How to Overcome the Fear of Starting A Business
Have you ever acronym the saying that FEAR is
or have you heard FEAR referred to as
These acronyms take one item and invite you to look at fear from two different perspectives. One view is positive and empowering while the other is negative. Which one will you choose, Run or Rise?
Starting a business can definitely bring up fears, fear of failure, fear of success, fear of not being good enough, and so on. If you keep thinking long and hard about it you can find a reason to fear the very thing you want to do. Here are some ways to overcome the fear of starting your own business.
Fear of the Unknown when Starting a Business
I like to think of being an entrepreneur as jumping into the sea of the self-employed. You’re jumping into the unknown, but you are not in the sea by yourself. You have some idea of what to do but the results are unknown until you take action.
You may be concerned about all the different aspects of your business. Will I make enough money? How will I reach customers? Are people actually going to buy what I am selling? Will I owe a lot of taxes? These are all legitimate questions.
You can be stopped in your tracks in fear when all you need to do is get the answers to your questions. Start with a solid business plan. Then, take some time to write down all of your questions. Next, spend time researching to get the general answers you need to ease your fears.
You can overcome the fear of the unknown by gaining clarity on the aspects of starting a business that concern you the most.
Fear of Failure when Starting a Business
Your fear may be coming from the fear of failure. Statements starting with what if” are rooted in the fear of failure. What if my plan doesn’t work? What if I fail? What if people reject me when I put myself out there? What if I am not good enough? What if people don’t take me seriously? Anything you are telling yourself that starts with “what if” is a hypothetical question. It is something that is not necessarily true that you have decided to imagine.
Therefore, you can imagine the opposite too. What if my plan does work? What if I succeed? What if people accept me when I put myself out there? What if I am more than enough? What if people take me seriously? The what-if fear can be eradicated by thinking the opposite. At any time you can make a decision to think and believe differently about yourself and start your own business. Whether you think you can, or you think you can’t – you’re right” ~ Henry Ford
You can overcome the fear of failure with a mindset shift. Focus on why your business will succeed and turn your negative thoughts into positive ones.
Fear of Financial Risk when Starting A Business
No risk, No reward. Starting a business often involves financial risk, including the possibility of losing personal savings or going into debt. This can be a major source of fear for many budding entrepreneurs.
There are ways you can mitigate your financial risk. First, you can create a solid business plan before you launch your business. This will be your baseline so when you jump, you have a clear idea of what you need to do to reach your goals. The key is to pivot or change course when you see something is not working.
Second, you can mitigate your financial risk by creating margin. You can create a cushion in your personal finances before you take the big leap to keep your finances strong as your are building and learning on your business journey.
You can overcome the fear of financial risk by creating a solid plan instead of just winging it.
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Don’t let fear hold you back any longer. It’s time to make those shifts, embrace your inner entrepreneur, and start building the business you’ve always dreamed of. You’ve got this!