Being an entrepreneur is an exciting life adventure. It gives you the opportunity to turn your passions and top skills into a source of income, to create something and leave your mark in this world. But it is also a life where doubts nag you, where you ask yourself questions whose answers are not clear.
This is the rite of passage for all entrepreneurs. And the fact that you have fears means that you are realistic in your business endeavors. Those who never fear and never question themselves are usually bound to fail. But you need to understand that being trapped in your fears is not a solution, either. It just serves as a phase you must go through to find your motivation and inner resources to succeed.
What are your biggest fears? Most certainly, they are the same as every entrepreneur’s fears at one moment or another. Even iconic leaders you look up to had their fears – and they still do, albeit at a higher level. Let us spell it out for you – these are your biggest fears and the ways in which you can overcome them.
1. Fear of Having No Safety Net
What if your business fails? Your money is lost, you have left your job already and you can no longer provide for your family. It is a valid fear for any first-time entrepreneur, but there are ways to mitigate it. One of the most important ways in which you can do this is by putting aside your personal assets and not using them as security for your business.
Do not invest every cent you own in your business. Do not use your home as collateral for a loan. Do not forfeit your pension fund for a credit line. Start small and use your initial earnings to grow your business (this will also bring you tax relief, for reinvesting the profit in the business).
2. Fear of Not Being Liked by All Potential Customers
Running a business is the process of providing people with products and services which they need and like. But what if they do not like what you have to offer? Worse, what if they do not like your marketing approach? How can you please everyone?
The answer is simple: you can’t. Your success in business depends on identifying a niche market which you can own. It is a niche which you can address in a way which is appealing to the customers. It is a niche close to your skills, hobbies, passion and abilities. Your business can never be everything for everyone – it just needs to be something valuable for some people.
3. Fear of Failing to Complete All Tasks
It is hard being a Jack-of-all-trades: you are the marketer, the accountant, the client service representative and the manager, all in one. And you see your personal life shrinking to the point of disappearing in front of all the tasks you must do. Worse, you feel that, no matter how hard you work, you won’t be able to complete all your tasks.
Many new entrepreneurs believe that they should multitask – do several things at the same time, so they are all completed and they will also have more spare time. This is absolutely not the way to go about it. A study conducted by Stanford University proved that people who multitask tend to make more mistakes and complete tasks later than people who complete them task by task.
4. Fear of Losing Your Business Creativity
“What if this is the only product/service I can develop?” This is the question many entrepreneurs ask themselves. It is true that a business needs to perfect, update and expand its product range in order to be successful. But this does not happen overnight. And the more you interact with your prospects and social media followers, the more you understand their expectations. Soon enough, you will find an idea for a new product, or for improving the existing ones.
Plus, as you start networking and attending business events, you will be exposed to a whole new world of entrepreneurship, where you can find more resources to make sure your business keeps thriving.
5. Fear of Failure
We have left this for last because it is the worst fear entrepreneurs are facing at one point or another in their life. This fear goes beyond losing money: it is about losing face. It is the fear of having your family and friends know that you failed in the biggest dream you had.
But what if you don’t try to achieve this dream? Are you not afraid of a life of remorse, of “what ifs”? They are even worse than the doubts you have now, as you prepare to launch into business. So, go for your dream – not as a dreamer, but as a pragmatic businessman. No one can give you definite guarantees of success, but you will certainly do your best – and fortune usually favors the brave and hard working.