Entrepreneurial Self Confidence Vs Small Business Blind Optimism

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Many business owners get into a business with little or no thought about getting out. Confidence in the future is essential. Misplaced confidence can create unnecessary challenges and stress. This column is one in a series that examines this component of “Entrepreneurial Insanity”.

It takes a certain amount of courage to open a business. The safety net of employment is gone and every decision directly impacts the success or failure of the enterprise.

That is why it is interesting to observe the source of the courage. People admire self-confidence. Such qualities are those of which leaders are made. But, can there be too much confidence in some people? When self confidence moves into the realm of blind optimism, the admiration tends to wane.

The true entrepreneur tends not to see the risks. Yet, there is no assumption that he is a fool either. Entrepreneurs manage risk. They do not blindly take risks.

The danger in blind optimism is that, of course, you could be wrong.

You see it every day. The corner location where “nothing goes” is the new home to a specialty grocery with a limited population from which to draw. In your head, you say, “I wonder how long… “.

Self confidence, on the other hand, is vital to the prospect of the business getting off the ground. Without the dream and the confidence that the dream can be achieved, no business ever gets started.

Blind optimism, is misplaced self confidence. It is confidence without foundation. So what is the difference? Information. The entrepreneur’s strategy for business formation boils down to this formula: OPTIMISM + INFORMATION = CONFIDENCE

Take optimism and add information to create confidence. To have confidence, however, you must have adequate information. That is where the whole topic of research comes in. There is a ton of information right at the fingertips of every business owner. Too often it is either ignored or misused. Properly gathered and analyzed, it can save business owners significant amounts of money.

As a magazine publisher, speaker, author and consultant, McManus has had the rare opportunity to see inside businesses resulting in the conclusion that many call themselves entrepreneurs, but few truly achieve the levels of freedom that the title should imply.

Roger McManus is author of Entrepreneurial Insanity: When Doing the Same Things Do Not Produce Different Results – It’s Time To Do Different Things! available from Ensanity Press for $14.95. https://www.createspace.com/3439545.

To see where like-minded, growth-oriented, soon-to-be-true-entrepreneurs meet and share, visit http://ensanity.biz (It’s not a typo, it’s a contraction: ENsanity for ENtrepreneurial Insanity)

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