Being successful in a business requires not only the relevant technical knowledge, familiarity with the niche you are about to enter and a mastery of one’s skill, but also coming face to face with every entrepreneur’s worst enemy which is fear. It doesn’t matter whether you are setting up a home based business or planning for a full time startup company, fear has a way of taking the steam right out of you once you fail to deal with it. As a small business owner, you must confront all your fears and seek to overcome them in order to succeed in whatever business you have decided to venture into.
If you are a first time entrepreneur looking to take that bold step into the world of business, here are the Top 10 most common fears of entrepreneurs and how to overcome them.
1. Fear of Failure
This definitely tops our list of most common fears, and one that prevents many entrepreneurs from ever taking a positive action. The fear of failure is that tiny voice whispering into your ears that everything could go wrong in the business. The best way to overcome this fear is to accept that failure is possible, even for the most gifted entrepreneurs. With every failure comes an added value in strength, courage, wisdom and knowledge. Whenever you experience any setback, do a little soul searching to find out what mistakes were yours, why you made them and what you learnt it all.
2. The Fear of Being Wrong
This is also another common fear most entrepreneurs face when setting up a business. The fear of being wrong is a bit more subtle than the fear of failure, and therefore potentially deadlier. While the fear of failure can prevent you from starting a business, the fear of being wrong can cause you to pursue a foolhardy business strategy even when it’s crystal clear that you need a change of approach. To overcome this fear, you need to first recognize this as a problem that can harm your business and put aside any ego that makes you stay on a course of action because you are emotionally attached to a certain way of doing things or getting results.
3. The Fear of Lack of Education and Training
Entrepreneurs, for the most part are self motivated. But in some cases, entrepreneurs may develop the fear of feeling they are not well trained and educated enough to handle their business or cope with the challenges of the business. Overcoming this fear is fairly easy. Acquiring the right education and relevant training is the best and most effective way of overcoming this fear. For entrepreneurs facing this fear, you can get yourself educated by preparing yourself and your business for difficulties you might encounter by taking PMP Exam Prep courses, or completing a project management training program.
4. The Fear of Not Being Able To Please Everyone
The fear of not being able to please everyone is another common fear that can be hazardous to your business as an entrepreneur. Succeeding in a business requires that you deliver something that someone wants. This much is evident. However, it does not mean that you can please everyone. In your desire to please and accommodate everyone, you may end up not pleasing anyone in particular. To overcome this fear, you will need to identify your market and focus on pleasing the people that make up the bulk of your target market.
5. Fear of Not Knowing Where To Start
Another common fear that many would-be entrepreneurs all over the world face on a regular basis is the fear of not knowing where to start. Right after drawing up their business plans and marketing strategies, most entrepreneurs don’t know where to start and are overwhelmed by the fear of stepping off on the wrong foot, especially when it comes to setting their ideas in motion. To overcome this fear, start out by finding someone who achieved success in the business you are setting up. Learn about this person of interest and see if you can structure your business inline with theirs, in such a way that it will be of benefit to you.
6. Fear of Not Attracting Clients
Part of your main objective business owner is to offer products and services to people who are in need of it. It’s frightening to take the risk of offering your talent or services to the world and wondering if they will be valued or whether you will attract the right customers to your business. This is another common fear most entrepreneurs in the world to have to come to terms with. The best way to overcome this fear as an entrepreneur is to approach your business with joyfulness, while constantly delivering your services to inline with industry standards. You will no doubt experience a turn of the tide when you consistently deliver to the expectations of your clients.
7. Fear of Being Considered Eccentric
Many entrepreneurs also face this common fear; most especially when their business ideas and marketing strategies seem a little out of the ordinary. Some people may think that you are crazy to start a new business out of the blues, expecting you to do the safe and sane thing by working for someone else and not taking any risk. The best way to overcome this fear is to believe in your abilities and use your talents to convince others to believe in them, too. Accepting your eccentricity and using it to your advantage is also another wonderful way of overcoming this fear.
8. The Fear of Not Being An Expert
Even though you probably know enough about your business or product to make important decisions or solve most of the nagging issues that may arise, many entrepreneurs still face the fear of not being considered as experts in their line of business. This fear, however minor it may seem, has a way of limiting your potential as an entrepreneur. For the things about your business you don’t yet know, there’s no shame in constantly learning and finding answers to them. Learning is about your business is a continuous process that will surely lead to perfection in the long. Committing yourself the quest for excellence is the best way to overcome this fear.
9. The Fear Disappointing Your Family
While as an entrepreneur, you may be scared that your new business might not provide enough for your family, especially when they have given you all their support right from the very beginning when you voiced out your intentions. Many entrepreneurs face the fear of being seen as a disappointment to members of their family, and even friends at times. This happens particularly when the business is experiencing dry spells with no oasis in sight. The most effective way of overcoming this fear is to speak with your family members and intimate them the challenges you are facing, while giving them the assurance that you won’t be backing down any time soon. Be vocal with them about any risks you’re about to take and how important it is for you to invest energy and time into the success of this business.
Related: Meditation for Entrepreneurs
10. The Fear of Inadequate Funding
Setting up a new business as an entrepreneur would be a walk in the park only if every person with a business idea could stroll into the nearest financial institution and receive a loan to steam roll their business ideas into reality. Sadly, that seems not to be the case as many entrepreneurs have to source the necessary funds needed to startup a business. The fear of not being able to source for adequate funding for their business is another common fear most entrepreneurs face and also the reason why may business ideas fail to go beyond a business plan. Overcoming this simply involves creating a realistic business plan with calculated steps on how you intend to the raise the startup capital needed for your business.