There are very few things in life that no one can take them away from you. On top of them all is your self-confidence. Simply because it is a perception that has the impact to influence your thoughts, moods and behaviors in profound ways. Self-confidence can be a powerful driver of success in all areas of your life. Your confidence will never fail you, what fails you are those things in which you place your confidence. When you base your confidence on who you are instead of external sources, only then can success be achieved.
What does all of the above have to do with startup entrepreneurs? A lot, indeed. The obsession of startup entrepreneurs early on their startup venture is to get funding from financing options such as Angel investors, Venture Capitalists investors, Crowdfunding, Accelerators & pre-accelerators, in order for them to get ahead with creating their prototype and launch it into the market. The proof of this obsession is evident in the way startups define the problem that the market faces and the solution that startups provide. The lack of defining the problem correctly is due to the startups lack and unwillingness to do more of market research. They rely on secondary data that can be gathered from the internet. While the primary research that provides them with real market data is deficient.
Failing to work on the foundational element of conducting compact market research is evident in the percentage of startups who get funding and also the failure rate of the majority. According to CB Insights, New York-based venture capital database agency, only 0.05% of startups get Venture Capital funding. Put it another way: 99.995% of startup entrepreneurs are being left in the cold. As for the failure rate, all startup businesses have a 50% failure rate by the end of the first 5 years and 70% by 10 years. Overall, about 9 out of 10 startups fail. Only 1 in 12 entrepreneurs succeed in building a successful business.
It seems to me that the underground reason for startups failure is the lack of self-confidence on the part of startups to try and fail in their early stage of their startup ventures. The R & D stage that takes no less than 3 to 4 years is not fully being worked at. This very early stage of development for any startup is characterized by researching the market, defining customer needs and in so doing developing new and improved products and services to fit these needs.
Having been inspired by the Matrix movie where Neo, the hero, was asked once and for all, to choose between 2 pills: the blue one and the red one. Before choosing which one to swallow, Neo was informed what characterizes each pill. The blue pill signifies that “you take the blue pill and the story ends; you wake up in your bed and believe whatever you want to believe.” The red pill, on the other hand, triggers you to “stay in wonderland and I will show you how deep the rabbit hole goes.” The term “rabbit hole” refers to getting deep into something and, most probably, ending up having a treasure. To go for choosing the red pill, you got to have self-confidence and courage to dig deep into the market and understand customers well.
The analogy of choosing between the blue and red pills is relatable to the startup venture that needs to be initiated with building his self-confidence. I provide you here with practical strategies for building your confidence.
The first strategy is to work on self-confidence not as a trait, but as a skill. This means it’s a learnable skill that can be learned and improved. Confidence can be developed and strengthened with practice and effort. Nobody is born with confidence; you grow with it by taking deliberate practice.
Related: How Developing Your Skills is a Wealth-Generating Asset
The second strategy is that Action begets confidence. In consequence, confidence breeds courage. The enemy is fear. Take action despite fear. Faith and fear are two sides of the same coin. The coin is your motivation to do something or not to do it. Take action that motivates and led you by faith and hold on taking action that is rooted in fear. Faith liberates while fear stagnates.
Related: How Our Limitations In life Are but Fear In Disguise
The third strategy is that failure is a learning opportunity. Regrettably, success won’t provide you with real life lessons, on the contrary, it gets you conceited. I remember Bill Gates great quote when he says: “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”
Related: How Being In A Dark Place Is A Blessing Not A Curse
The fourth strategy is to focus on the journey not the destination. When we are fixated on the outcome of a task or situation, we set ourselves up for anxiety and disappointment. Focus on the process of doing the task well, rather than the final result. This allows you to stay present in the moment and enjoy the journey, regardless of the destination. There is no secret to success, there is a process and a system to it.
Related: How Your Focus On The Process Is More Fulfilling
Self-confidence is the underground foundation for thriving in life and in business. Should you build it properly, it won’t fail you. Startups must work on mastering this invaluable skill by practicing it deliberately, taking action that begets confidence, embracing failure as a learning opportunity, and focusing more on the process and less on destination.
