It’s not surprising that many people refuse to push through with a business idea or opportunity, even given the fact that it has a lot of potential. Starting an entrepreneurial endeavor is just beyond the comfort zone of most people. Simply put, it’s frightening.
If fear is keeping you from making your dream business a reality, the solution lies not in cowering to that paralyzing fear, but to make the effort to get past it. The first step in overcoming that is to know what exactly you’re afraid of.
Here are the common types of fears entrepreneurs have when starting their business:
You’ve probably heard of the harrowing statistics that 90% of start-ups fail in their first year. Or, perhaps, you personally know a friend who has dedicated all their life, savings, time, and energy to a promising business idea, only to find it crumbling down years later. The reality of failure in business is crystal clear. Indeed, this is one of the hard pills to swallow in this line of work.
Here’s an encouragement: You’re not doomed because you can build safeguards to keep your business from failure. Strengthen your foundations right from the start. Create a thorough yet simple business plan, then create a Plan B, C, and D. Improve it as you go along and make mistakes.
Gather a great team of talents and never stop training them. Organize your finances. If you need to start small to keep the funds from easily draining, do it. Explore businesses that are working already in the market, like retail clothing or restaurant franchise opportunities. With tried-and-tested models, you can reduce the chances of business failure.
Many starting entrepreneurs feel that they’re simply incapable of doing what they plan to do. They’re afraid that eventually, they’ll screw up and people will see what they ‘really’ are: incompetent. If this is the type of fear you’re feeling, you need to drown that little voice of self-doubt.
Most often, what it says is not true. Take concrete actions that would let you internalize your competence. For instance, attend conferences and seminars that would enrich your understanding of the industry you’re getting into. Read publications and stay updated with trends. Enroll in business classes, if necessary. This will all help improve your knowledge and skills, and thereby increase your confidence in yourself.
If you’re going to push through with buying a franchise, you’ll be able to take advantage of the brand’s training programs, which would give you the boldness you need in supervising your very own franchise.
Some experience this when pitching to investors. Others struggle when it comes to introducing a new product to the market. It’s hard not to take rejection personally. Besides, it’s your own idea being ‘axed’.
For the most part in business, rejections are necessary. Mainly due to how it makes entrepreneurs thick-skinned, a trait crucial to businesspeople who want to stay in the business. This industry you’re entering is a cutthroat industry, and it leaves no space for the sensitive and fragile. Furthermore, you need a few no’s sometimes to finally get your idea right. The point is you have to see beyond the rejections you’ve received. Look for the value it adds to your character and the business.
Are fears keeping you from starting your business? Don’t let them. Know what you’re afraid about, and conquer them with determination, hope, and courage.