“Fear defeats more people than any other one thing in the world.” – Ralph Waldo Emerson.
Fear is a common emotion entrepreneurs face. Let’s face it; starting a business can be a terrifying experience. Unfortunately, many entrepreneurs let fear control their lives, preventing them from starting their businesses. However, fear is usually psychological and irrational, which means there are ways to overcome it. So, here is every common fear entrepreneurs face and how to work on overcoming them.
Fear of Failure
Most of us, at some point in our lives, have experienced being afraid of failure. This fear is common among entrepreneurs because starting a business can be unpredictable. As a result, this fear can cause entrepreneurs to fail before they even start because they’re too afraid to fail.
However, failure is one of the best teachers regarding business because it shows you what doesn’t work. Then, as you keep failing and making mistakes, you improve, leading you to determine what does work.
How to Overcome It
According to an analysis performed by Forrest Wright (GEM Global Data Team), “entrepreneurs reduced their fear of failure when they had the skills and knowledge to start a business.” As you can see from this study (linked above), learning the skills and knowledge needed to start a business can greatly reduce the fear of failure.
This conclusion makes sense because the more knowledge and skills one possesses, the more confident one starts to become. So, learning as much as possible about business, your industry, and your market can help you not be as scared of failure.
Being Afraid of Change
Generally, many entrepreneurs are afraid of change because it can produce feelings of uncertainty. Unfortunately, the fear of change can lead to a restricted mentality and perspective if we refuse to overcome it.
However, change can be a great motivator because it can potentially bring new opportunities to your business.
How to Overcome It
One of the best ways to overcome being scared of change is to accept it. Change is inevitable, especially in business, so it can be beneficial to learn to accept it. Something that might help you overcome the fear of change is assessing the situation and writing down ways to deal with it. This way, you can visualize various ways to deal with the change and make more informed decisions.
Being Scared to Experience Uncertainty
Many entrepreneurs experience the fear of uncertainty because the nature of starting a business can be unpredictable. However, anything worth having doesn’t come easily. It requires taking risks and accepting that you can’t see the future, but you’re willing to try anyway.
How to Overcome It
One of the best ways to overcome being scared of uncertainty is by taking action. I know that might seem backward, but taking action prevents you from overthinking and procrastinating, which can worsen your fear.
However, before you take action, it might be beneficial to concentrate on what you can control first and disregard what you cannot. You cannot control the future, but you can control the amount of knowledge and skills you learn, which can be beneficial in managing uncertainty. In addition, creating a plan with actionable steps can help you not be afraid of uncertainty because you can begin to visualize every step.
Not Being Good Enough
Not being good enough is a common fear many entrepreneurs experience in their journeys. Despite developing a brilliant idea and drawing up an execution plan, many entrepreneurs might still feel like they don’t have what it takes.
How to Overcome It
One of the best ways to overcome being afraid of not being good enough is by focusing on your talents and skills. In addition, try not to procrastinate taking action because you’re afraid of not being good enough. Try to take action and make informed decisions. Eventually, your confidence may rise, leading to an increased belief in your abilities and business.
Facing Challenges
Challenges are a part of every entrepreneurial journey. However, many entrepreneurs are afraid of challenges because they doubt their abilities to overcome them.
How to Overcome It
One of the best ways to learn how to overcome this fear is by looking at the challenges you’ve already overcome in your journey and to remind yourself that you have what it takes. In addition, you can try to view challenges as learning opportunities, which can motivate you to embrace them.
Fear of Disappointing Others
The fear of disappointing others is common among entrepreneurs because they’re afraid of making the wrong decision. Entrepreneurs are inherently risk-takers (all business comes with some risk), which means they have to do things that most people aren’t willing to do. As a result, they’re afraid that their decision to start a business might fail and they will disappoint the people in their lives.
How to Overcome It
One of the best ways to overcome this fear is by accepting that you might not be able to please everyone. Another thing you can do to help reduce this fear is to talk with your friends and family about your plans. Sometimes, loved ones may not support you because they aren’t clear on what you’re doing, so explaining your plans could help ease the tension.
Losing Money
Losing money is a common fear among entrepreneurs because it can happen to anyone. However, starting a business usually requires some funds to get started. (Disclaimer: I am not a financial advisor; for financial advice, please consult a licensed advisor and continue to do your own research).
How to Overcome It
One of the best ways to overcome being afraid of losing money is by accepting that you might lose money, but you also might not. It is important to remember that all business ventures pose varying levels of risk. In addition, you can help reduce this fear by planning out your expenses and leaving room for fluctuation. You can also help yourself not be afraid by thoroughly researching your market, industry, and business idea to confirm your business has enough demand.
Fear of Making Mistakes
Many entrepreneurs experience the fear of making mistakes. However, making mistakes is part of the entrepreneurial journey. They teach us lessons so that we can learn from them and improve.
How to Overcome It
One of the best ways to overcome being afraid of making mistakes is by shifting your perspective to view mistakes as learning moments. Each mistake can help you adjust your strategy to perform better each time.
thanks this Travis