The Importance of Confidence in Entrepreneurship

The Importance of Confidence in Entrepreneurship
By Russell Dalbey

Entrepreneurs are individuals who are inspirations; idolized and idealized because of the unique characteristics they bring to the table. They are on the outer edge of the standard business world. What makes a successful entrepreneur? Initiative, originality, creativity, and intelligence, all summed up in the often used cliché, “thinking outside the box.” In truth, nothing is more important to the success of the entrepreneur than his or her confidence.

Confidence is a strange thing to describe. It is an intangible thing. You can’t see confidence, can’t smell or hear confidence itself. And yet in every human interaction it quickly becomes apparent to an alert audience if a person is confident or not. In the narrow margins of the business world, confidence will frequently be the difference between success and failure. Success breeds confidence, and confidence leads to success. It is a benefit to one who has experienced success, but a cruel paradox for those left out in the cold; those who lack confidence or possess a limited track record of success in the given field.

So how does the new entrepreneur develop the confidence to build a successful business? Find your core; find that which you have had past success or satisfaction with and work from there. Obviously you would want to start conceptually as near as possible to your given field. Places you’ve seen past success are a great place to start. For example, if you are just starting out in the mortgage industry but you’ve had success in real estate or in rehabbing homes and flipping them, you would take that past success and connect the relationship between your successes in the past and how you can make that accomplishment happen in the new scenario.

If you are in a completely unrelated industry to your past, you can still apply this theory. Instead of looking at literally connected past successes, look at conceptual successes. Any places you received accolades or acknowledgment for past efforts can be core to your success on this new endeavor.  Maybe you never bought or sold a property in your life. Does that make you predestined to failure when working with foreclosures? Not at all.

Were you successful in prior efforts or do you see a road to success in the future? Perhaps you have tremendous ingenuity or an ability to problem solve. Maybe it is the way you can evaluate a business deal and make it work for all sides. Remember, the reason for entrepreneurial confidence doesn’t have to be a majestic or even business related. Maybe your last job was just “passing time” and you always felt you had more in you that you could do and eventually become. That feeling of knowing and trusting your abilities, and the compelling urge to make “more” happen for yourself– that is the confidence in your core that you can build off! Remember it doesn’t matter where you generate your confidence, as long as you are fully committed to building upon your confidence to find success in your new field.

Winning in the Cash Flow Business, a best-selling course developed by [http://www.witcfb.com]Russ Dalbey, provides an excellent introduction to the world of cash flow notes. Check out WITCFB.com for more information about the course.

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