Self-Belief in Business: Build Confidence, Resilience, and Profitability

Running a business is hard. Don't let anybody tell you otherwise. Now, in this week's episode of I Hate Numbers, I'm going to be talking about a topic that pretty much affects every single business owner that I've met over the last 30 years, and I'll even hold my hands up to it on occasion. And that's the idea and the concept of self-belief.

And when I say concept, it's a real thing. Now, self-belief can make or break your business journey. It's that little inner voice, that little gremlin that sits on your shoulder that says, I can do this when everybody else around you says otherwise. But here's the catch. Too little self-belief can paralyse you and too much can push you into that zone of arrogance or complacency, and I don't want that for you.

So in this episode, I'm going to cover what self-belief really is in business, how to develop and build it and maintain it, and how to avoid that dangerous trap of arrogance and complacency. Now stick around because by the end, you're going to have some practical steps to help your confidence maintain itself at a good level, keep you grounded and working for you.

Before we dive into this episode fully, folks, by the way, do check out my book. I Hate Numbers when I cover elements like that. Very well received if I do say so myself. But let's crack on with the episode. Now, firstly, what is self-belief? What do I actually mean? Well, self-belief is the confidence you have in your own abilities, decisions, and potential.

It's not about saying that you are the perfect specimen, you are bulletproof. It's about having faith that you can learn, grow and succeed even when things go a little bit wrong. Unlike arrogance, which often marks some degree of insecurity, true self-belief is grounded. It recognises that you have strengths and it recognises that you have areas that can do with some improvement. In business,

whether you're a start-up founder, a creative freelancer, or leading a social enterprise, self-belief is your fuel. It helps you bounce back from failure, take smart risks, and keeps going when the doubts pile up, which they will do. Now think about it. Every entrepreneur launching something, every business, making that initial foray, faces uncertainty.

Real self-belief, most of us would give up before the idea ever sees the light of day. So how do you identified what self-belief is? How do we develop it? How do we build it? How do we maintain it? Let's get practical. Well, firstly, make sure you have that clarity of your Northern Star. Set clear goals.

Self-belief loves direction. When you get specific achievable goals, you give yourself a roadmap. Break those bigger goals into smaller wins, smaller milestones, and each one that you achieve boosts your confidence. So let's say for example, you're running a small bakery. Yyour big dream is to open up a second shop.

Now start with those smaller steps which might be improving sales by say 10%, launching a new product line, booting up your cash reserve, and every time you achieve a win, you prove to yourself that you can do that. Number two, develop a growth as opposed to a fixed mindset. Adopt the belief that skills abilities grow through learning and effort, and in business, failures will happen.

If they don't, then something's not quite right. The growth mindset turns them into lessons not life sentences and straitjackets. Instead of I failed, reframe that your mind and say, I've learned, I'll improve. I've taken some positivity out of that mistake. That’s self-belief in action. Thirdly, celebrate your wins and learn from your losses.

Don't just brush by your successes. Celebrate them, even the smaller ones. That phone call to a customer who then wants to buy from you - that's a small win that reinforces your self-belief. At the same time, don't let the failures dictate your path. Don't let them crush you. Analyse them, take the lesson and move forward.

Fourthly, surround yourself with positive influences. Your network, your circle matters. People who encourage, mentor or give constructive feedback will build you up. We’re not after an echo chamber, we're not after accolades even though those are nice on occasion. We're after those who do not constantly criticise or undermine. They will chip away at your belief.

Choose your company wisely. And even your friends and family, by the way, can sometimes fall into that negative circle. And lastly, regular self-reflection. Take some time out from your business to pause and reflect whether you take a half an hour out at the end of each week, take yourself away from your desk and ask yourself, what progress have you made?

Where can you improve? This keeps you balanced, confident, but not too cocky. Business is always about improvement. It's about self-development and it's about progressing forward. I mentioned arrogance and complacency at the beginning of the podcast. I want to talk about it here. Now, where self-belief can actually go wrong if left unchecked, it can morph into arrogance or complacency, both business killers.

And unfortunately, I've seen many business owners suffer that, experience that and go from very nice down to a grounded people to nightmares. Now arrogance is a false confidence. It's the self-belief has gone unchecked. It's gone rogue. It's when you overestimate yourself, underestimate the challenges, and largely put hands over your ears and dismiss any advice around you.

Arrogant business owners might ignore valuable inputs, take reckless risks or alienate staff and partners. The result, poor decisions, lost trust, and a business that may be on this way to failure. Nobody wants to work with somebody who acts like they're the smartest person in the room and maybe there's some other experiences you want to add to that.

Now, complacency sneaks in of success. You are thinking, we've always done it this way, so it'll carry on working. But the world around you changes. Markets shift, customers’ taste evolve, new competitors arrive. If you stop adapting, your business will stagnate. Complacency dulls ambitions and blinds you to the opportunity.

So how do we avoid the traps? How do you keep your self-belief healthy? Not too little and not too much. Well, here's four suggested antidotes to that. Firstly, stay curious. Always keep learning. Read, network, explore… curiosity always reminds you there's always more to know. I've been in business for 30+ years and I feel that I'm always on a learning curve.

Secondly, seek feedback. Ask for honest inputs. Feedback keeps you grounded and shows blind spots you may miss. Once you get to that point and think you can learn no more and you don't need other people's input, then you are on the road to ruination. Thirdly, challenge yourself. Don't get too comfortable.

Push yourself into new markets. Launch fresh products, improve your process. Growth thrives on discomfort. And lastly, cultivate humility. Recognise that you don't have all the answers. Success often derives from collaboration. Humility builds trust and helps keep arrogance at bay. So what can we conclude?

Let's wrap this up. Now, self-belief is absolutely vital for business success. It gives you the courage to start, the resilience to continue and the confidence to adapt. But there’s a sense of balance that you need. Build self-belief with goals, reflection, learning and support. Avoid the traps of arrogance and complacency by staying curious, humble, and open.

Do all that and your self-belief becomes a superpower - one that helps drive lasting success. Folks, thanks very much for listening to this podcast episode on self-belief. And if this episode is sparked to ideas, then take the next step. Grab a copy of my book, I Hate Numbers. It's packed with straight-talking, humorous experience and advice to help build your confidence with your numbers and your business.

And remember, in business and in life, plan it, do it and profit.