Identity: The Hidden Key to Entrepreneurial Success

What makes the difference between an entrepreneur who thrives and one who struggles? Is it strategy, funding, or the right business model? While these are important, there’s something deeper at play that shapes everything else: identity.

Human behaviour research shows us that our thoughts shape our emotions, our emotions shape our behaviours, and over time, repeated behaviours shape our identity. In other words, who we believe ourselves to be quietly dictates the results we experience.

Psychologist William James, often called the father of modern psychology, once wrote, “People tend to become what they tell themselves they are.” Neuroscience now backs this up. Every thought we rehearse strengthens neural pathways, making that version of ourselves feel more “real.” If you repeatedly tell yourself, “I’m not good at sales” or “I’m just a small business owner,” your brain and body respond accordingly. Likewise, if you embody, “I’m a confident leader building a thriving enterprise,” your choices and actions begin to align with that truth.

This is why identity is so central to entrepreneurial success. When we imagine the version of ourselves living the life we dream of, we can start to spot where we’re still carrying traits that don’t belong, identities shaped by past roles, outdated beliefs, or self-imposed limitations.

In my recent podcast conversation with award-winning business coach Lucas Vigilante, he shared how this plays out time and time again with business owners. Lucas highlighted the formula: Be × Do = Have. Most franchises or business models are strong on the “do” (the actions) and clear on the “have” (the results). What’s often missing is the “be”, the identity. If you carry a zero in your “be,” no amount of doing will give you the results you want.

Lucas shared the story of a client who for years introduced herself as a doctor, even though she also ran several medical businesses. The moment she shifted her identity to, “I’m the owner of multiple medical businesses,” her growth exploded. She was the same person with the same skills, but her self-concept changed and her results changed with it.

This is echoed in James Clear’s bestselling book Atomic Habits, where he argues that lasting change isn’t about goals, it’s about identity. When you cast votes for the kind of person you want to become, through thoughts, choices, and daily routines, you reinforce that identity until it becomes who you are.

So, here’s the reflection for you:

• Who is the version of you already living your dream life?
  
  

• What do they believe about themselves?
  
  

• Which traits, habits, or “labels” no longer belong to you?
  

When you start to align your identity with your desired future, everything else; strategy, habits, systems, all flow more naturally.

This is the heart of entrepreneurial success, and it’s a conversation Lucas and I go deep into in our podcast episode. If you’d like to explore this further, you can listen or watch here:

Because at the end of the day, success isn’t just about what you do. It’s about who you decide to be.