24.03.2016 in Entrepreneurship, Latest by copaceticweb 0

Self-Confidence for Entrepreneurial Success

“Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.”
- Norman Vincent Peale

You may have come across many instances where inspirational speeches, books, movies and even personalities reiterate that it is important to for an individual to believe in themselves, i.e. it is important for an individual to have Self-confidence. However, many of us associate this trait with a negative connotation such as arrogance. In order to avoid this common misconception, let us first try to understand the concept of self-confidence.

The counseling center at the University of Illinois Urbana-Champaign has defined Self-confidence as “having a positive attitude, but with realistic views”, where they further identified that a self-confident person is a person who has a general control of their life. Therefore, self-confident person can be identified as an individual who believes in their capabilities while factoring in the conditions of reality.

Self-confidence is identified by Forbes as one of the common personality traits of entrepreneurs. The reasoning behind this is that entrepreneurs often face insurmountable problems at times, however their strong sense of self or self-confidence has created resilience to such pressures, as they are able to confidently pursue their ventures. As a result, the self-confidence of entrepreneurs have laid the foundation for successful business ventures.

A study by the Ewing Marion Kauffman Foundation in 2014 , identified that 91% of the entrepreneurs who took part in the study were confident that their businesses will be successful in the next 12 months. The contribution of self-confidence for the success of entrepreneurial business is evident through some of the business ventures that have soared to great heights in their relevant industries. One such entrepreneur isJack Ma. After many failed attempts by Ma at starting up an e-commerce company, he was finally able to initiate Alibaba.com. This venture which was deemed to be unsuccessful by Silicon Valley experts, has become one of the world’s largest companies by Market Capitalization, as a result of Ma’s self-confidence in himself and his business.

Another such example, isSir Richard Branson. After dropping out of school at the age of 16, he decided to start a youth-culture magazine called Student, a few years after this he began a mail-order record company called ‘Virgin’, as an effort to fund this magazine. His confidence in himself lead to him becoming a prominent figure in the music industry as well the business world in general.

 “I wanted to be an editor or a journalist, I wasn’t really interested in being an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.” - Richard Branson

However, honing this trait to be a core trait in your life may not seem easy, at least in a glance.Entrepreneur.com looks at 6 Actions You Can Take Every Day to Build Your Self-Confidence, they are;

1.              Act the part

A confident individual always projects this through their body language, this could be through simple bodily gestures such as pushing back your shoulders, a confident handshake etc.

2.              Dress the part

To ensure that you feel confident in your surroundings it is vital for you to consider your industry and your style when selecting clothes to wear for work or business meetings.

3.              Speak assertively

Try to avoid using “ums” and “ahs” in your conversation, instead use a steady rhythmic tone when you speak.

4.              Think and act positively

It is important for you to avoid negative self-talk and to surround yourself with happy and positive thoughts which will boost your confidence.

5.              Take Action

In order to enliven your latent trait of self-confidence, it is important to act the part. For this you will have to challenge yourself by walking up to people at certain conferences and other networking events.

6.              Be prepared

Being informed about your industry, your subject matter, your goals and what drives you towards success will help you to project your confidence.

Expolanka Holdings has encouraged this trait among entrepreneurs through its “Dare to Do” spirit. This can be seen through the AREA award winning project Venture Engine carried out in collaboration with Blue Ocean Ventures and Indian Angel Network that provides budding entrepreneurs the opportunity to further build their self-confidence by presenting their innovation to market experts, along with different necessary funding, mentoring, and information to turn their start-ups to successful, self-sustaining business ventures.

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