Overcoming the fear of failure when you’re starting a business
Many people hold themselves back from new ventures because they’re scared. Fear is a normal response to a dangerous situation, for example, being chased by a wild animal or jumping out of a plane. However, the fear of failure, and being scared to start a business aren’t really dangerous, but our beliefs make us feel frightened and this stops us from achieving our dreams.
Below are some tips to help us overcome our fears and make us reach our full potential…
Not having self belief
Being worried about what others think is one of the main reasons why people don’t take the plunge and set up their own business. Being told by others that ‘it’s a big risk’, or ‘it won’t work’ can be off putting. One of the best pieces of advice here is to surround yourself with people who have the same mindset as you. Join business networking groups, and connect with likeminded people on Linkedin, Facebook may also have some groups you can join. Keeping the people around you positive about what you’re doing will help give you the belief that you can be successful.
Not knowing where to start
If you have a plan but don’t know where to start then there are lots of places you can turn to for help. Finding a business mentor can be useful, as they will have a whole wealth of knowledge that can share with you. If there is someone you know who has done something similar to what you’re planning, then it may be worth reaching out to them, they may be willing to help themselves or they could point you in the right direction. There is also a plethora of knowledge and resources that can be found online.
Running out of money
Understandably, this is a huge reason why you may be scared to start a business. Plenty of businesses can start on a limited budget, however, you will need some income to live on during the early stages. Make sure you create a spreadsheet of your outgoings and projected cash flow for the first 12 months, then you can see any deficit and figure out a plan. Many start up business owners work a second job whilst growing their new business to a place where it can sustain you.
Things not being perfect
Things won’t be perfect to being with, and if you wait for everything to be perfect before you launch your business the likelihood is it will never launch. As long as the basics are in place for it to run and make a profit you are good to go. You may not be able to afford the best website to begin with, or the slickest branding, but it doesn’t matter, these things will take time and evolve with the business and with you.
The fear of the unknown may certainly hold you back. An entrepreneur lifestyle is definitely unpredictable, but with a certain amount of planning you can put things in place to limit your liabilities. Take calculated risks but just be wise with your decision making.
Don’t be limited by your fear of failure. As you step into the unknown your ability to cope with fear expands. You have to recognise fear as a self protection mechanism that is often out of control.
Feel the fear and do it anyway.