Competence Creates Confidence

When it comes to competence, many people think that it's something that you're born with. This isn't always the case - in fact, most people become competent at something by spending time and effort practicing and learning about the topic. Malcolm Gladwell wrote a book called "Outliers" where he discusses this concept in detail.

According to Gladwell, in order to be an expert at something, you need to spend around 10,000 hours practicing and learning about the topic. If you're working a full-time job, it will take around 5 years of dedicated practice to become an expert in your field. Dedicate 10 years of part-time practice and you'll be competent - but if you dabble in it here and there, it will take 20 years to become mediocre at best. So if you're serious about becoming competent in something, commit yourself to the process and put in the time and effort required. It'll be worth it in the end!

At the same time, we are all aware that when we are confident, our success accelerates. The rationale is straightforward. Without confidence, we resort to fear, and when we are scared, we accomplish nothing. We become hesitant, postpone, and procrastinate. When you can let go of fear, you can act more swiftly and simply.

This is all well and good, but the practical question of how to become more confident remains. The easiest solution is to improve one's skills. As we gain proficiency in an activity, our anxiety fades and our confidence develops. This is the pivotal point in the confidence/competence cycle. And as our confidence develops, we improve (more competent).  

So, what's the takeaway? In order to be successful, you need to be confident and in order for you to be confident, you have to be competent. These are two things that can be learned over time by practicing and learning about a topic.

And if you want even more success in your life, it's important to surround yourself with people who are successful and have competence and confidence in themselves. Apply these concepts to your own life and profession and see how you can be better at your niche. 

Transcript:

Competence creates confidence.
And if you'd never heard that before
just think it through
You might have read the book by Malcolm Gladwell
Outliers
where he talks about to become an expert at something,
you have to spend about 10,000 hours
to become an expert at something.
So most people, if you work a full time job,
it's 2,000 hours a year,
40 hours
50 weeks
2,000 hours.
So it's 5 years full time,
10 years part time,
and if you're dabbling in it,
it's 20 years and you're mediocre at it at best.
So the whole point is, guys,
when you commit to this process,
whether it's part time,
because you've got real commitments today,
with mortgages
and kids and school loans
or whatever it is,
or you're able to go into it full time.
When you focus on the structures and the process
that I'm gonna share with you,
we're gonna go into how to structure your niche
and how to do that stuff as well.
When you create that focus for yourself,
it's really simple to become competent
because there's only about three or four things
you need to know.
And once you become good at those three or four things,
you become
You're unstoppable.

Marcin Drozdz

The information contained herein is for general guidance on matters of interest only. This information contained herein is not intended to provide you with any advice on financial planning, investment, insurance, legal, accounting, tax or similar matters and should not be relied upon for such purposes. M1 Real Capital Inc, Marcin Drozdz is not a financial, legal or tax adviser. You should assess whether you require such advisers and additional information and, where appropriate, seek independent professional advice. You understand this to be an expression of opinions and not professional advice. You are solely responsible for any actions you take with the content and hold M1 Real Capital Inc, Marcin Drozdz or any of his affiliates harmless in any event or claim.