The ingredients to a successful business are having a winning idea, finding one’s niche, positioning oneself correctly, and having the right mindset. While the first three get all the recognition, mindset often ends up being forgotten, and that comes back to hurt new entrepreneurs. Each month, more than half a million Americans decide to start their own businesses. While there are resources out there to help, they aren’t extensive, and they are often focused on the wrong things.
Entrepreneur Fred Cary has founded over ten companies, one of which grosses a cool $800 million a year. He believes that it’s not so much the idea but, in fact, confidence that helps the top entrepreneurs get where they are in business and in life. Cary coaches hundreds of thousands of people through his Instagram and shares that there is one pivotal quality that he wants them all to have. “When you wake up in the morning, you need to feel energized and content to be where you are. If you’re waking up and comparing yourself to others and thinking ‘why do I have less’ or ‘I’m not good enough,’ you’re going to fail. I want to instill confidence in these people and teach entrepreneurs how to feel good in their own head,” shares Cary.
The pandemic has certainly shaken the confidence of many entrepreneurs this year. This is why confidence in business is more vital than ever in 2020. This is the year of pivoting; when one idea no longer works, another one needs to replace it so that business keeps flowing. The same goes for scaling a business once it’s already established. According to Cary, scaling a business happens in two ways: intentional and accidental. If the entrepreneur wants to scale their business intentionally, they need to have a solid strategy backed up by a confident mindset. If scaling happens accidentally, they need to be ready for it and accept it, as opposed to panicking.
One such example of accidental scaling of a business is amassing social media followers. If the business owner is expecting only a hundred but gets a hundred thousand, they may feel inadequate and confused as to what to do about it. This is when they’d need confidence more than ever to know that they can still perform at their best and deliver what those followers came to their page for.
Fred Cary explains that financing in business ultimately depends on confidence, too. When a new owner is looking for investors, they have to appear calm, competent, and collected when approaching that subject and presenting their pitch. If they lack that attitude, nobody is going to put their trust in that entrepreneur because it would spell immediate failure.
When an entrepreneur has enough confidence, they will be more willing to work for themselves as opposed to falling into the trap of accepting a high-paying job that enriches someone else. “If you think that you’re successful because you’re making $90,000 a year working at a law firm or a finance company, you’re wrong,” says Cary. When there is enough self-trust present, business owners actually take the leap and start their own companies as opposed to choosing the easy way out and working for another person as employees.
When assembling a team, the leader needs to be the epitome of confidence. Otherwise, nobody will want to follow them. If somebody appears indecisive, insecure, and doubtful, they won’t be able to create a solid team around them, and, at the end of the day, no business owner can do without a team. An entrepreneur’s team really is a reflection of themselves.
Elon Musk and the Tesla team are a perfect example. Everybody works long hours, day in and day out, as well as weekends, in order to ensure that each new model hits the market as soon as possible and that shareholders are appeased. Musk has established that attitude, and all that his team does is follow it. It’s the leader who sets the tone, and for that reason, they need absolute confidence. Surrounding a business owner with like-minded people is the key to achieving big things, so in the same manner, an entrepreneur needs to seek out the quality of confidence in the people they hire and work with on a daily basis.
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