Building self-worth as an entrepreneur is essential for navigating the challenges of business ownership. However, it is much easier said than done. There will always be an entrepreneur that is more successful, healthier, brighter, more creative, or more anything. Or am I wrong?
The reality is that we have to keep on working on our self-worth as an entrepreneur. You are probably familiar with my visits to the kitchen floor. With or without Pinotage to keep me company. Yes, I love sitting on the kitchen floor. I do believe that it is one of the best places to have an honest conversation. As long as it is a productive conversation and not a soul destroying one.
What is Self-Worth as an entrepreneur?
Your self-worth as an entrepreneur is rooted in your overall appraisal of your value or capability. You can have all the skills in the world with a vault stashed with assets, but without the feeling of being worthy of having a strong identity, love, and acceptance, you are likely to be driven by external factors such as money, fame and fortune.
Some examples of self-worth include:
Security: You have a sense of control over yourself and your environment
Resilience: You’re able to bounce back from difficult experiences
Character: You maintain a moral high ground and always try to do the right thing
Clear core beliefs: You adhere to character traits you believe to be important
Assertiveness/boundaries: You set healthy boundaries in your relationships – drawing clear lines for what people can and can’t do or say to you.
Self-compassion: You practice kindness, understanding, and patience with yourself
Self-love: You have a strong appreciation and adoration for yourself.
Acceptance: You respect the process of life and your current chapter – acknowledging that everything will or can change.
Identity formation: You dedicate the time and work to getting to know your true self.
What is the difference between self-worth and self-esteem?
Before we can look at how to build your self-worth, it is important to consider the difference between self-worth and self-esteem as an entrepreneur. At the core of the definition self-worth comes from intrinsic values while self-esteem is a result of external factors.
I can have a high self-esteem because I have won every conceivable competition, earn a ton of money and have the looks and body of a Pierre Cardin model, but are battling with low self-worth because I have been deprived of love, grew up in a war zone or a mother that made an emotional split from our family when I was a child. Thank heavens this is not me, but it should help to get the picture.
Self-worth is seen as a self-evaluation that is focused on internal beliefs and stable factors – someone with high self-worth feels valuable and deserving or worthy of love, respect, and consideration. Self-esteem, on the other hand, refers to an individual’s qualities and characteristics that are more fluid and subject to external factors, such as one’s physical appearance, accomplishments, capabilities and perceived success.
Why is Self-Worth your best asset as an Entrepreneur
The life of an entrepreneur is full of ups and downs. If you have any doubt about this fact, I suggest you hop over to our interviews with our entrepreneurs on Expedition Business. You are bombarded with challenges on a daily basis. The long and the short of it all is that your self-worth is what is going to drive you. The petrol in your bonnet.
Seven Steps to Build your Self-Worth as an Entrepreneur
This is my ten take-away steps to ensure that you keep on building your self-worth as an entrepreneur:
1. Celebrate Small Wins
Set yourself goals on a weekly, monthly and annual basis and celebrate every time you achieve a goal. No matter how small or significant. Completing this blog article, for example, should be celebrated. Acquiring one more member for addVentures Club or a sign-up for our addVentures Academy Workshops, should be celebrated.
Trust me, nothing falls out of thin air. Celebrating milestones that you achieve as an entrepreneur builds momentum and reinforces your belief in your abilities.
2. Reframe Failure as Growth
The lows will come and failure is waiting around the corner. That is guaranteed. If you view failures as opportunities to learn rather than setbacks, you are well on your way to conquering the self-worth entrepreneur summit.
Once again, it is easier said than done. If my workshops are not a sell-out, it is easy to revert to the kitchen floor. with a glass of Pinotage. If we flop in attracting the best possible sales candidates for addVentures Business Club, it is so much easier to stuff my face with cake than to view it as a learning curve. Each mistake teaches valuable lessons that contribute to long-term success.
3. Leave Your Comfort Zone
Getting lost in your comfort zone is definitely easier than pushing the limits and taking calculated risks. Staying stuck and subconsciously repeating to yourself that you are not worth leaving the comfort-nest is a recipe for disaster. Once again, it is so much easier to keep on doing what you have always been doing. To follow the crowd. Success in these endeavors expands your comfort zone and strengthens your self-worth for all your entrepreneurial challenges waiting around the corner.
4. Expand Your Base
Building on your industry and entrepreneurship skills and education through books, articles, podcasts, or courses might be external factors which is in essence not where self-worth comes from, but builds your self-worth as an entrepreneur subconsciously. My mother used to repeat till the cows came home that knowledge is power. You can never take knowledge away. And yes, we have to keep up to date with the latest knowledge. Time does not stand still.
When I started out in the marketing communication industry way back in 1993, presentations were designed in DOS. Harvard Graphics for DOS. I worked for Ideadata at the time. The best presentations company in the whole of South Africa. Imagine what would have happened if I continued designing presentations in DOS?
Continually adding to your knowledge and skills enhances your competence, which in turn adds to your self-belief and eventually your self-worth.
5. Build a Support Network
There are few things that can break down your self-worth as an entrepreneur like surrounding yourself with the wrong crowd. Whether it is a spouse, brothers & sisters or your team at work. You can have the most solid self-worth as an entrepreneur, but if you are constantly told that you are not good-enough, you will start to believe it. Consciously or subconsciously.
I am blessed with the most amazing children, family, friends and colleagues. Without them my life would have been completely different. And yes, my amazing friends are mostly built from either my running adventures and involvement with our church over many years. People with healthy habits: physical and emotional, and it makes the world of difference.
If you want to continuously build on your self-worth as an entrepreneur or just in general, surround yourself with mentors, peers, and networks who can provide guidance, encouragement, and fresh perspectives. A strong network reinforces self-worth like few other things.
6. Keep a Journal
I probably sound like a broken record, but I cannot stress the importance of keeping track of all the amazing things that you, as an individual, have achieved. And no, you do not have to splash everything over Facebook or LinkedIn. I, for one, keep my most precious memories and achievements for myself to treasure. There are few things as rewarding as having a one-on-one conversation with myself in my journal.
Documenting my highs and lows and regularly reminding myself of my progress and capabilities makes such a difference in my life. It also makes a massive difference to follow how I got through the lows. Not the times when I have literally fallen on the trails, but my emotional falls on the trails paths of entrepreneurship. Reminding yourself of how you got up and dusted yourself off is one of the most powerful exercises you can do.
Recognise and challenge feelings of inadequacy by focusing on your accomplishments rather than dwelling on perceived shortcomings.
7. Summit Your SUN
Do you know what your Story of Unique Navigation is? Why were you placed on this earth in the first place and why are you still here? Your yesterday, today and tomorrow that makes your contribution unique. Staying connected to the purpose behind your entrepreneurial journey. Believing in your goals and abilities is foundational to building lasting self-worth.
By incorporating these strategies into your daily life, you can cultivate a resilient mindset that supports both personal growth and entrepreneurial success.
What’s next?
Are you keen to learn more? addVentures Academy are planning a workshop on building your self-worth as an entrepreneur. We will be hosting an online workshop as well as an in-person workshop on the banks of the Vaal River. Sign up as a Mission Member to receive FREE entry to our online workshop and 10% discount on our in-person event.
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