Provides direction and focus: When you set goals, you have a clear direction and purpose for your business. You know where you’re headed and what you want to achieve. This allows you to focus your efforts and resources on the things that matter most and avoid getting distracted by shiny objects or irrelevant tasks. 

Creates accountability: Setting goals creates a sense of accountability. When you have specific targets to aim for, you’re more likely to take action and follow through on your plans. You can track your progress, measure your success, and make adjustments as needed.

Motivates and inspires: Goals provide motivation and inspiration. When you set ambitious but achievable goals, you create a sense of excitement and energy around your business. You have something to strive for, something to work towards, and something to celebrate when you achieve it.

Helps with decision-making: When you have clear goals, you can use them as a guide when making decisions. You can evaluate different options based on how well they align with your goals and make choices that move you closer to your desired outcomes.

So, how do you set effective goals for your new business? Here are a few tips:

Make them specific and measurable: Your goals should be specific and measurable, so that you can track your progress and know when you’ve achieved them. Avoid vague or general goals like “be successful” or “make money”. Instead, make them specific and measurable, such as “increase revenue by 20% in the next quarter”.

Make them challenging but achievable: Your goals should be challenging enough to stretch you and inspire you but not so unrealistic that they’re demotivating. Find the sweet spot between ambition and achievability.

Make them time-bound: Your goals should have a clear deadline or timeline, so that you have a sense of urgency and accountability. Set deadlines for each goal and break them down into smaller milestones or tasks.

By providing direction, creating accountability, by motivating and inspiring you, and helping with decision-making, goals can set you on the path to success. So, take some time to think about your goals for your new business, and make them specific, challenging, and time bound. And remember, setting goals is just the first step – you also need to act and follow through on your plans to make them a reality.

Practice Self-Compassion

Starting a business can be stressful and challenging. It’s essential to be kind to yourself and practice self-compassion, especially when things don’t go as planned. Remember that failure and setbacks are a normal part of the process and that you’re not alone in experiencing them.

At its core, self-compassion involves treating ourselves with the same kindness, concern, and understanding that we would extend to a close friend who is suffering. Rather than beating ourselves up for our flaws and shortcomings, self-compassion allows us to acknowledge our pain and difficulties with a sense of warmth and acceptance.

Research has shown that self-compassion is strongly associated with a range of positive outcomes, including reduced anxiety and depression, increased resilience, and greater life satisfaction. Moreover, self-compassion can help us develop a more balanced and realistic sense of self-worth, allowing us to embrace our imperfections and embrace our whole selves.

However, many of us struggle with self-compassion because we have been taught that being critical and harsh with ourselves is necessary for personal growth and improvement. We may believe that self-criticism is an effective motivator, but evidence shows that self-compassion is actually a more effective and sustainable way to motivate ourselves towards positive change.

To cultivate self-compassion, it’s important to start by recognising that we are all human and imperfect. Rather than denying or ignoring our pain, we can acknowledge it with compassion and understanding. We can also practice mindfulness to become more aware of our thoughts and emotions, allowing us to respond to them in a non-judgmental and compassionate way.

Ultimately, self-compassion is a powerful tool that can help us navigate life’s challenges with greater ease and grace. By treating ourselves with kindness and understanding, we can develop a deeper sense of self-love and acceptance that can transform our relationship with ourselves and the world around us.

Surround Yourself With Supportive People

Starting a business is one of the most challenging endeavours one can embark on. It’s an exciting and fulfilling journey but can also be full of obstacles and setbacks. That’s why having a good supportive network of friends, family, and colleagues is crucial to your success. 

As a business coach and someone with friends who are business owners, I’ve seen countless entrepreneurs struggle because they lack a strong support system. It’s understandable to want to keep your business plans close to the chest, but without the support of those closest to you, it can be difficult to confidently navigate the challenges of starting a business. 

Your support network can provide you with invaluable emotional support, encouragement, and advice. When you’re feeling overwhelmed or discouraged, they can be the ones to lift you up and remind you of your strengths and potential. They can also help you generate new ideas, offer constructive feedback, and introduce you to potential customers or investors.

It’s important to remember that starting a business is not a solo journey. While you may be the one at the helm, you’ll need the support of others to help you navigate the ups and downs of entrepreneurship. By cultivating a supportive network, you’ll not only have a better chance of success, but you’ll also have a group of people who are invested in your journey and want to see you succeed.

To build a supportive network, reach out to your family, friends, and colleagues you trust and share your business vision. Join local networking groups and attend industry events where you can meet like-minded individuals. Build relationships with other entrepreneurs and seek mentors who can offer guidance and support.

Building a supportive network takes time and effort, but it’s essential to starting a successful business. With the right people by your side, you’ll have the confidence and support to overcome obstacles, make tough decisions, and ultimately achieve your goals.

Adopt a power pose.

Finally, don’t underestimate the power of body language. Research by psychologist Amy Cuddy has shown that adopting a power pose – standing tall with your shoulders back and chest open – can increase confidence and reduce stress. Before important meetings or presentations, take a few minutes to strike a power pose and focus on your strengths and values.

A power pose is a physical posture that conveys confidence and power, such as standing tall with your shoulders back and your chest open. But why is it effective?

Research has shown that adopting a power pose can significantly impact our psychological and physiological state. For example, in one study, participants who held a power pose for just two minutes experienced an increase in testosterone – a hormone associated with confidence and assertiveness – and a decrease in cortisol – a hormone associated with stress. These hormonal changes were accompanied by increased feelings of power, confidence, and reduced stress levels.

Another study found that people who adopted a power pose before a job interview performed better than those who did not. As a result, they were more likely to be hired and received higher evaluations from interviewers. This effect has been replicated in other contexts, including public speaking and academic performance.

So why do power poses work? One possibility is that they send a signal to our brain and body that we are in a position of power and authority. This triggers a cascade of physiological changes that enhance our confidence, reduce stress, and improve our performance. Power poses can also help counteract the effects of “imposter syndrome” – the feeling that we don’t deserve our success or that we’re not good enough – by reminding us of our power and agency.

In conclusion, power posing is a simple yet effective way to boost confidence, reduce stress, and improve performance. By adopting a confident, powerful posture, we can signal to our brain and body that we are in control and capable of achieving our goals. So, the next time you feel nervous or uncertain, try striking a power pose and see how it can transform your mindset and behaviour.

Conclusion

In conclusion, building self-belief and confidence is essential for starting a successful business. By identifying your strengths and values, setting achievable goals, practising self-compassion, surrounding yourself with supportive people, and adopting a power pose, you can build your confidence and achieve your goals. Remember, you have the power to believe in yourself and make your business dreams a reality. 

You may also like: The Confidence Paradox: Analysing the Gender Gap in Ambition and Self-Assurance When Starting A Business

Image source: Depositphotos.com

Introduction

Entrepreneurship is often hailed as a pathway to success and economic empowerment. However, when starting a business, there is a gender gap in ambition and self-assurance. Studies have shown that women are less likely to start their own ventures than men, and when they do, they tend to exhibit lower confidence levels. 

In this article, we delve into the confidence puzzle and explore the confidence paradox in entrepreneurship, examining the factors contributing to the gender gap in ambition and self-assurance and discussing the implications for women’s participation in the business world.

Societal Expectations and Stereotypes

Societal expectations and ingrained stereotypes play a significant role in shaping women’s perceptions of their entrepreneurial capabilities. Girls are often encouraged towards nurturing roles rather than risk-taking and business-oriented pursuits from an early age. As a result, women may internalise beliefs that entrepreneurship is male-dominated, leading to lower confidence in their abilities to start and run successful businesses. These gendered expectations can create a barrier for women, impacting their ambition and self-assurance when considering entrepreneurship.

Lack of Role Models and Representation

The absence of visible female role models and limited representation of women in successful entrepreneurial ventures further compounds the confidence paradox. When women lack relatable figures who have succeeded as entrepreneurs, it becomes challenging to envision themselves in similar positions. The lack of representation can undermine women’s confidence, as they may question whether they possess the necessary skills and qualities to start and lead successful businesses. On the other hand, exposure to successful female entrepreneurs can inspire and boost women’s confidence, bridging the gender gap in ambition.

Access to Resources and Networks

Access to resources and networks is vital for entrepreneurial success, yet women often face barriers to accessing these essential elements. Studies have shown that women encounter challenges in securing funding, obtaining business loans, and accessing mentorship opportunities. Limited access to capital and networks can create a confidence deficit among women entrepreneurs, as they may perceive themselves as disadvantaged compared to their male counterparts. Insufficient resources and networks can lead to lower self-assurance and limit women’s ambition to start their own businesses.

Risk Aversion and Fear of Failure

Entrepreneurship inherently involves risk-taking, and research suggests that women tend to exhibit higher risk aversion levels than men. Fear of failure can be a significant deterrent for women considering entrepreneurship, impacting their confidence to leap. Studies have indicated that women may be more risk-averse due to various factors, including social and economic consequences, which can contribute to lower levels of ambition and self-assurance when starting a business. Overcoming this fear and building confidence in risk-taking are essential for women entrepreneurs to thrive.

Workplace and Family Constraints

Balancing work and family responsibilities can pose unique challenges for women entrepreneurs. The pressure to fulfil multiple roles and societal expectations of caretaking can impact women’s confidence in pursuing entrepreneurial ventures. Women may perceive entrepreneurship as a more demanding and risky endeavour that conflicts with family responsibilities. The fear of being unable to strike a work-life balance can limit their ambition and self-assurance in starting a business.

Statistics and Examples:

According to the Global Entrepreneurship Monitor (GEM) Women’s Report, there is a substantial gender gap in entrepreneurial activity worldwide. In many countries, the rate of women’s entrepreneurship lags behind that of men.

A study conducted by the Babson College found that men are 1.4 times more likely to start a business compared to women. The study also revealed that men exhibited higher levels of confidence and self-assurance in their entrepreneurial abilities.

Research by the Kauffman Foundation indicates that women-owned businesses tend to start with less capital than businesses owned by men. This disparity in access to financial resources can affect women’s confidence and their ability to grow their ventures.

A survey conducted by Harvard Business Review found that women entrepreneurs face more difficulty in accessing mentorship and networking opportunities compared to men, further exacerbating the confidence gap.

Conclusion

The confidence paradox in entrepreneurship highlights the persistent gender gap in ambition and self-assurance when starting a business. Societal expectations, lack of role models, limited access to resources and networks, risk aversion, and work-life constraints all contribute to this disparity. Addressing these factors requires concerted efforts from various stakeholders, including policymakers, industry leaders, and society. By challenging stereotypes, promoting gender diversity, providing mentorship opportunities, improving access to capital, and fostering supportive environments, we can bridge the confidence gap and empower more women to pursue entrepreneurial ventures. Creating an inclusive ecosystem that encourages women’s ambition and boosts their self-assurance is crucial for individual success and fostering economic growth and innovation in the business world.

Sources:

Global Entrepreneurship Monitor (GEM) Women’s Report.

Brush, C., Carter, N., Gatewood, E., Greene, P., & Hart, M. (2006). “Women Entrepreneurs 2004: Progress Report.” Babson College, Wellesley, MA.

Kedrowski, K. M., & Sarow, M. S. (2014). “The Gender Confidence Gap in Entrepreneurship: Intersections with Entrepreneurial Self-Efficacy, Outcome Expectations, and Gender Identity.” Journal of Small Business Management, 52(3), 466-489.

Harvard Business Review. (2019). “Why Women Entrepreneurs Need Different Networks Than Men.”

Image source: Depositphotos.com