The biggest enemy in entrepreneurship is not the competitor, but the self-doubt in your heart.

Starting a company will always test your confidence. Some days will test it severely, while others will shake it to the core. Experiencing self-doubt at those moments doesn't mean you're unfit to lead. It's just a natural occurrence when you're creating something new, facing real stakes, and deeply caring about the outcome. In the long run, well - led founders aren't those who never doubt themselves, but those who learn to live with it.

Entrepreneurship is often seen as a strategic or operational challenge: optimizing product - market fit, raising capital, scaling business processes and talent, and outsmarting competitors. However, the core essence of entrepreneurship is a personal journey.

Building a successful business has never been easy. Today, the challenges are even more daunting. Entrepreneurs are in the most uncertain and demanding environment since the financial crisis, characterized by tight capital, rising failure rates, rapid technological change, and continuous volatility.

As external pressures increase, so does the psychological burden. Nearly 88% of entrepreneurs say they've experienced at least one mental health challenge. Over half report anxiety, and over a third report burnout. Entrepreneurs are twice as likely to suffer from depression as the general population.

There's a force quietly exacerbating this burden: self - doubt. While it's normal for entrepreneurs to question their ideas or abilities, unacknowledged self - doubt can turn into a destructive force, hindering action and negatively impacting the entire team.

However, for entrepreneurs, confidence is hard currency. People expect them to show certainty, act decisively, and put the business above all else. Self - doubt may be misconstrued as weakness and is often hidden. No wonder 82% of startup community members say it's difficult to openly discuss mental health, and only 7% of startups have formal policies to support employees' mental health.

But self - doubt itself isn't the problem; not knowing how to deal with it is the key. Entrepreneurs who learn to anticipate and manage self - doubt, rather than ignoring or suppressing it, can make clearer decisions, lead their teams more steadily, and build more resilient companies. Here's how:

Identify the Signs

First, recognize that self - doubt is a normal by - product of creating something new. When you're creating something that doesn't exist yet, uncertainty is a natural part of the process. Don't view doubt as a flaw, but as an expected response to uncertainty.

Don't suppress it. Instead, figure out how it manifests in you and what triggers it. Notice when it intensifies: before pitching to important investors, after hiring senior managers, when growth slows, or when cash flow is tight. These turning points increase the perceived risks for entrepreneurs. When you find that the timing of doubt follows a pattern rather than being random, you're less likely to mistake it for a sign of failure.

For example, Dina, a founder I coached, noticed that her self - doubt intensified before every investor update. Even a slight drop in revenue made her feel that she wasn't fit to lead the company. But when we identified the pattern, she realized that her doubt wasn't evidence but just a natural stress response to expected scrutiny.

When doubt arises, separate your thoughts from observable facts. Ask yourself: What evidence supports this concern? What evidence contradicts it? Write both down. Putting your reasoning on paper can shift you from an emotional reaction to a rational assessment. That seemingly certain feeling of failure is often just an untested assumption.

Then change your perspective to gain distance and clarity. Ask yourself: What would I tell a founder I respect if they were in this situation? You'd probably weigh the risks, study the data, and remind them of their past achievements before drawing conclusions. Treat yourself with the same rigor.

Self - doubt may not go away. But when you identify it, put it in context, and question it carefully, you can turn it from a destabilizing force into useful information.

Borrow External Perspectives

Normalizing and re - examining self - doubt can be helpful. But when you're leading alone, your internal perspective can be fragile.

It's important to recognize that the structure of a founder leading a startup is a form of "institutional loneliness." You don't have regular peers at the same level, nor an institutional framework to help you interpret uncertainty. Investors and boards are important, but these relationships are tied to performance and capital. In this context, showing vulnerability can seem risky. As Mike McDermott, CEO of FreshBooks, said: "Doubt stems from fatigue and loneliness, both of which are common when running a startup."

Without external calibration, uncertainty can solidify into self - criticism. Temporary setbacks start to feel like evidence of your own incompetence. Your brain will fill in the blanks, usually in a pessimistic way.

Consciously counter this bias by introducing external perspectives into your leadership style. Identify a few people you can openly share your ideas with: trusted peers, mentors, members of entrepreneur forums, or even friends or partners. Schedule regular meetings and use these conversations to test the logic of your fears. Ask them: "What am I missing? Where might I be over - interpreting the data? What would you do if you were in my position?"

Borrowing others' perspectives isn't about seeking approval or outsourcing judgment, but about detecting the distortion that isolation and doubt may cause to your thinking. The perspective you need doesn't have to come from formal mentors or board members. Neri, a consultant, advised a founder to develop the habit of having lunch with employees to get out of the executive bubble. This shift in perspective helped him readjust and put the current pressure in the right light. The point isn't the specific strategy, but the discipline of not letting doubt intensify in isolation.

When you examine doubt through conversations rather than ruminating alone, its power to distort major decisions is further weakened.

Shift the Focus

It's essential to break the myth that "the founder must be the core hero of the business." When you see yourself as the sole bearer of the vision, the only one who can bear uncertainty, and the only source of all answers, normal business fluctuations start to feel personal. Missing a target feels like incompetence. Gaps in knowledge feel like personal deficiencies.

Break this pattern by intentionally shifting the focus from yourself to the mission. Ask yourself: What are we here to advance? Who are we serving? How does this decision move the work forward? When you see leadership as a service to a bigger goal rather than a proof of personal ability, the question changes from "Am I good enough?" to "Are we advancing something important?"

Implement this shift structurally. Transparently share key dilemmas and invite input from all levels of the organization. Practice open strategy, where the direction comes from collective wisdom rather than solitary contemplation. When you distribute thinking, you also distribute the psychological burden.

When leadership is self - referential, self - doubt thrives. When you anchor your decisions in the common mission and focus on the work rather than yourself, self - doubt fades.

Separate Identity from Results

When your name, savings, and reputation are closely tied to the success of a startup, it's hard not to let the company's performance define your self - worth. Your business may even feel like a direct extension of yourself, which explains why so many founders call their businesses "my baby." But when your self - perception is linked to a quarter's performance, a deal, or a successful funding round - with every victory making you ecstatic and every setback knocking you down - your confidence and emotional state become subject to forces you can't fully control.

Broaden your definition of success beyond valuation, user growth, or exit liquidity. Consider other areas of your life, such as relationships, health, faith, or community. Ask yourself: "What other people and things are important to me?" and "What values do I want my life to reflect?" Identify experiences or achievements outside of entrepreneurship that make you proud and fulfilled. If you have trouble answering these questions, recall who you were and what was important to you before entrepreneurship took over your life.

Remember, despite your determination, there are things you can't control. Markets change, investors change direction, and the impact of timing can't be avoided no matter how much you prepare. Accepting this reality doesn't diminish your ambition. Instead, it helps you keep a clear head and focus on what you can control - like your efforts, decisions, leadership, and integrity - without tying your identity to outcomes you can't fully control.

Entrepreneurship will always have its ups and downs. In the long run, loosening the connection between you and the entrepreneurial results can stabilize your confidence and maintain your resilience.

Remember Your Achievements

You may feel like you don't have time to stop and celebrate progress, thinking that the company's survival depends on constant forward movement. When entrepreneurship is closely tied to your identity, slowing down can seem even more dangerous. Coupled with the inner voice of self - doubt telling you that you haven't really earned your victories, it becomes even more difficult to recognize your achievements.

However, celebrating progress isn't indulgence; it's a strategy. When you keep pushing forward without ever stopping to recognize your progress, the risk you face isn't just burnout. Celebrating small achievements can spark joy, engagement, and creativity - emotions that can sustain motivation. They can also highlight what works and strengthen the connections between team members, reinforcing the lessons and relationships that contribute to future success.

You may already make a point of celebrating major milestones for the team, such as a large - scale product launch, winning an important customer, or an initial public offering. But don't just wait for these high - profile moments. Instead, celebrate early progress and incremental gains along the way. Whenever you reach a goal, no matter how small, mark it. Compare where you are now with where you were six months ago and feel the progress you've made. The celebration doesn't have to be elaborate - just deliberately stop to recognize your gains and feel the pride that can propel you forward.

Taking a moment to recognize progress can provide a reality - based counterbalance to self - doubt. Making growth visible can fuel the confidence and resilience you need for the future.

Guard Your Physical and Mental Energy

Resist the pressure to equate "total commitment" with "responsibility." Long working hours, being on call at all times, and personal sacrifices may seem heroic and necessary, but long - term energy depletion can erode judgment, emotional stability, and health.

Pay attention to your basic needs. When you're sleep - deprived, malnourished, or under long - term stress, your cognitive bandwidth narrows, and your executive function is impaired. Your brain defaults to threat - detection and negative - bias mode. Ambiguous data starts to seem ominous. Small setbacks are magnified. In this state, self - doubt intensifies and is harder to control.

Restoring energy is necessary maintenance, not indulgence. Protect your sleep as you would a board meeting. Set boundaries for your working hours. Schedule exercise every week. Really disconnect to let your brain break free from daily chores and regain a clear perspective. You may not immediately link burnout to self - doubt. But energy depletion reduces resilience and reinforces negative inner thoughts. Protecting your physical and mental energy is a necessary leadership practice that ensures clear thinking and good judgment under pressure.

Starting a company will always test your confidence. Some days will test it severely, while others will shake it to the core. Experiencing self - doubt at those moments doesn't mean you're unfit to lead. It's just a natural occurrence when you're creating something new, facing real stakes, and deeply caring about the outcome. In the long run, well - led founders aren't those who never doubt themselves, but those who learn to live with it.

Keywords: #Leadership

Dina Denham Smith, Neri Karra Sillaman | By

Dina Denham Smith is an executive coach, strategic advisor, and winner of the Thinkers50 Radar Award. She helps senior leaders and teams in institutions such as Google, Netflix, Sephora, and Goldman Sachs develop the clear thinking, resilience, and relationships needed to be at the top. She is the lead author of "Emotionally Charged: How to Lead in the New World of Work." Neri Karra Sillaman is the winner of the 2025 Thinkers50 Radar Award and an entrepreneurship expert at the Saïd Business School of the University of Oxford. She helps leaders build lasting, mission - driven, resilient businesses through keynote speeches, executive education, and board consulting work.

Qiang Zhou | Edited

This article is from the WeChat official account "Harvard Business Review" (ID: hbrchinese). Author: HBR - China. Republished by 36Kr with permission.