Self-belief is crucial when it comes to succeeding in business. Undeniably, it can shape how we approach opportunities and challenges alike. Without confidence, even the best plans might falter because hesitation tends to slow progress. Thus, building and maintaining self-belief becomes essential for achieving long-term goals.

The Role of Self-Belief in Business Growth

We know that self-belief directly impacts decision-making. Additionally, when we believe in our own abilities, we are more likely to take risks, experiment, and adapt during uncertain times. Evidently, confidence encourages innovative thinking, which helps us stand out. In contrast, self-doubt holds us back from trying new ideas, often making us more vulnerable to stagnation.

How to Develop Self-Belief

To cultivate self-belief, we must begin by acknowledging our strengths. However, this also involves recognising areas where we need improvement and committing to growth. Certainly, learning from failure is key. While setbacks can challenge our self-belief, they also offer valuable lessons that contribute to future success.

We should also surround ourselves with positive influences. Albeit difficult at times, having supportive people can boost our morale. Comparatively, negative environments hinder our ability to believe in ourselves, so it’s essential to create a network that reinforces positivity.

Practical Steps 

Firstly, setting small, achievable goals allows us to build momentum. Subsequently, as we accomplish each target, our confidence grows. Secondly, visualising success can help shift our mindset, making self-belief a more natural part of our process. Also, taking regular breaks to reflect on progress ensures we stay motivated.

Finally, self-belief is not a one-time achievement. Instead, it’s an ongoing journey. Therefore, by nurturing it, we increase our chances of thriving in business.

To boost your self-belief and achieve greater success, tune in to the I Hate Numbers podcast, where we break down complex financial topics with practical insights. Whether you're looking to grow your business, sharpen your financial skills, or build confidence in your decision-making, we have you covered. Subscribe now and take the next step toward mastering your finances!

If you have no confidence in self, you are twice defeated in the race of life. With confidence, you have won, even before you have started - Marcus Garvey. In this week's I Hate Numbers podcast, I'm going to be looking at the idea of self-belief in business. How to build it, how to maintain it, and, as important, how to avoid the pitfalls of arrogance and complacency.

In business, whether you are a start-up, whether you are an established business, or a professional climbing the greasy pole of success up the corporate ladder, one quality that will set you apart is self-belief. It plays a vital role in achieving success, however you've defined your idea of success, overcoming challenges which will come your way, and persisting when things get tough,

as they will do. However, like any strength, self-belief can be a double-edged sword, too little will hold you back, will shackle you, while too much can lead to that slippery path of arrogance and complacency. And therein lies danger and doom. Now, this podcast explores the essence of self-belief, how you can actually cultivate that and maintain that, and the risks that you face of allowing that to turn into overconfidence.

First, let's look at the idea of what self-belief actually is.

Now, self-belief refers to the inner confidence you have in your own abilities, your decisions, and your potential. It's that inner conviction clock that you're capable of achieving your goals and overcoming obstacles, even when circumstances, the road ahead looks very rocky and very challenging. Now, unlike its nastier cousin arrogance, which often is a mask for people's insecurity, true self-belief

is grounded in an honest, objective assessment of your strengths and those areas that you need to work on, what you might call weaknesses. Self-belief recognises that while you may not be perfect, who is, you possess those skills, that determination to learn, grow, thrive and prosper. Now, for business owners and leaders, self-belief is a vital part of the toolkit.

It adds the fuel to resilience in the face of failure and disaster. It helps you recover from setbacks, which are an inevitable part of life and it empowers you to take calculated risks. Now, entrepreneurs and business owners need this certain quality when they launch new ventures, when they pivot,

when they take that first step on to that road of their business journey. The path ahead is often uncertain despite what some may tell you, and doubt that you take on board from other people can be very pervasive. And without that strong sense of self-belief, it's very easy to falter, become unhappy, and ultimately to give up.

So how does one go about building and more importantly, maintaining self-belief. Now this is by no means a definitive list, and it's not set in any order of priority. If you yourself, by the way, you've got some thoughts to share, folks, I'd love to hear them and put feedback to me. Share it in the comments and let me know what you think. One thing you've got to do is to have clear, identical smart goals. Now, self-belief thrives and prospers when you've got a clarity and you can articulate your direction. Selling those specific achievable goals, smart goals if you wish, gives you something to work towards and gives you a sense of purpose.

When you break down those larger objectives into smaller manageable tasks, micro steps if you wish, that will help you gain momentum and build your confidence. Every time a goal is achieved, no matter how small that might be, that acts as a reinforcement in your belief in your own abilities. We can also develop a planning mindset.

We can also develop a growth mindset. Now, that is the belief that your abilities can be developed through hard work, through sweat, through application, through learning and experience. When you take on board this mindset, you will see challenges and failures in a different light. You'll see them as opportunities to improve rather than a flag, rather than an indicator of the limitations you may have.

In business, this is particularly important because setbacks are inevitable. Anybody who tells you about the path ahead, is straightforward, with no bumps, no potential accidents up ahead, is not telling the truth. Setbacks are inevitable. In my business career of 30 years, I've experienced setbacks, I've experienced disappointments, and I will continue to do so in my business because that is the very nature of the beast.

Now, self-belief is not about thinking you would always succeed, far from it, but believing that you can learn from every experience good or bad. Number three, celebrate those wins and learn from those things that don't quite go the way you want them to. Now, we're very bad as a species, in general terms of celebrating our wins. We tend to gravitate towards the things that haven't succeeded.

Now, humility is a virtue, but it's also important that you've got to acknowledge and recognise your accomplishments. Celebrating your successes, no matter how modest they may be to others, helps reinforce self-belief. It's validation. It's proof. Equally important is learning from your failures, and you will have those failures.

Instead of letting them diminish your confidence, view them as valuable lessons that make you stronger and much more capable. What else can we do? Well, we can also surround ourselves with positive influences. Now, this is not surrounding ourselves by people who represent an echo chamber. It's not about being surrounded by everybody who agrees and nods their head at us, but those people around us will have a positive effect, hopefully, or should I say a significant impact on your self-belief.

Surrounding yourself with individuals will encourage you, offer constructive feedback, and believe in your potential. Mentors, peers, and supportive friends can help you boost your confidence, especially when those times are challenging. On the flip side, those people who constantly undermine or criticise your efforts, and there are a lot of those

about will chip away at your self-belief and bit by bit where you may have started your business journey feeling very optimistic and upbeat over time, if you have those people still around you, they will suck the life out of you. It's important, folks, by the way, as well to make sure you're in a good network here.

And please do check out the show notes at the end for a link to the Numbers Knowhow community, where we'd love you be on board. More information will be shared via that link. Self-reflection, I use somebody who gives themselves to self-reflection. It's a good practice. Do it on a regular basis. It helps you maintain a grounded and balanced sense of your ability.

You need to take time to assess your progress. Having a plan is going to be really useful. Acknowledge those achievements that you've made, and identify the areas for improvement. Having a route map, having a plan of how you're going to get to your destination, your end goal is a great document to reference against for that self-reflection.

This process allows you to stay connected with your goals, maintain a realistic view of your abilities and realism, by the way, is definitely something that's linked to the individual. It's not a one size fits all. It also helps prevent your self-belief from tipping into arrogance. Which I don't want for you.

Now, while self-belief is essential, it can become problematic if it evolves into arrogance or complacency. Both of these traits will undermine your success in business. Now, arrogance is a form of false confidence. It typically occurs when self-belief becomes inflated. When you start believing all that publicity.

And you start overestimating your abilities while underestimating what lies ahead, those challenges. It's a dangerous mindset. It's dangerous financially, it's dangerous for your own well-being, and it's dangerous for those around you. It often leads to poor decision making. And those arrogant individuals, and I'm sure we've met some of those in our time, may dismiss valuable advice, overlook important details, and take unnecessary risk believing they are invincible, and this can lead to serious missteps and even business failure.

We've seen that on a grander scale with Kodak, for example. Many companies who were too fixated in their own position, wouldn't take on board that advice and the next thing, tragedy strikes. Now, arrogance also alienates others. In your business life, relationships are going to be crucial. Whether it's with your staff, your clients, your suppliers, your partners,

other stakeholders, and if you come across as arrogant, there's a good possibility you're going to lose the respect and trust of those around you. People will be less likely to offer support, or collaborate with someone who appears dismissive of their input or overtly self-assured. If we look at complacency, that silent saboteur, that's also another trap that often accompanies unchecked self-belief.

Now, when you've had that taste of success, and which I wish for everybody, it's easy to assume that what's worked well in the past is going to continue to work in the future. This leads or can lead to a sense of complacency, where you will start pushing yourself, to improve and innovate, you think you've arrived, you think there's nothing more to do, you climb the top of that mountain.

It may seem perverse, folks, but in my business, I always assume, probably too much so, that everything I've built up over 30 years, from a back bedroom business to something outside of my back bedroom, very successful, in my eyes, still more to come, is I'm going to lose it all next week. And what would I do?

And I'm thinking about that. It doesn't dominate my thought process, but I try and stop myself becoming complacent. In a rapidly changing business environment, complacency can be that unhelpful, that nasty tripwire. Marketplaces change, competitors come on, preferences of your clients will change, how they buy will change, and if you become too comfortable, you may fail to adapt, leaving your business vulnerable.

Complacency dulls the hunger for growth and can lead to stagnation, missed opportunities, and eventual decline. In the world of the arts, and charities, those organisations that rely on grant funding, for example, that is an element of complacency because grant funding is a temporary, transitory form of funding, or it's meant to be.

Over-reliance on that without diversifying income streams, looking at other opportunities, leaves you very exposed. So, how do we avoid arrogance and complacency? There are a number of things we can do. We can stay curious. Convincing ourselves and living with our lifestyle of never knowing everything.

Continual learning is a great aid. Be curious, be someone who's wishing to acquire knowledge, learning new things, whether it's on a formal basis, part of a network group, reading, networking with others in your industry. Make sure you always leave the door open in your mind to wanting to learn. Look for feedback.

Now, I'm a person, I'm a business that I love getting feedback from people whether it's positive or not so nice, because it's a way to take that on board to get somebody else's perspective, reflect, digest, and react accordingly. It can be of help if that feedback is constructive, if that feedback is grounded by good intention.

It helps create a culture of openness and continuous improvement, which can't be a bad thing. What else can we do to avoid getting sucked into the trap, the vortex of complacency and arrogance? Well, challenge yourself. Being too comfortable losing that hunger is something that happens to lots of businesses as they become established.

You need to set yourself new goals, disrupt yourself to achieve more. Again, in my modest 30 years of business here, I always see new projects coming up on the horizon, while still delivering good value to clients at the moment. And growing the business, there's always something else on the horizon the next two or three years.

It could be launching a new product, expanding into a new marketplace, improving your internal processes, pushing yourself outside your comfort zone to look at something new. But don't rest on your laurels. And that last thing one needs to consider is about this idea of humility. Now, humility is a powerful antidote to both arrogance and also to complacency.

Being aware that you don't have all the answers, who does, and that success is often the result of working with others, collaborating, collective effort. Your team, whether it's your staff team, your team of freelancers, will help you stay grounded. Those around you, those critical friends, that constructive feedback, being part of that network, being part of that community, will help

create those better relationship and keep you open-minded. So what do we conclude in essence, folks? Well, self-belief is a vital ingredient for success, not just in business, but in life in general. It gives you the confidence to pursue your goals, face those challenges that will come your way, and when setbacks do arrive, you can work your way through them.

Stay grounded, stay balanced, and building and developing your self-belief means you need to have a clarity of goals, a clarity of outcomes, and that growth mindset is going to be part of that process. Watch out for the dangers of arrogance. Watch out for complacency. They will trip you up, and what you may have built up over years can suddenly come crashing down.

Until next week, folks, carry on that self-belief. We hope you enjoyed this episode and appreciate you taking the time to listen to the show. We hope you got some value. If you did, then we'd love it if you shared the episode. We look forward to you joining us next week for another I Hate Numbers episode.