Becoming an entrepreneur can be both frightening and freeing—and chances are you’ll experience both of these emotions over the course of beginning your business. If you want to grow your business into a success, you will need to learn to wade through your fear and the risks and move on from them. Granted businesses and owners are unique; there are 4 fears that are common amongst most.
Fear of not having money
This fear is probably the most common. Starting a business takes a lot of capital and you, as the entrepreneur, will have to finance it (usually from your own savings). Failure to secure a source of capital by the time your savings or investments run out can put your business in serious jeopardy.
If you’ve got a great business plan but lack personal funding, there are other resources available. You could consider starting a crowdfunding account, Kickstarter campaign, or getting a microloan to collect small sums of money from numerous sources. You can also look into getting governmental business grants.
Fear of not being able to succeed
Being afraid that you’re not good enough to run a business, that your product/business idea won’t be competitive or that you’ll simply fail is another common fear. However, it’s also probably the one fear that you need to conquer sooner rather than later. Not having faith in your own abilities will doom your business quicker than anything else. Remember, when you launch your business, your product does not have to be perfect, but it does need to be good enough to become a perfect product.
The same goes for yourself because you are also a product of your business. In the beginning, you’ll probably make wrong decisions and some of these will lead to small failures (i.e. a bad email marketing campaign). However, over time, you’ll learn from your mistakes. What you need to remember is that you cannot let small or even large failures pull you under—it’s only the end of your journey if you let your failure stop you from moving on.
Fear of becoming overwhelmed
Entrepreneurship isn’t easy—it’s challenging, but hopefully you’ll be rewarded for your efforts along the way. You’ve been lied to if you’ve been told otherwise. Moreover, it is easy to become overwhelmed especially when you’re starting out because being an entrepreneur can be filled with obstacles, stress and lots of hard work. Read here for tips on how to manage your stress levels.
Almost as a payment for the stress and hard work, you as an entrepreneur are repaid with having total control over your business. If you’re overwhelmed because of finances, you can simply hire a financial advisor, if your developer is not getting you the results you want/need, you can let them go and hire a new one.
Fear of the unknown
This is a common fear that everyone (not only entrepreneurs) feel. Not knowing what will happen, if you’ll make money or be successful, and how long it will take to have some success can all be fearful. Some find this prospect of the unknown thrilling, others, not so much.
Being an entrepreneur is for people who are well prepared and have the fortitude to overcome both their fears and any setbacks, yet continue to work toward their goal of a successful entrepreneurship. For more information and tips on how to run a successful entrepreneurship, continue browsing our blog.