According to the English Dictionary, “fear” is a strong, uncontrollable, unpleasant emotion caused by actual or perceived danger or threat. For many neuroscientists, “fear” refers to the physiological state of a particular neural circuit in the amygdala that decides how we respond to threats.
Starting from scratch can be both exciting and frightening for entrepreneurs. This is true whether you’re a first-time entrepreneur or you’ve recently quit your job to start up a new business. But even though what is happening now and what comes next is incredibly exciting, every entrepreneur still has fears. It would be weird if you weren’t at least a little afraid! You must overcome your fears if you’re going to be successful. There’s a lot of upsides if you can power through those.
For you to overcome your fear as an entrepreneur, you must first recognize and understand what you are likely to experience in the course of your business. Below are some of the fears entrepreneur face and how to overcome them.
FEAR OF RISK AND FAILURE: A successful CEO of a marketing software firm, Mark Organ once said: “There is no way for an entrepreneur to make a living without taking risks”. If you wish to do anything of substance you must be able to overcome the fear of both risk and failure. Yours is not working out, not enough customers, not enough funding, whatever the reason, you won’t be able to pay your bills, but that’s only part of it.
Risk comes with greater and more fruitful rewards. People often see risk in the negative side, but it should be embraced. Rather than avoiding and hiding yourself from it, you should understand it and take steps to reduce it. Risk comes with failure, yes, but failure presents opportunities! You will never give yourself the opportunity to succeed as an entrepreneur if you do not embrace the possibility of failure. So, see risk as an opportunity or as a stepping stone to the success of your business.
FEAR OF CHANGE AND PEOPLE AROUND YOU: Change is another fear you will encounter in the course of your journey. We live in a world where people enjoy the failures of others rather than their successes. Being afraid of others waiting for you to fail can often make it difficult to succeed. An entrepreneur will face many criticisms from friends and those close to them, so it’s important to believe in yourself and what you’re trying to achieve, or else you have no chance of being an entrepreneur. Until you take the leap and make a change, you will worry. All entrepreneurs have to overcome this fear and make a crucial decision. Stay where you are or make a change.
FEAR OF HAVING THE REQUIRED SKILLS OR EXPERTISE: The fear that you don’t have the required skills or experience or the fear that you are uneducated is natural for a first-time entrepreneur. The best way about learning anything is by doing that thing. Most of the successful entrepreneur in the world struggled with formal education so why limit yourself because you lack a college degree. If you’re passionate about what you’re doing, take a chance. That alone will help in fulfilling your dream.
FEAR OF THE UNKNOWN: When you’re starting out, you truly don’t know what you don’t know. You can never know something unless you experienced them. These are lessons that will help you the rest of your life. The unknown is not to be feared, it is only something you are yet to come across or experience. You can make lots of great business connections. You can create something great (no matter how long it lasts). You will make mistakes, but when you do, learn from them and move on. There will be good times and bad challenges. So, stop fearing the future, instead start writing the future.
SET YOUR GOALS AND PURSUE THEM: when starting a business, you must have a mission and a vision. These will be the driving force that will keep motivating you to moving towards success. There is an inordinate amount of detail to think about and processes to put in place. If there are one trait entrepreneurs have in common, it’s the ability to set goals. Start by identifying what your overall company mission is, and build smaller, achievable tasks that serve as stepping stones to reaching that mission. Those small goals will not only make the company mission more digestible and less intimidating but will give you a good indication of where to actually begin. Entrepreneurs are often type-A perfectionists, but remember that everything does not have to be perfect to start testing your product, start building your own website and talking about your business to anyone who will listen.
Fear, uncertainty, and self-doubt are all raw feelings people experience when they consider the idea of starting their own business. It’s scary, no doubt about that. Entrepreneurs of all ages and with various levels