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June 20, 2016

3 Mantras of Entrepreneurship: 1.3 – Self-Confidence

Mantra 1: Have a Winning Spirit – Self-Confidence

In the face of formidable competition, entrepreneurs still believe they can do it better than their competitor; even if others consider that competitor the best in the world. This is how insurgents have, in history, always been able to beat the incumbents who may have been around for a much longer time. 

Had entrepreneurs not believed in their ability to beat the incumbents, and had they not had their “never say die” or “can do” attitude, and had they tried to impose self-censorship or self-limitations on themselves, the economic landscape of the world would be very much different from what it is today. Mr Inderjit Singh – The Art and Science of Entrepreneurship

Many people make excuses to dissuade themselves from doing something.

A very common excuse people use is, “I am not good enough to do it”, “I can’t do it”, “Oh, there are much bigger competitors, we will surely fail”, “How can you be better than the bigger companies?”.

They will find all sorts of reasons to avoid attempting something new. Yet they still want change in their lives.

A conversation from the famous TV Program ‘House’;

Eve: Time changes everything

Dr House: That’s what people say, it’s not true. Doing things changes things. Not doing things leaves things exactly as they were.

There have been many David and Goliath stories, where small startups have entered the market, disrupting the market and toppling the big giants. One story is of DropBox, a cloud storage company. They were called in by Steve Jobs(Apple) and were made a 9 digit offer to be bought over. Many people would have caved in and walked away with what was on the table; who would want to mess with the giant. But the boys from Dropbox were confident that they had something great on their hands, (even after Apple launched the iCloud) and they went on their way, only to have a $4 Billion market valuation today.

They were confident in the product they had and they knew they had a team that could execute it properly. So they stuck to their guns and are now one of the top players in the market.

Dropbox’s story shows that even though they were young and new, they had the confidence and foresight to stay on and build something great. There were many competitors and many obstacles along the way, but they had the fighting spirit to stick through it all and become successful.

The first thing to great self-confidence is to understand yourself. Know your strengths and weaknesses inside out. Understand your idea, market and your team thoroughly. Work to clear out all the weak points and to build yourself as something great. If you have something great in your hands and you are strong enough to execute it, then you will be able to fight through all the obstacles along the way. Understanding yourself, your product and your team better will give you the confidence to pursue your goals ferociously, defeating all the competition along the way.

Be confident with what you have and keep trying. If you have something good, people will listen and they will buy. Do not give up over small setbacks; they will come in your way and may push you down, instead get back up and break all the walls down.


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