The entrepreneur’s personality is one of the decisive factors in outcomes for a new business. Generally speaking, it is important to have confidence in your skills and have passion for the business. Nonetheless, traps exist that can turn confidence into something negative for entrepreneurial activity.
The same happens with faith in the business. Even if you have confidence in your skills and your knowledge, you must believe that what you are doing can go well, and that it´s possible to reach your goals with that idea. It’s one of the essential ingredients for entrepreneurial success. Again, faith also should be “managed”, so that it doesn’t blind you.
When you are evaluating your beliefs regarding yourself as an entrepreneur, check if you are not being affected by one of these problems.
If you have blind confidence on your capacity of making the business successful, you could be jumping important steps in your preparation. Check if your confidence is based on a detailed analysis of the business you’re getting in.
Lack of Confidence
Whoever does not believe in himself will be limited. Set goals that you can overcome, one by one. This way you will begin to believe in your skills and knowledge. Going hard is recommended if you want to succeed with a startup business and you need confidence to do that.
You can be very knowledgeable and experienced, but maybe what you know is not fully applicable to your new business. You also shouldn’t believe that good results in the past are an indication of future success.
It has the same effect as excessive confidence. Do not believe blindly that everything will go alright if you do not see a path and have a plan that leads you where you want to go.
Lack of Faith
There will always be obstacles on your way. This is a fact in any business. Your effort and dedication are the key factors for overcoming difficulties and you shouldn’t see any problem as impossible to surpass.
Achieving a Balance
These attitude traps are so decisive that can lead to the success or death of a business. Most of the decisions will be made according to the leader’s beliefs and assumptions. Even if he is straightforward and looks for business intelligence data to make his decision, the psychological factor will always be present.
One way to evaluate if you have to make adjustments to your attitude is asking for opinions from others. Just make sure that you are asking the right people. The input that counts is the one from other entrepreneurs that have more experience and have already lived through the perils of starting a new business. Avoid listening to anyone that criticizes your ideas when they never had an entrepreneurial initiative in their lives.
While attitudes to formal business training are mixed among the entrepreneurial crowd, one of the benefits of formal study, such as doing an MBA, is that it connects you with others involved in the practical tasks of running businesses. These connections help you to keep a level head and achieve a reasonable degree of realism.
You should look for the right amount of confidence and faith, since they will be an important mental base so that you can properly execute your business plan. Just remember that a little fear is always good to keep your feet on the ground.
I wish you would have spent more time distinguishing the differences between confidence and faith. They’re both elements you need for a new business but they’re not interchangeable. There are subtle differences that people need to know so they can assess their use of them and whether they’re being overconfident, lacking the right amount of faith, etc. etc.
I have a small print-on-demand business based on my graphics that I’ve thought of closing down a million times before. They’re quirky and funny but somehow I barely manage to get some sales. I’ve tried Etsy as well, barely made 10 sales in a year. I feel like everyone has better products than me…