The Value of Self-Awareness for Women in Business
Adopting crucial skills like marketing and technical know-how is essential for driving your business towards growth. However, beyond applying technical skills, embracing a successful entrepreneurial mindset is an equally crucial cornerstone of business success. With a healthy mindset, you can effectively navigate challenges, redefine your relationship with failure by perceiving it as an opportunity to grow, and stay on track with your goals. A successful entrepreneurial mindset also allows you to cultivate self-awareness, a key recipe for success.
Studies show that although 95% of people believe they are self-aware, only 10 to 15% are actually self-aware. According to psychologist Dr. Tasha Eurich, self-awareness is the will to understand and assess ourselves and how others perceive us. By knowing who you are and understanding your strengths or weaknesses, you can improve and strengthen your relationships with others. But how exactly is self-awareness essential for women in business? Read on to find out.
Knowing your strengths
Research shows that 46% of women professionals worry up to 30% of the time about making mistakes, compared with only 33% of men. Constant worrying can significantly affect your performance in leading or managing your business. However, by being self-aware of your capabilities and weaknesses, you can better understand how you can approach business-related problems and formulate solutions instead of worrying about potential mistakes. Self-awareness also allows you to assess your behavior and thinking patterns, enabling you to recognize your strengths and capitalize on them. With self-awareness, you can focus more on your strengths rather than your weaknesses.
Improving self-esteem
A National Bureau of Economic Research study found that 80% of women have low self-esteem at work. Struggling with self-esteem can impact your leadership skills and cause a lack of confidence in making crucial decisions, hindering growth. This is where self-awareness comes into play. By fostering a deeper connection with yourself, you can better recognize what you can bring to the table, boosting your confidence. As you identify your capabilities, values, and goals, you are more likely to improve your self-esteem and maximize your leadership skills. This promotes a positive attitude, which is essential for helping you navigate the highs and lows of managing a business.
Being more accountable and responsible
Accountability and responsibility are vital in building trust and integrity among your colleagues. Having self-awareness helps you identify the impact of your actions and behavior. It lets you take ownership of your decisions and how they affect your business and co-workers. This internal understanding makes it easier for you to realize and admit mistakes, promoting a culture of accountability in the workplace. Self-awareness also helps you understand your values and how you can align your actions with them, ensuring that you take responsibility for making decisions crucial to your goals and entrepreneurial success.
Fostering connections and social well-being
A study published by MDPI found that women leaders tend to be more collaborative, which means fostering connections with peers plays a crucial role in driving business success. Research shows that self-awareness, an essential component of self-connection, can enhance social connection and positive well-being. Self-aware individuals know what they want and can communicate these preferences and goals to others, allowing them to engage in meaningful discussions that help align their values for business success. According to Dr. Eurich, being self-aware also helps us understand how other people perceive us, which allows us to adjust our actions and behaviors accordingly to foster better connections in the workplace.
Managing or leading a business can be an overwhelming endeavor. Thankfully, self-awareness can help you identify your strengths and weaknesses, make informed decisions, and foster stronger relationships with your peers — ultimately helping you be the best leader you can be.
Written by Regina James; regina.james.writes@gmail.com
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