Four Steps To Greater Self-Confidence | S02E04

Introverts Thriving In Business

Confidence in business is essential. And yet it’s something all new entrepreneurs struggle with.

Scientists have shown that people who believe in their capabilities put in more effort and perform better. They also experience greater job satisfaction and less stress and burnout.

Now, if you struggle with self-doubt in business that’s okay. Most of us do. There are ways to increase your self-confidence over time.

Today, I share four steps to greater self-confidence. The method is based on the work of a famous psychologist, Albert Bandura.

Bandura defined a term called self-efficacy which refers to the ability to meet challenges and complete a task successfully. Where confidence is a general belief in your abilities. Self-efficacy is specific.

For this podcast, I use the terms self-confidence and self-efficacy interchangeably. What we’re really discussing here is how to believe in yourself as a business owner.

The four steps to greater self-confidence can be remembered using the acronym SWIM. The steps are:

1. Small Wins
2. Watch Others
3. Invite Encouragement
4. Manage Emotions

Listen in to today’s episode to discover how you can apply these steps and grow your self-confidence as an entrepreneur.

What you’ll learn on today’s episode:

• The relationship between self-efficacy and business success.
• Bandura’s four sources of self-efficacy beliefs.
• Why you want to set realistic goals rather than impossible goals.
• How to apply the four steps to greater self-confidence.
• One powerful bonus step to help you achieve more and live your best life.

Featured on this episode:

Podcast episode on The Visibility Challenge

Best Possible Self Exercise: https://ggia.berkeley.edu/practice/best_possible_self

Get more information about Business Growth Lab here: sallyannmiller.com/thelab/

Bandura, A. (1977). Self-efficacy: toward a unifying theory of behavioral change. Psychological Review, 84(2), 191.

Boyd, N. G., & Vozikis, G. S. (1994). The influence of self-efficacy on the development of entrepreneurial intentions and actions. Entrepreneurship Theory and Practice, 18, 63-77.

Judge, T. A., & Bono, J. E. (2001). Relationship of core self-evaluations traits—self-esteem, generalized self-efficacy, locus of control, and emotional stability—with job satisfaction and job performance: A meta-analysis. Journal of Applied Psychology, 86(1), 80.

Schwarzer, R., & Hallum, S. (2008). Perceived teacher self-efficacy as a predictor of job stress and burnout: Mediation analyses. Applied Psychology, 57, 152-171.

Skaalvik, E. M., & Skaalvik, S. (2007). Dimensions of teacher self-efficacy and relations with strain factors, perceived collective teacher efficacy, and teacher burnout. Journal of Educational Psychology, 99, 611-625.