While entrepreneurship is an excellent way to invest in self-worth and growth, many newcomers have latent fears from world changes and business demands. Here are some methods to help defeat them.
Venturing into the business world as an entrepreneur takes dedication, persistence, and knowledge. But with a considerable majority of startups not surviving the first five years, many entrepreneurs have justifiable fears and concerns.
While fear is an entirely normal human reaction to change and serves to keep one safe in an unknown world, overbearing worries can have a lasting impact on business efforts, productivity, and morale. But when overcome, fear can be turned into the strength and motivation needed to press on and believe in success.
Entrepreneurs can have a vast array of fears, but some of the most notable ones have to be taken care of first to get the business up and running smoothly.
One of the biggest fears of many is fear of failure, which also happens to be one of the biggest driving forces.
With startups, there is always a dose of uncertainty, and failure may lie at every step of the way. This fear also has roots in pride, as those who struggle with failure might consider themselves worthless in the eyes of others because of it.
While overcoming this fear might be more challenging than it looks, the first step is to accept the possibility of failure in the first place. Considering the worst possible scenario and how you would deal with it, is sometimes enough to encourage you to move forward.
2. Managing Expenses
Many entrepreneurs struggle with finances, whether on starting the business in the first place or having enough in reserve for employees and business expenses. A startup owner is expected to multitask in delivering the best possible results, including managing the budget.
While not everyone is versed in accounting and budget management, there are always people to rely on, such as friends or family who can inject funds when needed and professionals who can provide valuable advice and guidance.
In the end, a business owner must be willing to take on certain risks and expenses in order to grow and prosper.
3. Making Big Mistakes
At any point in time, but particularly in the startup stage, a company must maintain a positive brand image.
An entrepreneur might fear the fact that a single mistake could cause their business plan to go awry. This can range from a wrongly-worded social media post and up to a misguided business directive, any of which could push customers away and negatively impact revenue and brand loyalty.
The best way to let go of this fear is to actively participate in and try to make smart decisions about every aspect of the day-to-day operations.
4. Lack of Growth
A startup must inevitably take on more responsibility, staff, and risks to stay afloat. After all, a fear of scaling the company can lead to stagnation.
While a small company is safer to manage and oversee, it can lag behind other brands that are willing to put more effort and funds into growing and expanding the business.
An entrepreneur needs to have a plan of action to combat stagnation, which will almost always involve reinvesting profits into growth and expansion to get the company ready for the next step in the mission.
Fear Makes Greatness
While fear is a natural response to change and uncertainty, it’s essential to challenge it with motivation and strategy. Allying with the correct partners and maintaining a positive outlook on the company’s progress is how you can nurture a startup into a successful brand.