Courtesy of Merriam-Webster:
Confidence:
1 a : a feeling or consciousness of one's powers or of reliance on one's circumstances <had perfect confidence in her ability to succeed> <met the risk with brash confidence> b : faith or belief that one will act in a right, proper, or effective way <have confidence in a leader>
Arrogance:
: an attitude of superiority manifested in an overbearing manner or in presumptuous claims or assumptions
Determination:
3 a : the act of deciding definitely and firmly; also : the result of such an act of decision b : firm or fixed intention to achieve a desired end <a woman of great courage and determination>
What is the difference between all three of these words? Well, to most people, probably a lot. To me, not that much. They begin to blend together as you think about what it really means to embody one of them. At the end of the day, you need a little bit of confidence, arrogance, and determination to succeed as an entrepreneur.
OK, so before I go any further, let me note that I am completely unqualified to make claims regarding successful entrepreneurship. But I've been fortunate enough here at CMU to interact with more than my fair share of successful serial entrepreneurs. This is the vibe I get from them.
If you aren't confident, then you are pretty much doomed from the start in regards to starting a company. But, the real question is, would you find yourself in the startup situation to begin with without confidence?
Arrogance is potentially the most controversial of the three key components listed, and probably for good reason. The best way I can defend it is this: if something like 1 in 10 startups get funded, and 2 in 10 of funded companies succeed, you are looking at a 2% chance of success. And most of the folks starting companies are qualified or, at least, competent. If you are an entrepreneur, you really must believe that the rules don't apply to you. That's arrogance if you ask me.
Determination is the most crucial piece of the startup lifestyle. You have to make the call and then stick through it in the face of all adversity. Well, at some point you have to be smart enough to know when to throw in the towel. But you need enough determination to keep through the hardest parts (typically the parts that involve costs without revenue).
In closing, and in hopes that I can salvage a point in all of this rambling, I guess what I am saying is that confidence isn't worth much on it's own. It's a critical component to success, but on it's own, it guarantees you nothing.
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