July 23, 2021 | 6-minute read (1101 words)
For most entrepreneurs, starting a business from the ground up can be both thrilling and terrifying. Every day, you're confronted with a variety of unforeseen events, as well as the uncertainty and anxiety of where your own choices may lead you. This dread may either serve as a great motivator or a crippling issue that hinders development.
Research on fear and entrepreneurship conducted by ResearchGate indicates that fear is a critical psychological barrier for most company leaders, since it potentially prevents them from taking required risks to achieve success.
Consequently, whether it is fear of failure or anxiety of the unknown, it is critical to master these feelings to be a successful company owner. It's fine to be afraid as long as you keep going.
Here are seven of the most frequent entrepreneur fears, as well as methods to transform them into opportunities for your company:
The fear of failing
One of the most common concerns among company owners is failure, and it is this fear that prevents many of them from ever taking meaningful action. According to a Global Entrepreneurship Monitor study, "fear of failure may be a powerful obstacle for embracing opportunities and converting entrepreneurial intentions into entrepreneurial activity." Fear of failure is frequently linked to ego and pride. Failure brings up images of unspeakable humiliation and the anguish of losing everything.
However, failure is an unavoidable part of life, and the entrepreneurial journey is no exception. It's critical to not allow it to stop you from taking chances to expand your company. Learn from your decisions, both good and poor, and devise a plan B. If things don't go according topPlan A, you'll have the confidence to keep moving forward.
Fear of change
The human brain is hardwired to resist change. Even in nonbusiness circumstances, change of any type is frightening to most individuals. We tend to think that change is a danger to our current state of affairs, and business owners are no exception. They get concerned about the future due to their fear of change, which may lead to a restricted mentality.
But change is unavoidable. To overcome a fear of change, you must assess the circumstances in front of you and decide whether taking the next step is worth the risk. Making well-informed judgments can assist you in accepting change and welcoming innovation and progress.
The fear of taking a risk
A business owner must take risks and elevate their company to the next level regularly to be successful. But that doesn't make things simple. They put themselves, their business and their reputation on the line every time they take a risk. Risks that are well-calculated and strategically planned can pay off handsomely and lead to extraordinary success, or they can fail miserably.
To overcome this fear, the practical approach is to acquire as much information as possible and spend time crunching statistics before making important decisions so that the anxiety gets channeled into a plan rather than amorphous dread. There are no guarantees in life, particularly in business, so every decision is a calculated risk. And, to create a successful firm, you'll need to take some risks now and again.
Fear of uncertainty
The unknown is difficult to describe, making planning difficult. Most individuals are afraid of change; therefore, they shun the unknown. They're afraid of losing control if they can't handle possible outcomes. Taking risk into the unknown is scary because you never know how things will turn out. While it may result in success, it might also fail.
Entrepreneurship is a way of life for many people. You picked this path because you believe in your concept and are prepared to put in the effort necessary to attain your objectives. So, if you want to conquer your fear of the unknown, start by taking action. Concentrate on what you can control rather than what you can't. Before making a strategic move, use common sense and conduct basic research. Then act again after learning from your observations.
Fear of not being good enough
Self-doubt and feelings of inadequacy are challenging for anyone to overcome. Everyone has flaws and weaknesses. For some people, though, this anxiety turns into a deep-seated concern that they aren't skilled enough as entrepreneurs, or that their product or service isn't competitive. They are sure that no matter how hard they try, they will never be enough. For these business owners, the worry of not being good enough may be crippling.
Focus on your own talents and skills rather than whether you'll be able to live up to your own standards to get beyond this sense of inadequacy. Remember that you'll need a minimum viable product or MVP while starting a new business, and as an entrepreneur, you too may be an MVP. You don't have to make all the right decisions or be the perfect leader when your product first debuts, just like your product doesn't have to be flawless when it first launches.
Fear of letting down others
No one desires to disappoint their loved ones. You may believe that if you fail, you will be unable to provide for your family or that you will bring shame to them. As an entrepreneur, though, you must establish your own route. Because if you don't go for your dreams and create a life you love, you'll be letting yourself down in the end.
You can't satisfy everyone, and that's a fact. Some family members may not accept or support your decision to become an entrepreneur. Talking to them and reassuring them about your belief in your decision is the most effective approach to manage his problem.
Make them aware of the difficulties you're experiencing while also emphasizing your willingness to work hard to make your ambitions a reality. Discuss any risks you plan to take, and explain how you plan to spend your time and energy to develop your company.
The fear of success is on the other end of the spectrum. Some business owners may be concerned that their concept will grow too big for them to handle. Gay Hendricks effectively explains this in his book “The Big Leap,” writing that we all experience challenges on our path to success, and that sometimes success comes with a significant burden.
Build a healthy relationship with success by trusting your ability to build your business and your ability to delegate. And remember that while it may appear that some firms have achieved sudden success, they may have been functioning under the radar for years, allowing their founders plenty of time to adjust to various degrees of success.