12 Fears You Must Overcome When Starting a New Business

Kirjoitettu - Viimeisin muokkaus

Many people believe their business idea is the next massive thing - but some of these people do not get past the first draft of their business plan. Fear is what separates those who fail from those who succeed. Despite the number of times you tell yourself you will make it, fear is inevitable. It’s likely to challenge you at every step of your journey. Whether you are a first-time entrepreneur or you have recently quit your job to start your own gig, fear is something you will encounter. In fact, it would be weird if you didn’t experience it at all. Being afraid while starting from scratch is not the important thing, how you will overcome your fears is what really matters. In terms of growth, this will determine the direction in which your company goes. Here is a list of things you might fear as a new business owner, and how you can overcome them.

Not knowing where to start

When it comes to setting your ideas into motion, you might have no clue where to start. To begin with, try and find someone who has achieved the same goals you have set for yourself. After you've found them, get more information about them and their business structure. If possible, reach out to them and see if they can give you any pointers or useful information. Do not be discouraged if they don’t have the interest or time to talk to you. The important thing is to know that if the person achieved success, so can you. When you’re faced with such a fear, simply take a step forward and do what makes sense for your business. As you continue to make steps forward, the path will unfold.

Being considered crazy

You will pitch your new business idea, and some people might think you’re crazy.  They might be correct, but you have an opportunity to prove them wrong. They might think the most rational thing to do is to work for someone else for the rest of your life, and never take a risk. It’s safer that way! They’re wrong, because as an entrepreneur you know risk-taking is in your blood.  You have to b a gambler to start a new business, but believe in your talent. The trick is to convince others to believe in your talent as well. Accept that you’re crazy, knowing that some of the biggest companies started out with crazy ideas too.

Not being good enough

The fear of not being good enough can be crippling, especially to new entrepreneurs. You should always be competitive, whether you're worried your product isn't good enough or that you aren't a good enough entrepreneur. Launching at a minimum is a concept all new entrepreneurs should keep in mind. Your product doesn't have to be perfect when you launch it; neither does it have to be the best. When starting out, your product just needs to be acceptable as you give yourself room to grow. No product ever starts out perfect - perfection is achieved over time. In fact, some of the world's greatest businesses likely started with an 'okay' product. So, don't let the fear of not being good enough cripple your business. There is always room for improvement.

Not being an expert

If you have decided to run with your business idea, it means you have some degree of knowledge. It also means you can answer the lion’s share of questions, and solve most issues that may arise. So don’t trouble yourself by feeling that you’re not fully qualified as an expert yet. If there are things you don't know, just look for answers. There is no shame in admitting you don't know something, or better yet, taking the time to learn about it. In business and life, one never finishes learning. Commit yourself to excellence as you proudly wear the 'expert' label.

Not finding funding

Owning a business would be a walk in the park if every person could attract an angel investor, or walk into a bank and receive a loan. Since we don't live in a dream world, you need to jump start your business even if you do not have an investor. If you do not have the capital to push your business to full gear, a slow but steady process might be the best thing for you.

Losing money

Most people are stuck in survival mode. They have a good business idea they are afraid of using their life-savings in case they lose it all. A lot of people settle for mediocrity, because they think they must survive instead of thriving. But when it comes down to it, starting a business is all about taking risks. Things don't always pan out, but as an entrepreneur you should know when to continue and when to stop. Do not procrastinate too much out of fear of losing money. There is nothing as disheartening as regret, especially when you know you passed on something that could have been good.

Not being believed in

If you have doubts on how people will respond to your business because of the way you look or where you’re from, keep your head up high. Turn up, deliver and give an outstanding service. People might be influenced by physical appearance, but a solid work ethic can't be argued with.

Failing the family

Many entrepreneurs are faced with the fear of failing, especially if they have people depending on them. You might be scared that you’ll become an embarrassment. But what if your family needs to see you chase your dreams, and give it your best shot?  Be open about your new venture, and let your family know about the risks involved. You may be surprised to find they’ll support you any way they can.

Not attracting customers

Taking the risk of offering your skills to the world can be terrifying. You don't know whether people will value what you have, or not. Don't expect to get thousands of customers immediately - but if you approach your business with joy and consistency, you will eventually experience an upturn of events.

Not making enough to recover an investment

If you have invested in your business and you don't see immediate success, fear not. Keep working, and do not quit until you make a profit. If you quit, you will never make a profit, much less succeed.

Finding out everything goes wrong

When you go bowling, you expect your pins to be knocked down. What do you do when they fall? Do you start crying? No! You set the pins back up, and play again. The lesson here is to not cry over spilled milk.  If you fall, just dust yourself off and try again. As a business person you should not lose hope when the going gets tough. You have another chance to set things upright again.

Being incapable of handling success

Imagine your business venture has become so successful people are lining up at your door. Does that thought scare you? Are you afraid you might be incapable of handling the highs and lows of running a thriving business? The good news is, you're not the only one. Both women and men alike fear that too much success might bring a rift between them and their peers.

As lonely as it may be, the top is a beautiful spot to be. Keep in mind that in business there must be a leader. As an entrepreneur, you should know that fear is not always a bad thing. If you know what you want, take the necessary actions to achieve your goals. Do not let fear get in the way of your success, because you cannot achieve anything if you are held back by uncertainty or doubt. Instead of fighting against fear, recognize it and overcome it. If you find yourself overcome, remember your purpose, have faith and continue building your business.

Are you an entrepreneur? Have you faced a fear you could not overcome? Let us know in the comments below, and perhaps you may find a way past it!


Ilmoitettu 26 heinäkuuta, 2017

Ruchi Bhargava

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