Wikipedia describes fear as “a distressing negative sensation induced by a perceived threat. Fear almost always relates to future events.”
Who isn’t familiar with fear, one that comes in the form of anxiety that is attached with anything that involves risk. From everyday mundane events such as visiting a new destination for the very first time to something a little bigger like embarking upon a new career path or making a deep relationship commitment, anything that involves the unknown and the unfamiliar brings a little bit of fear along with it. And starting a brand new business is no different.
Here are some common fears that aspiring business owners typically encounter and how to tackle them if you find yourself in this situation –
Fear of Failure
“What if I do all this hard work and take the plunge, then don’t succeed? What if the venture fails?“
We all know that in life there is no guarantee about anything, and the same goes for this business effort. Even if you prepare and plan well, is there a 100 percent guarantee that your venture will be successful? No. You know that and I know that. But should this keep you from trying? This is like anything else in life. If you really want something badly, you’re going to have to get up and go after it and not worry too much about the outcome.
How to handle: Face your fear head on, look at it straight in the eye and do a worst-case analysis. Ask yourself some tough questions in case your business does fail. What will it mean for your finances and life? Will you be able handle a failure?
Fears associated with Confidence
“I am not sure if my business idea is good enough”
“I am not sure if I am smart enough to be a leader and run a business”
“My competition is making better products and services than me”
It’s easy to doubt one’s self and think these thoughts, but if you really dig deep, you will see how these are excuses showing up as fears.
How to handle: Your idea does not need to be original or something really special. As long as there is a demand and an audience for your services and products, the idea is good enough. Thorough research will be able to help you figure out the viability as well as your competition’s current offerings. Face your fear by arming yourself with knowledge.
Fears around Money
“What if I don’t raise money and don’t get funded? Maybe this is not the right time”
Many entrepreneurs worry about raising money and having enough to run, expand and grow the business. And it’s true that without money you won’t be able to turn your ideas into a successful thriving business. However, holding yourself back because of fear around money is no reason to not move forward.
How to handle: Depending upon the kind and scale of business you plan, you can start looking for financing. Angel investors and venture capitalists are people you can approach. If your business is a lifestyle business, perhaps you may not need a lot of capital. Take a look at your own personal finances to see if you can take care of the needs.