Being successful in a business requires not only the relevant technical knowledge, familiarity with the niche you are about to enter and a mastery of one’s skill, but also coming face to face with every entrepreneur’s worst enemy which is fear.
As a small business owner, you must confront all your fears and seek to overcome them in order to succeed in whatever business you have decided to venture into.
The following are five of the biggest fears that you must face and overcome if you ever want to be a successful entrepreneur.
Fear of Failure
This is certainly a common fear and one that prevents many people from ever taking action. You might think that entrepreneurs, by definition, are people who either don’t have this fear or who are able to overcome it, but I would argue that most of us have it to one degree or another.
It’s that little voice in your head that whispers all of the things that could go wrong. Whenever I notice the fear of failure creeping into my consciousness, I consider the consequences of taking no action at all. In most cases, this ends up being a scarier prospect than the possibility of failing; I can at least learn from any mistakes.
Fear of Being Wrong
This is also another common fear most entrepreneurs face when setting up a business. The fear of being wrong is a bit more subtle than the fear of failure, and therefore potentially deadlier.
While the fear of failure can prevent you from starting a business, the fear of being wrong can cause you to pursue a foolhardy business strategy even when it’s crystal clear that you need a change of approach.
To overcome this fear, you need to first recognize this as a problem that can harm your business and put aside any ego that makes you stay on a course of action because you are emotionally attached to a certain way of doing things or getting results.
Fear of not Pleasing Everyone
The fear of not being able to please everyone is another common fear that can be hazardous to your business as an entrepreneur.
Succeeding in a business requires that you deliver something that someone wants. This much is evident. However, it does not mean that you can please everyone.
In your desire to please and accommodate everyone, you may end up not pleasing anyone in particular. To overcome this fear, you will need to identify your market and focus on pleasing the people that make up the bulk of your target market.
Fear of Inadequate Funding
Setting up a new business as an entrepreneur would be a walk in the park only if every person with a business idea could stroll into the nearest financial institution and receive a loan to steamroll their business ideas into reality.
Sadly, that seems not to be the case as many entrepreneurs have to source the necessary funds needed to start up a business.
The fear of not being able to source for adequate funding for their business is another common fear most entrepreneurs face and also the reason why may business ideas fail to go beyond a business plan.
Overcoming this simply involves creating a realistic business plan with calculated steps on how you intend to the raise the startup capital needed for your business.
Fear of Disappointing Your Family
While as an entrepreneur, you may be scared that your new business might not provide enough for your family, especially when they have given you all their support right from the very beginning when you voiced out your intentions.
Many entrepreneurs face the fear of being seen as a disappointment to members of their family, and even friends at times. This happens particularly when the business is experiencing dry spells with no oasis in sight.
The most effective way of overcoming this fear is to speak with your family members and intimate them the challenges you are facing while giving them the assurance that you won’t be backing down anytime soon. Be vocal with them about any risks you’re about to take and how important it is for you to invest energy and time into the success of this business.
PS: Depending on your own personality, you may have none, one or all three of these fears to one degree or another. Even once you’ve gotten past fears, you must be vigilant and make sure they don’t resurface. A fear of failure, for example, may make an appearance when it’s time to scale your business. Fears are natural and nothing to be ashamed of. What makes successful business leaders unique is their ability to transcend their fears.