A lot of people wish for the flexibility and potential financial freedom that come with owning a business of their own. Yet with the promises entrepreneurship holds, it’s still tough to take that leap of faith and commit to putting in the effort it takes to launch, grow and maintain a business. People often let their fears hold them back from making their dreams come true. Here are three of the most common fears that hold entrepreneurs and how to overcome them so you can embark on the journey of entrepreneurship (and find success).
Fear of the unknown
There are a lot of unknowns on the journey of entrepreneurship. There is little you can predict and not a lot you can plan for – that’s all part of the ride and life you agree to if you want to be an entrepreneur.
The journey doesn’t have to be lonely though. It will be much easier and even quite fun if you have people to walk with you. Think about getting a mentor who has been down the roads you are about to march along. Mentors can tell you what you need to know to help you ease over the bumps you’ll inevitably encounter along the way. Mentors can show you shortcuts they missed and teach you easy ways to be more productive.
Fear of failure
No matter what, there will be times where you get turned down. There will be times when someone doesn’t like your idea or want what you have to offer. The thing is - that isn’t failure. It’s a normal part of running a business. Even if you failed running a business in the past, entrepreneurs find more success the second time, according to research.
To ease your fear of failure, test various iterations of your minimum viable product with your target market. This allows you to fail quickly and for little money, and you’ll learn what doesn’t work right away. Then you can test alternate solutions at an early stage and waste fewer resources.
Don’t worry too much about money; there are debt consolidation loans that can help ease that fear. Try not to get held up on the things that could go wrong, but instead focus on the things that will go right.
You also need to learn what is hot and what is not when it comes to your product and service. If you want to know how to launch and run a shoe company, you need to know all about what is hot in that industry. Use what you learn and keep building, testing and learning more - this is how you will stay current with the continually changing market demands. When you stop adapting, your business will suffer.
Fear of mediocrity
Entrepreneurs tend to be people who take pride in being exceptional. Mediocrity isn’t an option. However, on that path towards excellence, there might be times you struggle. This is why it’s vital to persevere and know that your hard work will pay off. While it may be easy to throw in the towel – don’t do it. Don’t talk yourself out of embarking on this journey because of the short-term sacrifices you will make. Those sacrifices will all be worth it in the end.
As you decide whether or not to start your own business, remember it’s important not to simply hope for success. Instead, expect it and take the necessary steps to make it a reality. You won’t fail unless you choose to stop trying.