Eleanor Roosevelt once said, “The future belongs to those who believe in the beauty of their dreams.” Although her words have stood the test of time, that doesn’t necessarily make having that belief or betting on yourself any easier. On this page, we’ll walk you through why it can be difficult, plus cover actionable steps to help you overcome the barriers that prevent you from betting on yourself and achieving the personal and business growth you deserve.
What Betting on Yourself Really Means
Betting on yourself means making a conscious choice to trust in your abilities, decisions, and potential, often by employing risk-taking strategies or investing resources such as time, money, and energy toward your growth. To bet on yourself is to have enough belief in yourself to pursue opportunities or tackle challenges, even when the outcome isn’t guaranteed.
What Betting on Yourself Looks Like in Practice
It’s sometimes hard to see what betting on yourself looks like when you’re analyzing your own life and choices, so let’s quickly review a few situations where this might come into play.
- Starting a Business or Project: For many, this is the ultimate bet. You’re putting time, energy, and money into an idea with the hope that it will succeed despite knowing there are risks.
- Investing in Learning or Business and Personal Development: Whether it’s learning new business skills on your own, taking courses, or working on a new degree, investing in education is a way of betting on future returns.
- Making Bold Business Moves: This might mean expanding your offerings, moving into a new market, changing your business model, or pivoting in some other major way. You’re stepping out of your comfort zone because you trust in your potential to adapt and excel.
- Prioritizing Health and Wellbeing: When you commit to improving your mental or physical health, such as by improving your work-life balance, you’re betting that taking care of yourself will enhance your quality of life and work.
Why Betting on Yourself is Essential for Business and Personal Growth
When you choose to invest in yourself, you’re embracing a mindset that’s willing to take calculated risks, act decisively, and push through discomfort. This impacts a lot of different areas.
You Build Resilience and Confidence
Self-confidence and resilience are like muscles. The more you use them, the stronger they become. Betting on yourself gives you firsthand experience with problem-solving and critical thinking, especially when things don’t go as planned.
Self-efficacy works similarly. Psychologist Albert Bandura described it as an “attitude of positive thinking.” A belief in your ability to succeed increases the likelihood that you will, studies show.
You Create New Opportunities
Doors open when you put yourself out there. When you bet on yourself, you’re taking actions that you otherwise might not have, such as launching a new product, speaking at a conference, or investing in professional development.
You Own Your Successes and Failures
Growth comes from learning, and failure is part of that. When you own both your wins and your losses, you develop the mindset of an entrepreneur, someone who’s accountable for their growth and proactive in finding solutions.
This is often referred to as having an “entrepreneurial mindset” or “growth mindset,” where you believe that abilities and intelligence can be developed to achieve greater business and personal success. Interestingly, this belief can actually influence real results. Those who have a growth mindset are more likely to thrive despite difficulties and continue to improve, research shows.
Why People Don’t Bet on Themselves
Betting on yourself isn’t always easy. If you’re struggling in this area, one of the following things may be holding you back.
Self-Investment Can Seem Self-Indulgent
Particularly when looking at areas like ensuring work-life balance or investing in learning, it can seem like you’re rewarding yourself before you’ve “earned” it. Although this makes sense at a superficial level, investing in yourself is one of the most important things you can do for your business.
Fear of Failure
Most people have at least some fear of failure. This is normal and healthy. However, when people tie their personal value or self-worth to a specific outcome, that fear can become paralyzing and prevent you from moving forward.
Impostor Syndrome
Impostor syndrome refers to repeated feelings that you’re not good enough or are incompetent, even when there’s proof of your skill or evidence of your successes. This can happen to people in settings where worth is directly tied to achievement, and the bar is set exceedingly high, or others involved are critical.
Comfort Zones
Humans are wired to seek familiarity and safety. It’s a trait our ancestors needed to avoid potential threats. When we step outside our comfort zones, we genuinely feel discomfort as a warning sign to return to safety. The problem is that our brains no longer have a reason to keep experimenting with new ways of doing things when we’re stuck in this rut of familiarity, and so we stop learning, as Inc. reports.
How to Get Started Betting on Yourself
Betting on yourself may not seem natural at first, especially if it’s not something you’re accustomed to doing. Using a framework like the one outlined below can help you approach it more methodically and improve your odds of success.
Identify One Area to Work On
Rather than trying to work on everything all at once, choose one area of your business or life where you feel a mix of excitement and discomfort. For example, maybe you’re struggling with networking, finance, business expansion, or career growth but know that investing in it would be transformative.
Set a Goal
When setting a goal, most people instantly think of outcome-related goals, such as opening a second business location. While you can work with those types of goals, it may be more beneficial to focus on things that can lead to the desired outcome. For instance, you might set a performance-related goal of increasing demand by 20 percent or develop a process-related goal like contacting five additional prospects per week to help spur business growth. Whatever you choose, define a tangible goal that’s realistic but a bit of a stretch.
Commit and Track Progress
Make sure your goal is measurable and hold yourself accountable with regular check-ins to assess your progress. Self-trust builds over time, and each small win reinforces that you’re on the right track.
How to Address the Challenges and Pitfalls of Betting on Yourself
Despite knowing the benefits of betting on yourself and using a framework for success, you may still hit roadblocks along the way. Below, we’ll explore some of these challenges and strategies for handling them.
Dealing with Self-Doubt
“Our doubts are traitors and cause us to miss the good we oft might win, by fearing to attempt.” – William Shakespeare
Even the most confident people face moments of self-doubt, especially when stepping into new or uncertain territory. You might question if you’re skilled enough, experienced enough, or if you even belong in the room.
Reframe self-doubt as a signal that you’re pushing your limits in a good way. Remember that growth rarely happens within your comfort zone. It might help to keep a record of your past wins. For example, consider filling a binder with positive feedback, completed projects, or reminders of risks you’ve taken that worked out.
Nixing Fear of Failure
“Failure is only the opportunity more intelligently to begin again.” – Henry Ford
Failure can be intimidating, and the fear of it often stops people from moving forward. You might worry that failing will hurt your reputation or impact your confidence.
To address this, shift your perspective on failure. Instead of seeing it as an endpoint, view it as a learning opportunity. Failure isn’t a reflection of your worth. It’s part of virtually all successful journeys.
It might help to conduct “failure rehearsals.” Think through the worst-case scenario and make a backup plan. Knowing you have a way to recover can make the risk feel more manageable.
Handling Setbacks and Plateaus
“A bend in the road is not the end of the road… unless you fail to make the turn.” – Hellen Keller
You might experience setbacks that make you question your direction, or plateaus where growth feels stagnant. These moments can be demotivating, especially when you don’t see immediate results.
In these cases, it can be helpful to adjust your metrics for success. Focus on progress, not perfection. Celebrate incremental gains, like a small increase in revenue or even feedback from a mentor. It’s also a good idea to break larger goals into smaller milestones. When you hit a roadblock, revisit these milestones to remind yourself that growth is cumulative.
Managing Time and Energy
“The key is not to prioritize what’s on your schedule, but to schedule your priorities.” – Stephen Covey
Betting on yourself often means taking on extra responsibilities, such as side projects, additional training, or new client work. Without careful planning, this can lead to burnout.
Be sure to prioritize self-care as part of your growth plan. This includes setting boundaries, delegating where possible, and scheduling regular breaks.
Applying the 80/20 rule can be helpful, too. Also known as the Pareto principle, this idea simply means that 80 percent of outcomes arise from 20 percent of causes. If you understand which activities will lead to your desired result, you can zero in on those to achieve your goal faster.
Facing Criticism and Skepticism
“I have yet to find the man, however exalted his station, who did not do better work and put forth greater effort under a spirit of approval than under a spirit of criticism. – Charles Schwab
When you bet on yourself, not everyone will understand or support your decisions. You might encounter skepticism from colleagues, friends, or even family.
Differentiate constructive feedback from negativity. Seek input from those who understand your goals and have a track record of constructive advice. It’s helpful to build a support team of mentors, peers, or friends who believe in you. These people can provide encouragement and remind you why you started when outside criticism feels overwhelming.
Combating Imposter Syndrome
“The greatest obstacle for me has been the voice in my head that I call my obnoxious roommate. I wish someone would invent a tape recorder that we could attach to our brains to record everything we tell ourselves. We would realize how important it is to stop this negative self-talk. It means pushing back against our obnoxious roommate with a dose of wisdom.” – Arianna Huffington
Imposter syndrome is common when you step into new roles or take on bigger responsibilities. It’s the feeling that you don’t really deserve the success you’re pursuing.
Overcoming self-doubt isn’t easy, but it is possible. Acknowledge your achievements. Remember, you wouldn’t be in this position if you hadn’t earned it. Reflect on the skills and experiences that got you here. You can also use evidence-based thinking to combat it. For example, make a list of your past successes, completed projects, or client testimonials. Whenever imposter syndrome creeps in, revisit this list as proof of your capabilities.
Address Financial Barriers to Betting on Yourself with Factoring
Sometimes, it’s not so much the barriers created in our minds that prevent us from betting on ourselves but accessing the resources necessary to push forward. That’s where invoice factoring comes in. Instead of taking out a loan, which you then have to pay back with interest, factoring provides you with instant cash through the sale of your invoices. You can use this cash for anything you wish, such as additional training, business expansion, or upgrading your systems. To take the first step, request a free factoring rate quote.
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