There’s hardly anyone who doesn’t have at least a tinge of fear when poised at the threshold of launching one’s own business. But how do you overcome this fear? It’s good to follow a physician’s modus operandi: when you go to them with a symptom, they diagnose it and determine the problem behind it. Once they know the problem, they can prescribe the right medication. And the problem is solved. Take fear also as a symptom. Dig deeper to find the reason behind it, and try to remedy it.
Let’s examine 7 of the most common fears faced by entrepreneurs when they are poised to launch their business and how to overcome them.
1. Fear of Failure
The fear of failure is one of the most common and fundamental fears for anyone who is thinking of starting their own business. To overcome the fear of failure, you need to get rid of false notions, starting with the idea that failure is something abnormal.
Everyone has heard the saying “Failure is the stepping stone to success.” That’s because you become an expert by making mistakes and failing, not just once, but many times over. Lessons from each failure put you on the road to success. None of the successful business leaders you look up made it without and erring and losing repeatedly along the way.
2. Fear of Lack of Sufficient Funds
It’s ok to launch your business without significant capital as long as you are cautious. If you look around, you will find vendors offering affordable technology and services to meet your requirements and allow you to start your business. An advantage of starting a business these days is that you can conduct business online, which can bring down costs drastically compared to a bricks-and-mortar location. Furthermore, there are many options to source funds these days, such as crowd-funding and peer-to-peer finance, beyond the many traditional options.
3. Fear of Not Being Capable
Many budding entrepreneurs face the fear that they are not capable enough to pull it all off. This is probably because you are comparing yourself to successful and established companies. Remember, Rome was not built in a day. Even the biggest brands were small in the beginning and it took years for them to reach their current level of success. Therefore, set small and realistic goals, while of course, dreaming big at the same time!
4. Fear of a Lack of Knowledge
While a lack of sufficient knowledge is a real problem, fearing that you don’t know enough is in itself a problem. The best way to overcome this is, naturally, to expand your knowledge. Gather information and knowledge from all sources possible. You can learn a lot from reputable online sources, networking, and joining communities that share similar interests, as well as simply reading books. You can also expand your skills by enrolling in an online course.
5. Fear of Not Getting Customers
Another fear that can hold you back is being afraid that you won’t have enough customers. By dispelling certain misconceptions, you can overcome this fear. First of all, having fewer customers is quite normal when you start out. Don’t lose heart as it takes time for your customer base to grow.
Of course, you need to put in the work to grow your customer base: work to come up with a USP (unique selling point) that your competitors lack, even if it is something small. Work with experts to develop the best marketing strategy. Such factors help in healthy customer-base growth.
6. Fear of Managing
A good manager in business is one who is a good manager of life affairs in general. Ask yourself if you are managing things in your life, work, family, and relationships well. Try to find weak points and think of solutions. You can also enrol in management courses to learn theories upon theories on management. A right blend of book knowledge and life experiences topped with a positive attitude and a desire for progress will let you manage your business well.
7. Fear of being Criticised
It is normal to fear criticism, especially if you have quit a regular job with a stable salary to launch your own business. Be prepared for criticism as you may not be able to convince everyone and there will always be people who don’t understand your endeavour. Always remember that the most successful innovators have always been those who went out on a limb.
Fear isn’t a bad thing. It’s a physiological mechanism that makes you cautious and can protect you from danger. But it is important to temper fear with awareness and learn how to manage it so that it doesn’t get the better of you. Whatever be the situation that leads to fear, the fundamental reason for it is a lack of knowledge and confidence.