The Confidence of Entrepreneurship

January 15, 2020

An entrepreneur succeeds. An entrepreneur fails. An entrepreneur gets rich. An entrepreneur goes broke. An entrepreneur gets lucky. An entrepreneur does not. Sometimes one entrepreneur does all of the above multiple times.

But every entrepreneur has one thing in common: the belief that they are going to succeed. Why? Because it’s that very optimism that separates an entrepreneur from just a guy with an idea. It’s that positivity that combats big things such as fear and doubt and little things such as inconvenience and indifference.

Optimism doesn’t just give you the confidence to inspire others, win deals and grow your business — it can lead you to places where the rewards are even bigger.

As the new decade dawns, energetic entrepreneurs with big dreams will take bold steps toward a future they believe in. 

You can be one of them.

What is the Nature of Confidence in Entrepreneurs?

Harvard Business School defines entrepreneurship as “the pursuit of opportunity beyond resources controlled.” If that sounds a tad more erudite than you fancy, just know that “beyond resources controlled” means you don’t have what you need to get the job done.

Without the right resources, you have to invent. You have to create. This requires a sense of urgency. You have to face the risk of failure and you have to persuade others to do the same. This requires positive thinking — in a big way.

That doesn’t mean blind confidence or bluster. To face great risks is to have fear. But rather than fleeing fear, you must face it, analyze it, make it work for you

Positivity feeds the entrepreneur. It creates confidence, boosts communication, inspires followers and it builds upon itself, allowing the entrepreneur to see setbacks as “bargain-priced tuition” rather than irredeemable failures.

How Does Confidence Fuel Entrepreneurial Success?

There’s no shortage of business articles raving about the power of positivity in the workplace. Among many examples, Don Markland, writing for Forbes, encourages you to “be so positive people wonder what’s wrong with you.” 

Let’s focus on three areas.

 

Confidence builds partnerships: 

Whether you are talking about bringing in business deals or attracting quality employees, being positive attracts like-minded individuals and even helps others become more positive themselves. When it comes to employees, Jayson DeMers, writing for Inc., says “if you set an example of positivity and understanding, your workers will mirror you, and the entire culture of the work environment will become more motivating.”

Just as important for entrepreneurs is attracting business partners and investors. Here, the need for optimism is clear. “It’s hard to motivate people to invest money in a new idea or work for a fledgling company if the entrepreneur behind it lacks confidence,” writes Deep Patel for entrepreneur.com. True positivity-fueled confidence is hard to fake. You have to feel it to sell it.

 

Confidence boosts productivity:

Wayne Baker, writing for Harvard Business Review, describes the results of his workplace research, “We ‘catch’ energy through our interactions with people – something called ‘relational energy’ – and it affects our performance at work…When you generate relational energy in the workplace, your performance goes up.”

A positive work environment not only creates happier employees, but it also inspires collaboration and creativity throughout the workplace. A positive environment doesn’t just help you get the job done, but it inspires you to look for ways to do it better.

 

Confidence fuels persistence:

The entrepreneur faces adversity at every turn — confronting and conquering perils and problems is the essence of what makes entrepreneurship so rewarding. If it were easy, everyone would do it. The fact that having a positive mindset helps you overcome obstacles might seem obvious, yet it cannot be discounted.

However, it’s more than just emotional resilience to setbacks. Utpal Dholakia, writing for Psychology Today, says that optimistic people have more cognitive resilience — giving them the power to “think more broadly, which in turn allows them to be flexible and open to new ideas. They can move on more quickly and to better-quality ideas.”

 

How Does Working Downtown Promote Confidence?

In our blog last month, we wrote about the mojo of working downtown: Feel the history. Feel the urgency. There is an undeniable sense of energy that you can’t get working from home or your suburban office.

The real key, though, is the people. If your confidence can spread to your employees, it’s certainly true that the optimism of your fellow entrepreneurs can buoy you. 

And downtown is full of energetic and focused young entrepreneurs. Study after study shows that millennials prefer the walkability and sociability of living and working downtown. Being a part of the action far outweighs traditional visions of green lawns and white picket fences.

So how do millennials start their companies downtown among the Phoenix heavyweights and the national brand names? They use coworking spaces — multiple companies and startups using a shared office space.

The idea is that multiple companies split the cost of a location that would otherwise be pricey. The practice is that there is a convergence of energy, passion and, sometimes, rivalry. To share a coworking space is as much about seeing if you measure up or if you can compete, as it is finding out that you can learn and you can be inspired.

Outside the office, you’ll find them as well. The most creative and technologically literate of America’s largest generation are in the coffee houses and bars and the parks and public transportation.

You can tap into that downtown energy. You just have to be there.

 

The Department Helps You Power Up Your Business

Once known as the Korrick Department Store, this building has more than a century’s worth of history at the heart of Arizona business. Newly refurbished with a wood-and-steel artisan’s aesthetic, The Department is opening up a new floor and is ready to welcome businesses that want to be powered by downtown’s surging energy.

The Department offers the amenities — creative and innovative spaces, fast Internet, housekeeping, security — to allow you to focus on your business. You bring the confidence, we’ll keep it fully charged.

Maintaining a positive self-image for yourself and your business is one of the most important things you can do to create long-term success. The right mix of people and environment can go a long way toward getting you there — and we’ve got it.

If you want to see for yourself, don’t hesitate to check us out. Schedule a tour with us, see the space, talk to our people, and discover what being in the heart of downtown Phoenix is doing for so many of our coworking colleagues.

 

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