Running a Business Takes Courage. Here’s How to Build Yours.

Owning and running a business is not for the fainthearted. It comes with stress, uncertainty, risk, and numerous ups and downs. Success often depends on being courageous.

“Entrepreneurs, business owners, they learn to live with fear, and they somehow normalize it; they tame it, they face it,” said Ranjay Gulati, a Business Administration Professor at Harvard Business School and Author of the new book “How to Be Bold.” “They become comfortable with the discomfort that fear brings.”

Facing those fears, handling uncertainty, and building courage don’t always come naturally for everyone, though, he says. But it’s a skill that any small business owner can and should build. To help develop a sense of courage, Gulati suggested considering five Cs:

1. Comprehension

This refers to “learning in action,” or garnering lessons from experiences, good or bad, Gulati said.

“You can’t cancel uncertainty, but you can out-learn it,” he said. In other words, be bold enough to experiment. Take an action, learn from the outcome, and then use those lessons to develop new ideas and drive your next action.

“You can see this in so many contexts, where an entrepreneur is improvising and adjusting all the time, but you’ve got to take action first,” Gulati said.

2. Connection

Developing courage takes a village, Gulati explained. Entrepreneurs and small business owners need a team or individuals to listen to them and offer support, whether it’s emotional, moral, or financial, or to provide information or resources. Also, having someone who will provide valuable feedback is essential.

“As an entrepreneur, you need to have a support squad to carry you through,” he added.

Courage also isn’t just an individual pursuit; “collective courage” is just as important, he explains. This refers to the combined bravery within an organization, where everyone is willing to innovate, share their thoughts, and take action.

“Bold action is contagious inside organizations,” Gulati said.

3. Conviction

Tap into meaning and purpose in your life, Gulati explained, which will help you become more courageous. Successful business owners often start with a desire to change the way something is done or to improve or transform the market in some way.

“If you have conviction, not about just an idea, but an ideal, you not only motivate yourself, but you can motivate others,” Gulati said.

4. Confidence

While confidence is key to starting and running a successful business, it involves many layers, Gulati said. This includes having a good understanding of your industry and who your customers are, as well as the skills and self-efficacy to innovate and grow. Ultimately, you have to believe in yourself, too.

You also need a “can-do spirit,” an “I got it” attitude, and a drive to figure things out, Gulati added. “You acquire that first by having really good skills, but you actually acquire it by failing a few times.”

5. Calm

Rolling with the punches and methodically dealing with problems that arise are vital qualities. Finding ways to regulate and channel your emotions to deal with stress will keep you clear-headed to deal with issues that come up and free you up to constantly pivot as you run the business.

“Without calm,” Gulati said, “you won’t step into courage but into recklessness. Courage requires a clear mind, not a hot head.”

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.

 

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