11 Fears Every Entrepreneur Must Overcome
When you see some famous entrepreneurs on TV or the internet, you probably think “Wow, their life must be great, they have their own business, and they have it easy in life!”
However, that is definitely not the case.
Being a successful entrepreneur is one of the toughest “jobs” one may have. It includes a lot of stress because you would have some very hard decisions to make and it is definitely not a profession for everyone.
Today we are here to talk about some of the struggles you may have if you are an entrepreneur or if you want to become one.
We will discuss what entrepreneurs fear the most, whether they are experienced or new to what it really means to be an entrepreneur.
Without any further due, let’s begin!
1. FEAR OF CHANGE
As we grow up, we meet new people, learn new things and build our character along the way.
So, we can say that living a life is going through a series of constant changes.
Sometimes those changes make us feel fear, but eventually, it is something we cannot control and to what we can only adapt and accept it.
That’s why we often try to stay in our comfort zone, where we feel safe and where we can act naturally and without having to worry about anything.
So, in other words, we prefer peace and quiet. But why is that so bad?
Well, the world around us is constantly changing.
New inventions, new products and new systems of production change the way not just business is done, but the way we live our lives every day.
And in today’s world, the business environment is very dynamic and is changing rapidly.
In order for you, as a company, to be successful and even survive in that kind of world, you have to be open to changes and learn to adapt to them.
If you try to ignore them, you won’t be able to keep up with your competitors, which could lead your business to an unfortunate end.
Innovation and adaptability are keys to success and are an essential part of modern business, so you need to be able to accept that fact and try to make the best of your situation.
Learn new ways of production, think of some innovative products or different versions of products and your business will stay alive and it is more likely that it will become a success.
2. FEAR OF FAILURE
One of the most common fears, not just in business, but in every-day life as well, is the fear of failure. Fear that makes us either quit too early or just give up on doing something at all.
For instance, let’s say that you really like some girl and that you would really want to get out with her.
Of course, people will say you have two choices: either to try and ask her out, with some probability of rejection or to give up and move on with your life.
As for me, I would say there is only one choice, which is to be a man and ask her out.
There is nothing to lose here, except perhaps hurting your pride a bit if you get rejected.
This is the way winners think. There is no try, just do or do not.
Of course, all of this can also be applied to business. If you are an entrepreneur or you are willing to become one, you have to overcome your fear of failure and act because without trying and making some tough decisions, you cannot hope to build a successful business.
What can you do to boost your self-confidence and reduce the fear of failure?
Well, one very good solution is to have a backup plan in case you don’t manage to succeed to implement the plan you first had.
That way, even if you failed, you would have a different approach to the situation and something else to do, which would help reduce the fear of failure and go through with your plans.
3. FEAR OF NOT KNOWING ENOUGH
One of the most important lessons we learn, either at home or in school, is that knowledge is infinite and that no one can know everything, because there is always something new to learn about.
That means our search for knowledge never ends and we are always trying to acquire new skills, learn new things and meet new people in order to broaden our views.
That’s why it can often happen that we are afraid of doing something, just because we think we don’t know how to do it properly.
Sometimes, we actually don’t know things.
For instance, if you’re just starting your first job, no one will expect that you know how to do everything that is expected of you since it is your first job after all.
In that situation, we may feel a bit afraid of failing to do our tasks and letting down your team, but that is something which shouldn’t bother you too much because you will learn over time.
Being an entrepreneur, especially a new one, can feel overwhelming and you may not know everything related to it, so do not be afraid to ask other people about their own experiences and tough situations they had encountered.
There are organizations where entrepreneurs can talk to each other and share their experiences in order to help new entrepreneurs start their own journeys.
Apart from that, be sure to ask for feedback from your own clients and customers.
That way you can what they like and do not like about your business, which would help you improve it.
4. FEAR OF THE UNKNOWN
All throughout history, people have been afraid of the unknown.
It is a natural human response, a defense mechanism of sorts, which helps us stay inside our comfort zone where we feel safe.
For example, in medieval times, medicine was still unfamiliar to the people, but there were some people who knew how to use their environment and herbs with medicinal properties in order to heal others.
Those people were often feared and their skills were associated with the devil, due to the very high influence church had during Dark ages.
So instead of accepting their help, people were often reluctant to it and healers were often subjected to physical violence and murder.
It is similar when it comes to everything else in life, as well as in business.
When we meet something unknown to us, we have fears on how it could affect our business and whether it could be a good thing or something that could possibly have a negative impact on what we do.
One thing that is certain is that which is unknown always lead to some changes and it is up to you to decide whether you want to succumb to that fear and let it consume you and have negative effect on your business, or you will try to face that fear and manage to conquer it in order to adapt to all those changes and potentially improve your business.
One good way of doing that is having a really good business plan to follow, so make sure that when you need to create one, think very carefully on how you intend to build a lasting business plan.
5. FEAR OF INVESTING IN YOUR BUSINESS
One very funny thought a lot of inexperienced entrepreneurs have is that they can form a business only to reap its benefits, without having to invest in it too much.
Let me tell you something, that is simply not possible.
If your real intention is to become a successful entrepreneur, you will have to invest everything, your money, your time and your skills in making your dream become reality.
Investing your personal savings is always a risk, but it is a necessary risk because without innovation it is not possible for your business to advance and develop further.
And that’s why people fear this.
That is the case especially if you decide to invest your personal savings, which you had been gathering for a long time.
The fear of losing that money intended for “rainy days” is very high in some people and it makes them reluctant and indecisive when it comes to starting a new business or investing in the existing one.
That itself is not a good thing, because, in order to survive in today’s dynamic working environment, businesses need to be able to invest in acquiring new things, new equipment, new knowledge or simply new ways of doing the necessary job.
Without it, companies cannot hope to be competitive on the market and without the option to be competitive, there is really no chance for them to survive and become market leaders.
6. FEAR OF TAKING RISK
Some people have a high-risk aversion, meaning they are not quite prepared to do something that might be considered rash if that something could potentially hurt them, their business or their reputation.
They fear that they could lose everything by making one single mistake.
And sometimes, they are right, there is a decision that could cost you everything.
But, every darkness needs light, every yin needs yang.
Thus, every decision that could potentially have very negative effects could also be very lucrative and greatly improve your business.
Sometimes the payoffs can be huge, so it is worth risking.
But let’s take into consideration that not every risk is the same.
There is a risk that is dangerous and the one that is calculated.
We can think of risks gamblers take as a dangerous risk. Why is that, you may ask? How is that risk differently than others, since there is a real possibility to win?
Well, gambling is a dangerous risk because, by gambling, you are betting your money based on luck, on something that is not quite proven to be lucrative. You can never know how the slot machines are set up unless you are a math genius, in which case you might as well be kicked out of the casino for “cheating” the system.
Calculated risk is a risk where you can plan every step of the way, and move inch by inch towards a set goal.
That way, you can carefully examine the chances presented to you and invest in the most lucrative ones.
7. FEAR OF BEING A DISAPPOINTMENT IN OTHER PEOPLE’S EYES
Another very common fear, not just every entrepreneur, but also every person has, is the fear of disappointing people you love or work with.
Whether it is your boss or your family members, the feeling is the same and it is awful.
Because of that, we often try to please others in an attempt to meet their expectations and not let them down.
And sometimes, by doing that, we hurt ourselves and potentially our businesses, which is definitely not a good thing.
Being an entrepreneur is kind of like being a Ring-bearer in the popular movie.
It is a heavy burden and you cannot trust anyone, but yourself in order to achieve the goals you had set and improve your business to the point where people can call it a successful business.
That said, what you should do, is focus on all those things that are important to you and your business.
Of course, sometimes it’s good to take the advice given to you, but you shouldn’t accept each and every one of them just to please other people’s wishes and meet their expectations.
That is the only way you will be able to become an independent and successful entrepreneur, by completing your own goals and building your life around things that you feel passionate about, and not by creating something just to please other people.
It is how you could conquer your fear of being a disappointment in other people’s eyes.
8. FEAR OF BEING IN UNCOMFORTABLE SITUATIONS
We are often being put in uncomfortable situations, both in business and in every-day life. We can almost never know when it will happen, so we are basically diving into it unprepared.
That fact could induce fear in each and every one of us. Sometimes that fear can affect us so deeply that we aren’t able to do what is required of us.
For example, let’s consider people who are afraid of public speaking.
Those people often get very nervous and tend to make mistakes during their speeches, not because they are not professionals in their field, but simply because they succumbed to their fear.
However, that can be avoided.
All you need to do is prepare yourself a bit, by practicing and even putting yourself outside your comfort zone in order to get used to the feeling of discomfort, because in business, there will be a lot of uncomfortable situations for you to face, so you need to be prepared.
It’s no different than doing the things you need to train for first, such as climbing or even skydiving.
Before you do both of those things, you have to train and learn how to do that, step by step, by handling some uncomfortable situations as well.
Only when you are familiar with being uncomfortable, you will be able to conquer your fears and stay calm in every situation you are about to face, which would look very professional in other people’s eyes.
9. FEAR OF NOT BEING RIGHT
One of the key characteristics of successful entrepreneurs is a competitive nature. They simply have to be competitive in order to survive in today’s dynamic business environment.
Without it, there would be fewer actions taken and a higher probability of a company going into demise.
In that case, people are afraid of making mistakes or not being completely perfect in what they do because they think it would put them under their competition, which could mean they could lose clients and customers.
Sometimes they are right, there are serious mistakes that could cost you a lot.
But, that doesn’t mean you should stop trying to correct those mistakes.
Making mistakes is a way of learning what is good and what is ugly, what could work and what will simply not work.
Without that, you would just be restraining yourself to not making difficult decisions at all.
By doing that, your business would become stagnant and eventually collapse, simply because you were afraid of making mistakes.
Making a mistake is better than being stagnant and doing nothing at all. It would teach you what you did wrong and what you could do to make it right the next time you find yourself in a similar situation.
So, don’t be too harsh on yourself if you make mistakes, but rather try to learn from it and become better at doing what you want to do.
10. FEAR OF NOT BEING GOOD ENOUGH
Whether you are an experienced worker or just a beginner, there will always be one question you will ask yourself, which is whether you are good enough for the job or not.
No one can know everything and every one of us is good at something, while not being good at something else.
What we can do is to constantly learn new things, acquire new skills and improve on our business and general personalities.
Doubting in yourself and your own abilities is a very dangerous fear to have, especially if you are an entrepreneur.
Sometimes, even if other people believe in you, you can feel like you are just not good enough for something. This situation even has a professional name, an imposter syndrome.
One of the characteristics of this syndrome is that people who have it always tend to try making everything to be perfect, even when it is not possible.
That leads to stagnation and delays in business, and sometimes people even reject to take certain action because they think it is not good enough.
It is a very harmful thing to do to yourself, so you should learn how to conquer that fear and become the best version of yourself.
You should focus on achieving the goals you had set, without having to worry too much about perfectionism.
Of course, it is always better to do something the right way, but that right way doesn’t always have to be the perfect way to do things.
11. FEAR OF SAYING NO
During our life and business career, there will be a lot of possible paths to take, a lot of different projects and opportunities to accept.
Sometimes, a large number of those may look appealing to us, almost forcing us to accept everything.
That could lead to our schedule being too busy we simply cannot handle it anymore, which is a very bad thing. We would become less productive and more tired, with less time to cool off and regain strength.
In that regard, some people have a fear of rejecting certain opportunities that present to themselves, because they feel like they could miss something very important in the future.
While sometimes it may be the case, it happens more often that accepting every opportunity you get is a waste of time, because you would spend your very valuable time doing some unimportant things, instead of focusing on doing activities that matter.
If you are an entrepreneur, you should focus only on things that are relevant to your line of work.
In order to develop your business and advance further, you need to focus on improving the way you handle your business, which sometimes means rejecting certain opportunities that are not so important for your company.
Hey folks, that was everything we had prepared for you today. We went over some of the most important fears every entrepreneur can encounter.
In order for you to become a successful businessman, you will have to overcome all of these fears, which is not an easy task.
But developing an entrepreneurial mindset will help you immensely.
With that in mind, we decided to help you a bit further by sharing an excellent video made by Patrick Bet-David, in which he talks about how to conquer all these fears and become a successful entrepreneur.
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