5 Tips for Building Confidence as a Business Owner

It takes a lot of confidence as a business owner to make bold decisions and take big risks. 

Confidence is crucial for dealing with some of the most challenging facets of owning a business, like handling conflict fairly, providing helpful feedback, and communicating effectively with others. When we lack confidence, it doesn’t take long for others to notice, which can lead them to question our abilities or take advantage of a weakness. 

If you spend more time questioning your own abilities than you do making decisions (and sticking to them), invest in yourself by building confidence as a small business owner. It certainly won’t happen overnight, but it can completely change the way you see your role and how others feel about your leadership brand. 

Develop a Growth Mindset

Stanford psychologist Carol Dweck is best known for her insights on mindset, or the idea that how you perceive yourself has a part to play in your achievement. Generally, people have one of two mindsets that influence what they do, say, and feel:

• Those with a fixed mindset believe that each person is born with specific talents and that there is nothing one can do to attain other skills. Often they think that some people are “just born smart” or “just born successful,” rarely accounting for the effort or determination, it takes to achieve a particular goal. 
• Those with a growth mindset think that you can cultivate talents, skills, and intelligence with hard work and effort. They know that learning can be an uncomfortable process but that struggling is a sign that you are growing. While they are disappointed by failure, they do not let it halt their progress for long. Instead, they see it as an example of what not to do in the future. 

If you feel like you currently have a fixed mindset, it’s possible to rewire those naturally pessimistic tendencies. Activities like self-reflection, targeted business coaching, or even being willing to try something new can unlock a more optimistic outlook. 

Stop Seeking Perfection

Setting unrealistic, unachievable goals is a confidence killer. No product, service, or business plan will ever be perfect, so waiting around for that only puts a pause on your personal growth and success.

Of course, that doesn’t mean that you should stop setting benchmarks and maintaining high standards. Instead, find your happy medium and agree with yourself on what “good enough” looks like. 

Invest in Your Passion

You’ve almost certainly heard the saying, “You can’t pour from an empty cup,” and it’s true! You cannot pour your entire heart and soul into your business if you don’t surround yourself with the people, practices, and hobbies that fuel your inner fire. 

When you feel personally fulfilled and optimistic about your life outside of work, you are more likely to approach your business the same way. 

Get More Comfortable with Being Uncomfortable

Small business owners tend to be fastidious, meticulous, and perfectionists. While those traits mean that you have a keen eye for detail, they can also cause unnecessary hesitation. As a result, you may find yourself constantly seeking only those opportunities in your comfort zone. 

Confidence requires risk-taking and discomfort. While true that those risks won’t always pan out the way you want them to, you’re still expanding your horizons and actively working on growing as a small business owner. 

Find a Mentor

Knowing that there’s someone on your side is an unimaginable boost to both your efficacy and your confidence as a business owner. That’s why finding a mentor is crucial. 

Whether you need advice about a specific venture, need someone with whom to reflect on a decision you’ve made, or just need to hear that you’re making good progress, a business coach or roundtable group is worth seeking out as you continue to grow. 

Catalyst Group ECR wants to cater your leadership coaching to the areas where growth is necessary while helping you sustain and celebrate your current successes, including helping you with building confidence as a business owner. We bring together a peer group of business owners in a confidential, safe space. The goal is growth, never judgment.