Fear is natural feeling for every entrepreneur but you should not allow direct your life or business. A lot of people fail in business because they allow the fear of something to hinder their success. Any entrepreneur who want to grow in business should avoid the following fear; READ ALSO: 36-Year-Old Zuckerberg Now Centibillionaire (See How. Fear of failure. Whether you’re an established entrepreneur or just starting out with your very own business start-up, there’s one worry that concerns every leader – the fear of failure. But this fear might prove to be counterproductive in the long run if you do not learn how to successfully overcome it.
Asking ‘why’ rather than ‘how’ is crucial for any SME owner, says Neil Francis
There are countless business books which ask and explain the “how” questions: how to write a business plan, how to run a social media campaign, how to win a pitch, and how to get extra investment into your business.
Whilst the “how” questions are important, it is asking and answering the “why” questions which leads to successful and sustainable entrepreneurship.
5 Fears Every Entrepreneur Must Facets
Why act with love?
Love is a word we don’t normally associate with entrepreneurship, apart from through the old adage “love what you do”. But love is crucial – think compassion and value. So, why is it so important for an entrepreneur to demonstrate love? Because the outcomes of doing so will make your entrepreneurial journey more meaningful and successful. If people who you work with [colleagues, clients, suppliers] genuinely believe that you care and value them, then they will go that extra mile for you.
Why do you need to fail?
5 Fears Every Entrepreneur Must Face To Face
The experience and knowledge you gain when you encounter failure can be harnessed to help you succeed in the long term. Failure can be a brilliant teacher, building resilience. And to achieve great success, you need to be resilient because success rarely happens on the first attempt. Failure teaches you to value success. There is nothing better than succeeding if you’ve overcome failure to get there.
Why it is about ownership?
5 Fears Every Entrepreneur Must Facebook
As an entrepreneur, everything you do – small or big – starts and finishes with “you.” If you try to pass the buck, or blame to others for your own bad decisions or mistakes, then you will be on the path to failure. However, if you take ownership of all the decisions you make, then you will be on the path to success. Blame will be gone – you will be calmer, more focused and more in control.
Why do you feel lonely?
There is a specific type of loneliness you will experience sometime in your entrepreneurial career. The accepted and expected “public face” of a successful entrepreneur should ooze confidence, control, decisiveness and direction. But, because you don’t want to appear vulnerable and weak, you won’t share your biggest problems, toughest challenges and deepest fears with key staff. This will lead to a feeling of isolation and it will be one of the biggest challenges you have to face.
Why do you need a moral compass?
5 Fears Every Entrepreneur Must Face Mask
The best compliment any entrepreneur can receive is not that you did a great job, but that people trust you: they see that you have integrity, are authentic and are consistent. And in part this comes from setting a line in terms of your values and principles which will determine what you will and will not do in business. Not crossing your line can help give you a strong feeling of meaning and purpose.
Neil Francis is the author of The Entrepreneur’s Book: The Crucial ‘Why’ Questions That Determine Success.
Neil will be given an entrepreneurial masterclass at My Chelsea hotel in London on Thursday, September 6 at 7pm.
Starting a business isn’t for the fearless. Every entrepreneur must face obstacles and risks at every stage of the business particularly at its inception.
If you aspire to be an entrepreneur, you need to equip yourself with the right mindset, attitude and tools to learn from these fears and work past them.
Here are some common fears entrepreneurs must conquer before starting a business.
1. Fear of running out of funds
Starting a business entails putting in capital usually from your personal savings or independent investors. Keep in mind that if you don’t have a reliable revenue stream by the time that initial capital dries out, your business is at risk of being lost for good. Losing one’s personal investment is one of the greatest fears of aspiring entrepreneurs. If you think that this is keeping you from moving forward, try crowd funding or seeking business grants from the government.
2. Fear of not being good enough
Worried about not having a competitive product or service or not being good enough as an entrepreneur is quite normal but you shouldn’t let these things impede you from starting. As a budding entrepreneur, you are not required to be a perfect leader nor make the right decisions all the time. Moreover, you don’t need to have the perfect and best product in the market as you only need a minimum viable product. Just aim for growth and improvement as many starting businesses do.
3. Fear of failing
No one has immunity from failure. Even the best and biggest companies have experienced failure at one point. Case in point: the biggest smartphone manufacturer Samsung. But did they let these failures stop them? Nope. Failures, whether tiny or massive, are opportunities for learning. It’s just a temporary pit stop in your long road to success.
4. Fear of being overwhelmed
When you decide to be a full-time entrepreneur, you decide to change your entire lifestyle. This means preparing yourself for hard work, tons of obstacles and a lot of stress, which are enough reasons to make you feel overwhelmed. However, you don’t need to deal with all these workloads alone. You have the power to tap the help of a financial advisor if you are swamped with financial problems. You can ask your developer to hire someone who can help him or her get the results you want. Take full control of your own destiny and change what you need to.
5. Fear of the unknown
No one can prepare for the unknown. Even with detailed planning, support from a mentor, and extra cash, you’ll never really know what’s going to happen during the first few months of your business. While the thought is terrifying for many, you need to believe that you are capable of conquering these challenges through hard work, passion, and your idea.