GUEST POST – 'The Confidence to Face your Startup' by Jared Lee

Jared LeeThe other night I was talking to a friend who dreams of opening her own business. She has the resources and the talent, but she lacks the self-confidence.

I have consulted with hundreds of entrepreneurs about building their business, and I am absolutely sure that more than money, contacts, and talent, the most important thing any business builder needs is confidence.

What happened to her confidence? Probably the same thing that has happened to many potential entrepreneurs, she works for a very large corporation. This large corporation provides her income, health care, retirement plan, security, and more. What she trades in for these things is her freedom.

She travels when and where they tell her to. She works the hours they tell her to, and she plans her life around the needs of the company. She has given up her freedom for some level of security. She would love to open her own business, but she is afraid to. She simply isn’t sure she can replace what this company is giving her.

So the company has their teeth in her, and she isn’t confident enough to give it up.


Maybe you can relate to my friend. She has a dream and the ability, but she is scared to go after it. If so there are three action steps you need to take.

1. Form a plan

When a football team goes to the chalkboard and looks at what they are going to do in the big game, each team member is strengthened by seeing on paper (or in this case whatever chalkboards are made out of) exactly what they are going to do to win.

If you write down your plan of action for beginning your business, you will see that it is something you can do. Seeing it everyday will give you the confidence you need to move forward on the plan.

This plan can be used for a variety of purposes from getting a loan to finding employees, but most importantly it will help you see where you are going. There are some excellent resources for writing a business plan available online; I recommend you start with this Wikipedia entry.

2. Save your money.

Let’s be honest. When you launch out in your own business, things are going to be tight for a little while. So live tightly for a few months and build up your bank account. Traditional advice recommends 3-6 months in savings at all times. It’s important to follow this rule before you launch your business. When you work all day and don’t make any money. You can still sleep well, because you have cash in your savings.

If you are young, don’t be afraid to cash in your 401k. Yes it could cost you, and yes it is your “life savings” but honestly, what’s more important to you? Do you want to have a comfortable retirement (hoping you don’t die in a car wreck on your 65th birthday) or do you want to live the life you want right now? Decide which is more important to you, and live accordingly.

3. Work at what you can now.

It has been said that building your business on your employer’s dime is unethical, and I agree. Not to mention it is often counter productive. But many startups can get off the ground with a few hours a day and Saturdays.

Turn off the television and start your business. Do you need to learn some software? Take a class at night. Maybe you need to do some marketing. Go to the chamber of commerce events in your town. Get involved in the online social networks. Advertise the services that you can fulfill in your time away from the company and start making a little bit on the side.

If you earn even a little bit on weekends it will give you a significant confidence boost so you feel secure leaving your serfdom to pursue your true calling in life.

*****

This blog post was written by Jared M Lee.  Jared runs a great blog on internet marketing... check it out!

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Category: Money & Equity, The Right Actions, Your Belief System
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  • Mike Michalowicz

    Jared,

    Tip 3 is my favorite – “Turn off the television and start your business.” No better way to get started, then to, well, get started. Thanks so much for your post!

    - Mike

  • http://www.renegadeceos.com Shonika Proctor, Teen Biz Coach

    Very much agreed! Support the creative economy and kill your TV! I have not owned a TV since 1990 and it has worked wonders for me :)

    As for improving confidence, a few other suggestions that I would like to add that have helped me:

    1. Spend more time by yourself. Go to a movie by yourself, go to eat by yourself, do nothing at all but sit and relax and reflect. It was the hardest thing I ever learned to do. When I first started my business, I was working all the time day and night. And the first time I stopped to take a break I started freaking out because I thought that my business was going to fail. We are often programmed to think if we are not physically doing something that we are not productive. But in fact, many small business entrepreneurs fail because they are doing the opposite– WORKING TOO MUCH! They don’t take the time to reflect, delegate, step back from their business and come up with fresh ideas so they get in their own way and cannot move forward and grow as an adult. You will never (or seldom) experience AHA moments and see patterns and opportunities if you don’t step outside of your business.

    2. Read business, marketing and sales books 50+ years old. If you read a book and you see something that was done back in the day that is still being done today (even if in a modern format) then indeed it is proven. If you cannot get the technique to work, then the problem clearly lies with you!

    3. Determine your niche. People don’t buy strictly because something is cool. If your friend can think of how the service or product that she plans on offering solves a problem for the marketplace then it makes it easier for her to do it. Because if she knows the problem, then it means she probably knows the profile of the people who would use her product, which means she would know where to find them, means she is more likely to get a higher conversion rate of the people she markets to, which means she could duplicate that formula over and over again in multiple markets, which means she has no reason not to feel comfortable that her product could do well.

  • http://thebloggersdesktop.com Jared

    Shonika, I absolutely agree! It is so hard to say everything that you want to say. Thanks for contributing, this is a very helpful addition.

    I especially agree with the idea to read old business books. I have several old books on my shelf and many of the principles still ring true in a completely different environment.

    Thanks Again!

  • http://alsps.con Lars Stubee

    Tip on confidence – Know your strengths and weakness.

    Lack of confidence is related directly to our weaknesses. We dwell on the weakness and never look at the strengths.
    Very similar – overconfidence – we don’t look at our weakness and it bites us at the most inopportune times.

    Consider yourself- what am I good at? Answer almost anything I like and enjoy? I put the time in to become good because I am enjoying it. By putting in the time we learn, make out mistakes learn by the mistakes and become stronger. We just lost a bit of weakness by learning. If we are enjoying ourselves we do not dwell on out weaknesses- or become overwhelmed by the problems. Its easier to focus and work on the task at hand.

    What is a weakness? Procrastination – A direct link to confidence – How do I make it a strength? I know its a problem – But it can become a great tool when you are running on limited funds and need a few more weeks to put together the resources. But use it wisely – with knowledge of where you are and why you are doing it. My weakness just became a strength.

    But did I ever consider procrastination a strength?

    Not till I made my list of strengths and weaknesses, looked at them honestly, and considered the balance. It’s about balance – not letting the strengths bring over-confidence that destroys and not letting the weaknesses become a barrier that keeps us from ever starting.

    If you are starting or wanting to move in a new direction- know yourself first, The confidence issue becomes a non issue when we are doing what we like, enjoy and are good at.

    So find what you enjoy, it’s everyone’s strength – and go for it.

  • Ruth Wenstrom

    Jared is so right, I can hardly believe it! First, he is right about the point that confidence can be a really difficult thing for those of us who are trying to start our own business. I know, because I would like to gain a little of Jared’s confidence, as well as some of my own. I would like to know that the business I am starting has a chance to make it, regardless of who I work for now, or where I live.

  • http://www.xtspromotions.com Darl Johnstonbaugh

    I like to refer back to the section about the woman giving up freedom for a little security…. sounds like big brother policy these days, too. Sorry, got off topic… excellent post in my opinion. I am going through some issues of my own, balancing the time with my start up and getting things in order for this winter due to not purchaisng a lot of heating fuel. I will be burning wood.. Still in recovery mode from a back surgery, so I am a little limited yet on the physical labor side of things. I remember the wife and I discussing this and her COURAGE and CONFIDENCE were not as good as mine. If you do not have some anxiety about starting this type of venture, than possibly you are not human. It is a big leap for me, but one that I have longed for. There really is no need to be bound to the “working society” that a lot of people feel is their only option. Not to mention the battles of climbing the ladder to the “top”. That kind of competition is not good in my opinion. Good luck to everyone doing there own thing. Thanks Jared! PEACE!