If you’ve got a business idea, developing a belief that it can succeed is one of the hardest things.
You’re not quite yet a startup, you’ve got a lot of planning to do, and you want to tell the whole world just how amazing your business is going to be.
Building this initial hype is the best way to attract investors and customers alike. But are the right people listening? And even if they are, do you have enough confidence to persuade them that your idea is the next big thing?
Here’s how to build confidence in your business idea:
Outsource the Skills You Don’t Have
If you’re missing a skill you need to rely on, such as coding or content creation, you can develop an outsourcing plan from the start. You don’t have to learn how to do everything yourself, and you don’t need to think about hiring staff either, because that’s going to increase your operating costs substantially.
It’s great to find people who are better than you at any given task and rely on them to deliver what you need. As a new business owner, you will have a tendency to try and do everything on your own. But this is a recipe for failure, and the loss of confidence that you can pull off your business idea. Your goal is supposed to be to hire people who are smarter than you in specific areas, so you can focus on your top priorities like creating the prototype for your product or service, reaching out to potential clients and investors, and trying to make your first few sales.
By outsourcing, you’ll save yourself a lot of time and money as you go. You can find experienced freelancers on a number of websites. Of course, you’ll need to test their skills, and then provide them with some training, but it’s an investment that’s going to pay off tremendously over the next few months.
Thoroughly Research Market Statistics Related to Your Idea
The more informed you are about the way the market is moving, the easier you’ll fit your business idea into it. You should have already conducted a wealth of market research when you first came up with your business plan, but you shouldn’t stop there.
Keep pushing for stats and figures, and spot the trends impacting companies like yours. Paying attention to history is the best way to learn what might happen in the future. In the business world, that means figuring out what went wrong for similar ventures as yours, how long similar businesses lasted, and the best marketing methods for your specific niche.
If you want to believe that your idea will succeed, the market you’re getting into should be steadily growing. Pay attention to the CAGR (compound annual growth rate) of your target market. If it’s in double digits, you can be sure that there’s still a lot of space for new challengers and innovators like yourself, who want to disrupt the status quo and get a nice slice of the pie for your company.
Develop a Strong Belief in Your Idea
If you don’t believe in your business idea, and think it’s a bit thin on the ground or doesn’t quite have the shine you were hoping for, no one else is going to either. You’re the number one representative of your brainchild, and when you speak without passion, you’re going to subconsciously communicate to other people that you’ve got nothing to offer.
Take the advice of Raj Kalyandurg; passion always comes first. When you know what you want and you’re willing to go after it no matter what, you’ll have ten times more charisma than everyone else looking for investment. Keep this in mind when you’re preparing speeches and pitches; a good business idea relies on the strength of the person presenting it. Even Apple could have failed if Steve Jobs wasn’t able to step up on stage for it!
A good business idea takes a lot of refining, a dash of charisma, and a lot of belief from the person who came up with it. If you’re not sure how your idea might come off when placed in front of those ‘in the know’, don’t just drop it. Record your pitch on video, and refine it until it sounds like the best business idea of all time.
Find a Supportive Business Community
It might be true that the buck stops with you but you don’t have to go it alone all the way. I’m sure there are multiple business communities in your area that will help keep your motivation high when the going gets tough.
You may think that working from home and your local café is going to be enough. But if you are stuck with all of your problems by yourself, it’s easy to get demotivated and lose the passion for your project. I highly encourage you to check networking communities on meetup.com and pay $200-$300 for a hot desk in a dynamic co-working environment. By seeing other people grinding it out and having the ability to brainstorm with them about your challenges, you’ll feel like a part of a team even if it’s only you at the beginning.
Work on Increasing Your Levels of Energy
It’s so easy to sacrifice sleep and your workout routine on the hustle culture’s altar. But once you get some experience with your new venture you’ll quickly realize that your health and energy are the primary drivers of your success. It’s much easier to keep the belief in yourself and your project when you sleep well, eat healthy nutritious foods low on carbohydrates, and go for a morning run to keep your brain operating at peak capacity.
As Jim Rohn once said: “You need to learn to take a break from your ambition.” Nobody had saved the world by grinding themselves into a fine powder. So take ample time for regeneration, and abstain from thieves of dopamine. Make sure that all of your neurotransmitters are firing towards one goal which is the success of your venture. Things like gambling, alcohol, cannabis, and TikTok shouldn’t be your thing right now.
Most importantly, make sure you do something every day to push your business project forward. By witnessing your daily progress, you’ll soon become unstoppable.