A career in entrepreneurship is filled with unpredictability and uncertainty. Spontaneous events can challenge your focus and your faith. Fear can either be utilized as a motivator or it can become a strong agent against your personal and business development. According to Harvard Business Review, fear is so influential that 75% of business ventures fail within the first 10 years.
Regardless of what is stimulating ours fear, it is imperative that we overcome that fear in order to push to our full potential. Below are 6 common fears amongst entrepreneurs and how to overcome them.
1. Fear Of Failure
The fear of failure is one of the most common fears entrepreneurs continue to face. We spend time figuring out what they can offer to the world and imagining what it would feel like to make an impact with the establishment of their organization. At times we actually increase our anxiety by creating negative scenarios when thinking about problems we know we currently don’t have a solution for.
One way to overcome fear of failure is to restructure your goals. Prior to the launch of a new product you may set your expectations at $50,000 in profit. However, this goal already sets you up for disappointment because a spontaneous events can hinder sales. While still aiming for that $50,000, strive to learn more about launching products successfully. By keeping our goals focused on consistently learning something new we deflect the idea of failure and focus more on constantly adding value to ourselves.
Even if you do meet a dissatisfying outcome, use these questions to move forward:
a) What did I learn from this situation?
b) How can I grow as a person from this experience?
c) What are three positive things about this situation?
2. Fear Of Taking Risks
The most successful people in the world have all made choices and sacrifices that others would have a difficult time making. Although, constructing a business entails a great deal of uncertainty, life is generally is the same way. Anything can happen at any moment, but most continue to live without over analyzing their every move.
Our decisions can be less risky if we begin to develop calculated plans. Make time to conduct the necessary research to understand whatever process you are about to begin. It’s also expected that peers and family can immediately discourage you after you’ve expressed your desires. Understand that most people are speaking from their own perspective that is clouded by insecurities and false assessments of their own capabilities. Be open-minded. It’s ok to hear other perspectives, but do not be easily influenced. Trust your spirit!
3. Fear Of Being Mediocre
Even if we have no desire to become famous figures, we hardly set out to intentionally take on things without wanting to be an overachiever. This is why we think so much about disappointing ourselves and others.
To combat the fear of being mediocre get more comfortable with self reflection. Are you using all of your time effectively? Do you know everything there is to know in your field of interest? It is impossible to literally know everything. New concepts and trends are developed almost everyday. We should challenge ourselves to stay up to date and learn new perspectives on things we have already learned.
4. Fear Of Losing Creativity
Entrepreneurship and creativity go hand-in-hand. Building a business requires innovative thinking. Entrepreneurs fear that losing creativity can mean losing the entire business and heading back to a normal job which can be devastating.
We have to stay inspired. Invest time in activities that are connected to your interests outside of your business or interests that enticed you to start your business. You’ll be surprised to see how various aspects of your life are related. Ideas can be sparked from anything.
5. Fear Of Acceptance
In a society where there is constant judgment it’s expected that entrepreneurs will fear a lack of acceptance and support. But if you really think about it, the whole journey as an entrepreneur is based on one’s ultimate confidence in themselves and their skills. Entrepreneurs are normally the most defiant people, ignoring the negative feedback I spoke about previously.
Similar to the fear of failure, the fear of acceptance is negated by consistently adding value to yourself. The more you learn and the more you strengthen your skills, the more your confidence will increase.
6. Fear Of Financial Adversity
Stabilizing our finances will always be a concern whether we’re in the beginning of our journey or attempting to hit the next level. This can affect how we make important decisions.
When we are drowning in fear, it’s difficult to acknowledge the positive things we have in our surroundings. One thing many of us forget to recognize is the value of our time. Even if we don’t have things like an abundance of cash, we always have the gift of time. When we appreciate time for its huge value, our fears don’t have the same influence over us.
Feeling stuck at a financial crossroad can actually be a nod to the fact that we’ve already identified the need to make some adjustments – but we won’t take action because we’re subconsciously afraid to move to the next phase in our life. Taking action is another significant way to move through your financial fears so we can start to see what is on the other side of those fears. Seek guidance from a financial advisor at your bank or local accountant. Set aside time to assess what is currently happening, what you’re looking to accomplish, and what it is going to take to accomplish these goals.
Reading can also be helpful to overcome financial setbacks. Authors serve as distant mentors for a large assortment of issues. There’s a vast amount of information out there that we have at our fingertips. The power is in our hands to obtain that information. Invest time and money in books that are correlated with the challenges you’re currently facing. You can check to see what the library has to offer. Other entrepreneurs may have ebooks on the specific matter you need assistance with − sometimes for FREE. YouTube can also be a reliable source.
What other fears have you prohibited you from taking the next step as an entrepreneur? Share your story about your troubles and let the community know how you’ve battled them − LEAVE A COMMENT BELOW!