There is no illusion greater than fear. They say. Being afraid is a very common behaviour exhibited by many in their day to day lives for they feel it is the fear that saves them from great disasters.
How to recognize and conquer your fears, keep motivated and stay focused on the future is the key to success. Starting from scratch can be both exciting as well as frightening for entrepreneurs.
This is true whether you’re a first-time entrepreneur or you’ve recently quit your job to start up a new company. Your future, as of now, has no limits. You might be building the next billion-dollar company right now! Crazy, right?
Even though what is happening now and what comes next is incredibly exciting, every entrepreneur still has fears. It would be kind of terrifying if you weren’t at least a little afraid!
You need to overcome your fears if you want to excel and, thereby, successful. There’s a lot of upside if you can power over your fears.
Here are FIVE fears you’ll have to overcome as an entrepreneur.
Fear of Change
Change is the first fear you will encounter that will visit you and start hanging out with you long before you go all in on your new venture. Why? Because ending up screwing a good thing is downright scary.
It’s human nature to think that no matter how great your current situation is that it could always be better. Are you stealing defeat from the jaws of victory by leaving a known quantity to start something new? Until you take the leap and make a change, you will worry as one can’t know whether it will be an equally good or better outcome.
All businesspersons have to overcome this fear and make a crucial decision. Stay where you are or make a change.
Fear of Failure
Your company won’t work — not enough customers, not enough funding, whatever the reason. You won’t be able to pay your bills. Sure, but that’s only part of it. The real killer is the public aspect.
When you start a company, you’re really sticking your neck out. You don’t want people to think of you as a failure. Fear is just an emotion. You can’t worry about what other people sitting on the sidelines will think if you fail.
For crazy psychological or emotional reasons, some of your family members, friends, and peers won’t support you because they don’t understand what you’re doing. Consciously or unconsciously, some people will cheer for you to fail. Let them.
In the end, it doesn’t even matter! Remember?
Fear of Not Getting Funded
Will potential investors think it’s good? Raising funds for your new business ideas is competitive and scary. The process of pitching venture capitalists and angel investors is anything but predictable. Listen to the feedback you get from investors! Make amendments and improve your idea.
Doing so will help you secure the funding you need — and steer through your fears.
Fear of Being Wrong
When you kickstart your business, there are three areas that can just kill you: being wrong about your product, target audience, or go-to-market strategy. Scary stuff, right?
When this happens, startups pivot. Startup pivots almost never work.
A lot can go wrong in the startup world. That’s why it’s important to be intentional with your strategy when you’re starting out.
Try to be smarter about the initial guess you make about your market. You’ll have a lot more leverage if you don’t have to redo your business plan or make huge course corrections.
In the end
Don’t fight your fears but recognize them. Overcome them. Fear isn’t all that bad. You just need to recognize fear, punch it on the nose on occasion and continue building your business!