Self-belief is everything in business – here’s how to build yours

If you’re a business owner, you’ve probably had friends and family share their own business dreams over the years. Perhaps you’ve got a cousin with a great idea for an app he loves talking about at family barbecues. Or an ex-colleague who loves to wax lyrical about how they’d do things differently if they had their own business. But while talk is easy, taking real steps towards business ownership is harder writes Emma Fawcett, General Manager SME, MYOB.

Our recent MYOB Belief Barometer asked 1,000 Australians about the role of self-belief in business, and found that while 76 per cent of Australians have had at least one business idea, only 35 per cent have actually taken the plunge to turn that idea into a reality.

There are many factors involved in starting a business – you need to have a solid business plan, to research what problem your idea solves, ascertain who your competitors are and how you can differentiate yourself.

Self-belief is the final piece required to take that plunge.

Why is self-belief so important?

It allows you to:

• Believe that you can actually make that business dream a reality.
• Back your own decisions.
• Talk about your business idea with confidence, to attract customers, investors and referrals.
• Ride out tough times, knowing you’re in it for the long haul.

For many potential business owners, fear of failure gets in the way of putting plans into action. In fact, the data shows 27 per cent of people who had a business idea didn’t believe themselves capable of running a business.

Self-belief tips to turn your idea into reality

The good news is, being in business today doesn’t have to be a lonely pursuit, and there are plenty of resources and advisors to help you on your journey. Eighty-three per cent of those polled felt they could learn how to start a business with the right help.

Here are my top tips to help with self-belief to turn that great business idea into a reality:

Boost your self-belief

There isn’t a magic self-belief subscription out there to make this happen instantly, but building a mindset of self-belief is something you can begin working on today.

Focus on the strengths you would bring to your own business by looking at the success you’ve had previously as an employee, and the skills you’ve built in other areas of your life.

If you’re struggling to believe in yourself, ask those around you for feedback about what they see your strengths as – then reframe how you see yourself using these strengths as scaffolding to support your business dream. Or, find a mentor who can help you understand how they overcame their own self-doubt in the early days and learn from their experiences. 

Seek expert advice

Great ideas need great support.

If you need advice to get to grips with the mechanics of setting up a business, there are plenty of online business resources, such as business.gov.au, to help you get the basics right.

You can also speak to other business founders, read expert advice online (the website you’re reading this article on is a good place to start), and look at local or online courses you could use to build your business skills.

Get your partner on board

Of the business owners we surveyed, 48 per cent said their number one believer in their first business was themselves, and 37 per cent said it was their partner.

So even if your self-belief is feeling shaky, having a partner or a close friend who’s excited about your idea and wants to support you in making it happen can be hugely helpful. Additionally, having someone you can stress-test your ideas with can be super valuable while you’re fleshing out the details.

You don’t need to know it all

Whether your business is the result of a passion project, a sought-after skill, or an identified gap in the market, the only thing you need to be an expert in from day one is your business idea.

Many feel disheartened when the reality of running a business sets in. But you don’t need to know it all right away. Things like managing finances, customers, supply chain and accounting and tax are all essential, but you can outsource some of these, and using robust online solutions can help streamline and automate tasks to take the pressure off.

Learn through experience

While the idea of failure can be scary, see it as an opportunity to learn, and to pressure-test yourself and your business. Where you can, start small so you can test and learn before you start making larger investments.

Not many business success stories exist without some form of failure in their history, so when things don’t go to plan, draw on those self-belief reserves knowing that you can try again tomorrow.

While there will inevitably be challenges along the way, the reward is creating a business that’s your own, on your own terms, and seeing your idea come to life.

Be confident about cash flow

Managing cash flow is critical at every stage of business life, and the sooner you can get confident about your cash, the more empowered you’ll be when making financial decisions about your business.

Knowledge is power, so using a business management platform is a great way to understand your profit and loss statements, revenue, and financial forecasts. The more you know, the stronger your sense of confidence and self-belief will be as your business idea grows.

There are many valid barriers and blockers to getting started on your entrepreneurial journey – don’t let a lack of self-belief be one of them.

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