3 Signs Your Low Self-Esteem Is A Business Killer
If you have low self-esteem can that affect how you do business or how people do business with you? Before you make a decision read on, you may be surprised.
Self-Esteem is what you think of yourself and your abilities.
How can low self-esteem be a business killer?
Well, let me tell you about a businesswoman, Lynne, who was very passionate about European shoes and purses. Lynne, after traveling through Europe, fell in love with their high quality and design. She decided to open her own business selling these specialty products.
In Lynne’s business plan her market would be to professionals who have the want and the means to have what she is offering. She found a perfect location, in a high traffic area in a business area of the city, where she would get lots of walk by traffic and exposure for her new store.
Here is what can happen to a businesswoman, or man, who has low self-esteem.
1 – Low Self-Esteem = Trying Too Hard
In business, it is important to please your customers. Otherwise, you will go out of business. However, trying too hard to please people, due to low self-esteem, can be a detriment to your business. How? Let me give you an example where people pleasing can be bad for business.
Because Lynne was in a high traffic area, she had many professionals coming into her store and sales were very good. However, she also had non-professional coming into her store every day wanting cheap shoes and purses.
Because Lynne suffered from low self-esteem she felt the need to please everyone and decided to divide her store into two sections; one for the high quality and the other for cheap shoes and purses.
She noticed sales have gone up, but her income dropped drastically. Many of her professional customers didn’t view the store as a specialty store any longer and went elsewhere. And, her high-quality shoes and purses were taking up half the square footage with less return on investment (ROI).
2 – Confidence To Sell Yourself or Product
If you don’t believe in what you do, or what you have to sell, then customers won’t either. If you have doubts, then your customers will have no doubt that you’re not the right person to do business with.
This is another area where Lynne’s low self-esteem caused her problems. By doubting her choice in selling her high-end shoes and purses just because some people wanted something different. If she had strong self-esteem, she wouldn’t have changed her working business plan to accommodate a different market.
3 – Under Selling Your Product or Service
Pricing your product or service below what it is worth can also harm your business.
Let’s face it, if something you want is priced far below what you think it is worth, you may start to find fault with the product. Statements like: “What’s wrong with it,” or “it must be seconds” or “they are probably not that good” come to mind.
We have all said at one time or another “you get what you pay for.”
Now, because Lynne’s inventory of high-end quality shoes and purses were not selling as fast, she dropped her prices. They sold quickly, but she received many complaints finding fault with her products.
The variation in the color of the European shoes was seen as a flaw in the quality of the shoe rather than part of the style. Lynne found herself very stressed dealing with the criticism from these customers and started dreading going into work every day.
To be successful in business, you need to have good self-esteem because others may criticize you, or sometimes even bully you into doing things differently. If you try to avoid criticism, confrontation or someone not liking you, then low self-esteem could be killing your business.