Want to Succeed as an Entrepreneur? Foster These Mindsets And You Will Reframe confidence, find mentors and fight the impulse to do it alone to achieve your greatest success.
By Magdalena Nowicka Mook Edited by Micah Zimmerman
Key Takeaways
- Embrace setbacks as learning opportunities to build confidence and unlock your entrepreneurial potential.
- Surround yourself with supportive role models and a clear vision to thrive in your entrepreneurial journey.
Opinions expressed by Entrepreneur contributors are their own.
Anybody who steps into an entrepreneurial role can be successful if they realize their potential and adopt the mindset to believe it. I have seen this in practice.
I have seen thousands of self-starters become successful when connected to their inherent possibilities. I've learned that you need confidence, support, role models and the willpower to learn from wins and setbacks to activate your potential as an entrepreneur.
Build confidence – you will need it
The elusive creature called 'confidence.' We all know how critical it is — be it nailing a presentation or starting your first work day. But confidence is not necessarily what many assume it to be. Rather than building command and certainty, I have found that the key to building confidence is overcoming fear and embracing less-than-desired outcomes.
So, how can you do that and build confidence as an entrepreneur? One powerful way that's helped many is to reframe failure by focusing on what you learned from the experience.
For example, Ring first appeared on Shark Tank as a 'Doorbot.' Only one shark made an offer, and that was so low that Ring founder Jamie Siminoff turned it down. Although Siminoff did not accept a deal on the show, he considered the exposure a success and focused on building upon that visibility and the momentum it sparked.
When you start viewing each failure not as a defeat but as a chance to learn and grow, you change the narrative of your professional journey. Taking risks becomes less frightening and, frankly, rewarding.
Siminoff's vision and hard work paid off in 2018 when Amazon acquired Ring for over $1 billion. This monumental deal was a testament to Siminoff's persistence and optimism. When we are able to let go of perceived failures and focus on the wins they offer in the form of opportunities and lessons learned, we exude an aura of positivity and assuredness that's infectious and strengthens us to keep going. That's entrepreneurial confidence at its best.
Related: 10 Things You Can Do to Boost Self-Confidence
Find role models who embody what matters to you
Who is your role model? It doesn't have to be someone like Steve Jobs just because they are heralded for their business acumen. It could be your grandma or a neighbor. Think about who inspires you and, more importantly, why. What makes them extraordinary? Why do they leave such an impression on you and make you think differently?
Imagining what success would look and feel like can be powerful. A role model can inform our own idea of what this means on a personal level, allowing you to explore many different leadership options that can shape your personal style.
Related: How to Reframe Your Internal Dialogue for Greater Fulfillment in Both Work and Life
Don't do it alone
We have heard it all — "None of us is an island," "It takes a village," and many other such statements. They are true! People who tap into their greatest potential know they have strengths but also know better than to try to do everything themselves. Instead, they seek out the wisdom and talents of others to balance their own skills and overcome blind spots.
My friend Asheesh Advani, president and CEO of Junior Achievement Worldwide, shared a piece of wisdom with me: befriend someone five to ten years older. That person might just provide the support you need to learn from their successes and missteps.
More and more people are turning to professional coaching for support in identifying and living out their vision and purpose. The International Coaching Federation defines coaching as partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential. The process of coaching often unlocks previously untapped sources of imagination, productivity and leadership.
Related: 4 Reasons Why Every Entrepreneur Should Have a Business Coach
Start with "why" and end with "how"
What inspired you to become an entrepreneur? What do you want to accomplish? How do you feel as you lead your team toward that success? These are questions you can explore to frame your goals and better understand your personal vision of success — an important compass for any entrepreneur.
Goal-setting works best when used to define realistic, incremental steps toward making your vision a reality. Reaching these goals by bearing witness to your stepwise progress can help channel your energies into what matters most and will deliver the best result.
It also reinforces the idea that setbacks are not failures but learning opportunities that help you to move toward your goals.
Your potential is waiting for you
If you want people to believe in your business, you must believe in yourself first. If you're feeling lost, you are not alone. You hold the power to unleash your greatest assett — your inherent potential.
As you pursue it, examine your fears and move past them to build your confidence, find role models who inspire you, build a network of support, and set a clear vision for the success you are pursuing. I have no doubt you will find yourself thriving beyond your biggest dreams.
