In order for you to succeed as an entrepreneur, you need to be aware of the fact that establishing your own company isn’t going to always be filled with moments of joy. There are several unpleasant things you’ll have to face head-on. You will have to have some trust in your decision-making. This is similar to having trust in price targets when you are watching a stock closely and need to make decisions to buy and sell. Sometimes you just have to trust that you are doing the right thing.
The truth of the matter is, entrepreneurship in itself is scary. Many successful business owners proclaimed that they doubted themselves in the early stages. For some people, pressures associated with establishing a business may prove to be cumbersome. A smaller group of people do end up succeeding. Those are the ones that accept and combat fear. Below, you’ll learn about some of the top fears you will have to overcome in order for you to thrive as a business owner.
1) Fear of Failure
Arguably, the most common phobia in the entrepreneurship world is fear of failure. In fact, statistics demonstrate that as much as 35% of Americans proclaim that fear of failure is preventing them from starting their own business. However, despite the fact that failure may feel terrible, failure shouldn’t be viewed as the opposite of success. It should be viewed as a critical component of success. Michael Jordan wasn’t able to make his school basketball team when he initially tried out. Back in 1858, Abraham Lincoln was not able to win the senate race. The key thing to remember when it comes to facing the fear of failure is that you’re not a failure if you fail. You’re a failure if you give up.
2) Fear of Being Wrong
At first glance, fear of failure may seem like it’s the same thing as fear of being wrong. But, while fear of failure will keep you from establishing a business in the first place, fear of being wrong can cause you to take the wrong route after you establish your business. But as a new business, it’s common for you to be wrong every now and then. In some instances, you may choose the wrong strategy. You can go back and change your approach. In order for you to be successful, you have to stay firm and not let wrong decisions affect your confidence.
To a certain extent, most entrepreneurs get anxious about the idea of being rejected. This could entail seeking funding, making a sales pitch to ask for help. The key thing to remember about rejection is that everyone doesn’t have to say “yes” to you. The only thing that matters is getting a “yes” from the right people.
Some businesses never really expand because the owner was afraid of taking a risk. For instance, the owners of Netflix initially attempted to sell their platform to Blockbuster before they entered the streaming business. Because Blockbuster was afraid of the risk of monetizing a platform like Netflix, they declined. In the end, the success of Netflix directly led to the closure of Blockbuster. In order for you to create a thriving business, you’ll need to take risks.
Unfortunately, you’ll never be able to please everyone in your personal life no matter how hard you try. In fact, during your journey, you will come to realize that some people may not even support your decision to become an entrepreneur in the first place. Additionally, in your business life everyone isn’t going to want to purchase your service or product. While some may love it, some may think it’s repulsive and that’s okay. The harsh truth is that from a beggar to a billionaire, no one can please everyone in their business or personal life. To overcome the fear of letting people down, you need to acknowledge this fact and focus on the people that actually matter.
6) Fear of Uncertainty
As humans, it’s natural for us to resist change. Think about the horrible negative ads they used to talk about regarding the supposed demonic effects that smoking marijuana caused. While it may be true that fear of the unknown is something many of us feel, it will stay unknown only until you know it. The only way you can know what’s behind the other side of the door, is to summon enough courage to move forward.