Introduction
“He who has overcome his fears will truly be free.” – Aristotle
Fear is a probably the biggest mountain that entrepreneurs face.
I believe the reason this is because STARTING A BUSINESS IS SCARY STUFF!!!
There are countless entrepreneurs that never even started towards their dreams of owning their own business because they let fear control paralyze them.
Fear is typically an irrational and psychological feeling, which means there are ways to overcome it.
I believe there five common fears that entrepreneurs face… and there are methods and techniques you can use to overcome and conquer them.
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Fear #1 - Not Being Good Enough
Not being good enough is a very popular fear many entrepreneurs experience which can stop you dead in your tracks.
An entrepreneur may have the greatest idea in the world with the world’s best execution plans and still feel like they don’t have what it takes.
According to Psychology Today many people experience feelings of inadequacy, inferiority, and worthlessness.
How To Overcome
One of the best ways to overcome being afraid of not being good enough research has found is using self-affirmations. They can be valuable in improving motivation, performance, focus and concentration, health, relationship outcomes, and more.
Another way to overcome this fear is to stop procrastinating and take action and start focusing on what you are good at, i.e. your talents and skills.
Finally, you must do your absolute best to make informed decisions. If you implement these things consistently over time, your confidence will rise, leading to an increased belief in your abilities and business.
Another way to overcome this fear is to stop procrastinating and take action and start focusing on what you are good at, i.e. your talents and skills.
Fear #2 - Being Afraid of Change
People in general are afraid of change. According to research we naturally resist change because change represents uncertainty – and uncertainty is threatening and painful for a brain that wants to keep us safe and alive.
For entrepreneurs being afraid of change will definitely produce these feelings of uncertainty… and sometimes they are stronger because of the size of your dreams and goals.
Unfortunately, the fear of change can lead to a limited mentality and perspective if we refuse to overcome it. This ultimately will put a glass ceiling on your potential that will need to be addressed.
However, change can be the best thing for you. That’s because change is an excellent motivator because it can potentially bring new opportunities to your business that will take you to the next level.
How to Overcome It
Change is inevitable, especially in business, so it can be beneficial to learn to accept it by being open and flexible.
According to Forbes Coaches Council change is a one of the natural flows of life that occurs often, even when we don’t want it. One of the best ways to overcome being scared of change is to embrace it rather than trying to control it.
Something that might help you overcome the fear of change is realizing you actually don’t fear change… rather you fear loss. According to Cynthia Kivland from the Smart2Smarter Leadership Institute…
“Change is a situational event, like losing one’s job or gaining a new boss. Resistance occurs during the transition, a psychological process of acknowledging what is ending, navigating the uncertainty, then embracing what is possible in the new beginning”
Finally assessing the situation and writing down ways to deal with change is a helpful way to tackle it. By doing so helps you visualize various ways to deal with the change and make more informed decisions.
Fear #3 - Facing Challenges
As you go on your entrepreneurial journey you will face challenges… tough challenges.
This is the death of many entrepreneur… they are afraid of challenges because they question their abilities to overcome them.
There will always we mountains you must climb and others you will learn are better to go around.
How to Overcome It
The best one best way to overcome this fear is by tackling it with confidence.
You can do this by looking at the challenges you’ve already overcome in your journey and to remind yourself that you have what it takes.
Also you must view challenges through the lens of a learning opportunity, which will motivate you to embrace them and not fear them.
Fear #4 - Failure
The fear of failure is something that everyone of us, at some point in our lives, have experienced. This is an irrational and persistent fear that affects people in a variety of ways.
The fear of failure is very common among entrepreneurs because starting a business can be unpredictable.
As a result, this fear can cause entrepreneurs to fail before they even start because they’re too afraid to fail.
The good news is failure can be one of the best teachers for business owners because it shows you what doesn’t work.
As long as you fail forward when you make mistakes, you grow and improve, that will teach you what does and doesn’t work.
How to Overcome It
According to an analysis performed by Forrest Wright (GEM Global Data Team), “entrepreneurs reduced their fear of failure when they had the skills and knowledge to start a business.”
From this this study they show that learning the skills and knowledge needed to start a business can greatly reduce the fear of failure.
There is no doubt that learning life lessons and skills the more confident one starts to become.
Therefore, being a student about business, your industry, and your market can help you overcome the fear of failure.
Fear #5 - Losing Money
This could be considered the #1 fear among entrepreneurs.
Losing money is a common fear among entrepreneurs because it can and does happen.
Scientist at the University of Missouri-Columbia analyzed the causes of risk tolerance and found that loss aversion, or the fear of losing money, is the primary factor that explains investors’ risk tolerance.
Traditionally, the belief has been spending habits are the main driver of risk tolerance. This meant the more variation an investor was willing to accept in their spending, the higher their risk tolerance for investments.
However, their study found that no such relation exists between risk tolerance and spending habits.
Rather, the fear of loss is a much more accurate indicator of risk tolerance. The more fearful an entrepreneur is to losing money, the lower their tolerance seems to be for taking risks in business ventures.
This should not scare you or stop you from pursuing your dreams. This did not stop Thomas Edison, Henry Ford, Robert Kiyosaki, J.K. Rowling and Colonel Sanders. They all failed before they made it and used their failures as learning opportunities
How to Overcome It
This may seem counter intuitive but the best way to overcome being afraid of losing money is accepting the fact that you could lose money.
According to Psychology Today being aware of it will help because being forewarned makes you forearmed.
An example of this would be… suppose you are de-cluttering your home.
By using this understanding, you can view each item as if you didn’t own it and apply a simple test:
If you didn’t currently own the item… how much would you be willing to pay to buy it?
By doing this exercise you change your perspective and can gain clarity to make you less vulnerable.
Remember there is always varying levels of risk with any and all business ventures. You can help reduce this fear by doing practical planning out your expenses and leaving room for unexpected circumstances.
Finally, you can also reduce this fear with thorough research of your market, industry, and business idea to confirm your business has enough demand.
