Let us admit it straight up – it takes courage to become an entrepreneur. You leave behind a nice and safe 9 to 5 job, the assurance of the monthly paycheck and all the benefits associated with employment, such as an extended health insurance for your family and a pension plan.
And let us state clearly that being courageous doesn’t mean dashing ahead with no fears at all, but overcoming fears and going ahead despite of them. It is only natural to be afraid of becoming an entrepreneur. There are so many uncertainties, so many things that could go wrong. There are two key fears which rule us: fear of an insecure financial future and fear of losing face in front our family, friends and peers.
So, what are the worst fears an entrepreneur has to face? Today we will take an honest look at them and try to find the way you can overcome them and continue on your entrepreneurial path.
1. “Nobody Has Done This Before”
Any kind of novelty is a double-edged sword. On one hand, innovation is exciting and many people will adopt it for the sake of being different and trying something new. On the other hand, many innovations never catch on, leaving their inventors disappointed and financially broken.
It is natural to fear that your new idea will not catch on. While there are some early adopters, there are also lots of people resisting change who will prefer to do thing the “good old way”. But if Thomas Edison, Henry Ford or the Wright brothers thought in the same way, our world would be terribly different and much less developed than it is today. If your market research shows that there is a demand for your product or service, then go ahead and make it happen.
2. “Everyone Else Is Doing This”
On the opposite side of entrepreneurial fear, this is one of those questions every potential small business owner faces when they join a niche with a high level of competition. Yes, there are popular niches and industries where you can find the full entrepreneurial range, from multinational corporations to small mom and pop stores and home business owners.
However, there is such a large and constant demand for the products and services in these niches, that there is always enough market share for newcomers. You will never get to compete with large corporations, but you will be able to provide your local community with the products and services they need.
3. “I Am Not Ready for This”
Truth be said, no one is ready for the big challenges in front of them at any moment in their lives. Queen Victoria was only 18 when she took the throne and she was certainly not ready for it, but made a great job of it. Mark Zuckerberg was not ready for his in-college online platform to take off so quickly and become the biggest social media platform worldwide. No matter how much you study, plan and prepare, you will never feel fully ready for a great challenge. But if you will not do it, you will keep wondering for the rest of your life “what if…”.
This constant wondering will do you worse in the long run than any potential failure. So accept that you are not ready and you do not have all the answers, but do it anyway.
4. “What If I Run Out of Money?”
Many potential entrepreneurs fear that their financial projections are not accurate and that they will run out of capital before they start generating income. This is a legitimate fear, but if you start small, with a small investment and a fast income business model, you will be able to start generating money early on and use it to grow your business, instead of investing everything you own in a grand plan.
5. “What If I Fail?”
Yes, this is the number one fear, the great nemesis of any entrepreneur. Failure is not only perceived as financial loss; it also means losing reputation in front of your family, friends and connection. You fear that you will also hurt your chances at future employment if you fail as an entrepreneur.
At this point take a look at your past achievements, take a look at your business plan and tell yourself: “I am trained, skilled, passionate and capable enough to succeed.” It is unlikely that you are starting out in business without having a set of skills, talents and professional experience to allow you to build a successful business. Thus, all you need is to believe in yourself and go forward with your plans.