Fearless Entrepreneurship: Overcoming Common Fears
As an entrepreneur, it's natural to question whether you're on the right path and if your business will achieve the success you envision. But, these uncertainties and fears are a normal part of the journey. There will be moments when you doubt yourself and your ability to make things work. It's in these times that you need to take a step back, reevaluate the situation, and approach it from a different perspective.
While financial insecurity, setbacks, and life's challenges can be overwhelming, don't let them discourage you. Many aspiring entrepreneurs give up the moment things get tough, thinking they don't have what it takes to succeed or that the journey is too difficult. They fear the hard work and the obstacles they'll have to overcome to achieve success. But, don't let fear hold you back. Embrace the challenges and view them as opportunities to learn and grow. Remember, every successful entrepreneur has faced setbacks, but they persevered and overcame them. You can too.
Forget Everything And Run
Or
Face Everything And Rise
The choice is quite obvious. While the first one will be easy, it will leave you stranded in the muck and mire of mediocrity. Your dreams and goals will die from strangulation by fear. Choose the second option, and you'll push past your fear with grim determination.
When you come out on the other side, you'll be emotionally stronger, mentally tougher, and you'll taste the fruits of success. Everything you want is on the other side of fear.
In this guide, we'll look at 5 of the most common fears that plague entrepreneurs and how you can rise above them to achieve the life and business you were created for!
- Fear of the Unknown
Entrepreneurs often face the fear of uncertainty, no matter how well-prepared they are. It's essential to remember that growth and progress cannot be achieved if you are afraid to lose sight of the shore. You must go with your heart and push through, even if you feel fear.
In the movie "3 Kings," Sergeant Major Archie Gates (George Clooney) replied to a young soldier's question with, "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." This statement is true for everyone. If you're worried about your skills, go ahead and start your business, and learn as you go along. You must take the first step, even if you can't see the whole staircase. The only way to put an end to your fear of the unknown is to have faith in yourself and your goals.
Many people hope to start a business for quick and easy money, but most fail and quit. The road to success is paved with the crushed dreams of those who quit because they didn't believe in themselves, and fear took over. If you want to succeed, you must believe in yourself and what you're trying to achieve.
When you have doubts and fears, ask yourself why you're feeling them. Analyze your fears and make a plan of action to overcome them. For example, if you're afraid of quitting your day job, save enough money to last for six months in case of any unexpected setbacks. If you don't analyze your fears and let them hold you back, you'll become stagnant, and you'll likely end up quitting. Keep moving forward no matter what setbacks you encounter along the way.
2. The Fear of Failure
This is another major fear that paralyses so many entrepreneurs from acting on their goals and dreams. The fear of failure has stopped more people in their tracks than any other fear. Usually, this fear is disguised in many different ways. If you're worried that all your efforts will go to waste and that you will make no money, that's a fear of failure. Most people say they just 'don't want to waste their time on something that won't work.'
The hard truth is that you'll never know unless you try. It may take you three years to build a business that's making you six figures a year. But guess what? If the fear of failure keeps you from trying in the first place, you will never know what could have been.
The three years will go by, and chances are your life will probably be the same. Whereas if you had moved forward with your goals, you just might be in the six-figure income category. Many people fear failure because they are scared they will look foolish in front of their friends and family or are worried about criticism from their peers.
In all reality, what others think of you should be the least of your concerns. You may notice that when you try to better yourself and do things that others don't do, your friends and family may even be your harshest critics. The truth is that by you making progress and achieving your goals, you may inadvertently end up shining a spotlight on their own failures.
It makes them feel threatened, and the only way for them to feel better is to drag you down to their level so that the status quo can be maintained. This is a hard truth of life, and by realising that what others think of you does not actually affect you in any way, this fear of looking foolish will disappear all on its own. Lao Tzu once said, "Care about what other people think and you will always be their prisoner."
The best way to deal with the fear of failure is to ask yourself what could possibly go wrong. Now plan out what countermeasures you can take to prevent your endeavours from failing. Spend time visualising yourself pushing past obstacles and succeeding. Repeat this visualisation process daily and even a couple of times a day. This will give you faith and belief in yourself to keep going forward.
3. The Fear That You Are Not Good Enough
This fear often arises when you have experienced a difficult failure in the past. Many individuals may not excel academically in school due to a lack of natural affinity or interest in the subjects they are learning. For instance, a person who is gifted in art and writing may struggle with math and science and may not progress beyond high school. This failure can create a feeling of incapability to succeed in life, despite having the potential for extreme success.
The wise Albert Einstein once said, "Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid." This statement emphasizes that one should not assess themselves based on their performance in school or previous jobs. Many stories exist of people who failed multiple times before achieving their dreams once they found their true calling.
Never give up on yourself. Fortune favours the brave. When building a business, you will experience a learning curve that you must overcome. Making mistakes, hiring the wrong person, purchasing the wrong products, and wasting time and money are all part of the process and cannot be avoided. However, quitting at this stage because of feelings of inadequacy will prevent you from improving.
You only get better by continuing to learn and progress. Many beginners feel intimidated by highly successful entrepreneurs, believing that these individuals are smarter, richer, and better than themselves. Do not compare yourself with others. This is a significant error that will always leave you feeling discontented. You may be comparing your beginning with someone else's finish, which is not fair to you and will do you a disservice. Focus on being the best you can be.
The truth is that everybody begins as a novice. You do not become successful overnight. There is a journey that you must undertake. Fearing that you will never amount to much will mean that you have given up before you even started. You must have confidence. Every little failure you encounter along the way should be viewed as a learning experience. You can't extrapolate from incomplete data. The more you learn, the better you will become.
The more mistakes you make, the better. Failure is not the opposite of success; it is a part of success. You are good enough just as you are. You only need to believe it.
4. The Fear That You're Late or Too Old
This fear of being too late or too old is a major concern for many. You might have heard comments such as "the good old days are gone" or "you're too old to start a business". But are these statements accurate? Absolutely not. Although certain businesses may come and go, entrepreneurship is here to stay and there are countless people, just like you, who succeed every day. It's never too late to begin, and there's no better time than now.
If you ever find yourself thinking you're too old to set new goals or pursue new dreams just remember that Stan Lee created his first successful comic book near his 39th birthday. Henry Ford invented the Model T car at the age of 45. Ray Croc established McDonald's when he was 52, and Colonel Sanders franchised KFC when he was 62. As you can see, people have achieved success at all ages. You're never too old. Therefore, discard this fear and chase your aspirations today.
A Chinese proverb wisely said, "The best time to plant a tree was 20 years ago. The second-best time is now."
5. Fear of rejection
The fear of rejection is another common fear that can hold entrepreneurs back from pursuing their goals and dreams. This fear can stem from a variety of sources, such as past experiences of rejection, fear of not being good enough, or fear of criticism from others. People may avoid taking risks or trying new things because they are afraid of being rejected or failing.
However, it's important to remember that rejection is a natural part of life and doesn't define your worth as a person. It's essential to learn how to handle rejection and use it as a learning opportunity to improve and grow. By facing your fear of rejection and taking risks, you may discover new opportunities and achieve great success.
At this point, you should understand that fear is just an illusion, an acronym for 'False Evidence Appearing Real.' The most effective way to overcome fear is through taking action. While examining the root cause of your fears may be helpful, taking action is the surest way to conquer them. If you face your biggest fears head-on, they will ultimately disappear.
Don't allow fear to dictate your future. Create a solid plan, develop contingencies, and relentlessly pursue your goals. Even during the most trying times when everything seems like it's about to crumble, and your fears are telling you to give up, stay determined and continue to push forward.
Remember, it is always the darkest before the dawn. Keep pushing, stay persistent, and never give up. You can do this!
