Entrepreneurship is an adventure that demands time, money, and energy. Doubts and fears are natural to every entrepreneur at some point, but it is crucial to learn to face them. Financial insecurities, temporary setbacks, and life’s usual challenges can be daunting, and most would-be entrepreneurs quit at the first sign of adversity. However, quitting because of fear means missing out on the fruits of success. Entrepreneurs have two choices when it comes to fear: forget everything and run or face everything and rise. The latter may be harder, but it leads to success.
This guide covers five of the most common fears that entrepreneurs face and provides strategies for overcoming them.
Fear of the Unknown
The fear of the unknown is probably the most significant fear that entrepreneurs face. Starting a business inevitably involves some level of uncertainty. Even if an entrepreneur has done their homework and prepared as best as possible, there will always be a degree of risk. However, the unknown is an opportunity for discovery. One must push forward, even if their heart is beating uncontrollably fast. Sergeant Major Archie Gates in the movie “3 Kings” says, “The way this works is… you do the thing you’re scared sh*tless of, and you get the courage after you do it. Not before you do it.” It is crucial to have faith and believe in oneself to overcome the fear of the unknown.
Fear of Failure
The fear of failure has stopped many entrepreneurs in their tracks. It is crucial to remember that failure is a part of success. The fear of wasting time and money, the fear of looking foolish in front of others, and the fear of criticism are all disguised forms of the fear of failure. Entrepreneurs must take the risk and try, even if it takes years to achieve success. Failure is a necessary part of the learning curve, and quitting at the first sign of failure means never getting better.
The Fear That You Are Not Good Enough
The fear that one is not good enough usually arises from a tough failure experienced in the past. It is essential to remember that everyone is a genius. If you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid. One must have confidence and believe that they are good enough. Failure is a learning experience, and it is crucial to chalk up every little failure as an opportunity to learn.
The Fear That You’re Late or Too Old
Many believe that they are too old to start a business or that the good days are over. However, entrepreneurship is here to stay, and success is possible at any age. Colonel Sanders franchised KFC at the age of 62, and Stan Lee created his first hit comic close to his 39th birthday. It is never too late to pursue one’s dreams.
Limiting beliefs are an incorrect belief pattern that holds back many entrepreneurs from success. Beliefs are formed based on what one sees, hears, and is told. It is essential to recognize and overcome one’s limiting beliefs. Overcoming limiting beliefs requires being proactive in correcting oneself and believing that one is capable of achieving success.
In conclusion, fear is false evidence appearing real. The best way to conquer fear is through action. Analyzing why one feels a particular fear is helpful, but nothing beats action in dispelling fear. Entrepreneurs must make a plan, have contingencies in place, and work their plan until they succeed. Even during the darkest hours, when everything seems about to collapse, one must dig their heels in and keep pushing forward. It is always darkest before the dawn, and one must keep going.