Entrepreneurship is a long tough journey and requires one to be committed to the cause for a long haul. During this journey, you will come across a lot of obstacles and hardship but you have to be determined, stayed focused to achieve your goal.
This entrepreneurial world seems ‘too cool’ but in reality, it is not. When one enters into this world, he/she is filled with confidence to break all the norms and make a lot of money with ease. But slowly and gradually they start realizing that this ride is not at all an easy one. They start facing a lot of fears, fear of failure, fear of criticism and what not. And this fear lead them to a dark door which gradually shut down with no result. These fear make them lose their goal, confidence and in the end, when they are not able to conquer their fear, they turn back to their normal jobs.
So, if before entering this ‘not so glamorous world’ make yourself prepared. If you want to succeed as an entrepreneur, you must overcome your biggest fears. Some fears hold us back more than others and if you really want to be successful, you need to confront them head on.
Here are few common fears that you must overcome to be truly successful.
Fear of Failure
When we enter in this entrepreneurial world, we have a lot of questions in our mind. Whether this idea will work or not? What happens if it fails? Will people like it? What if it doesn’t work? and what not. We start thinking in a negative way and this because we are afraid of getting failed.
These are the wrong questions. Instead of thinking about all the ways you may fail, concentrate on all the ways you may succeed! Even if you fail or make a mistake, it gives you a chance to reflect and correct. You must have heard, ‘Failure is the stepping stone to success’. So just go ahead and try!
Fear of Not Knowing if Customers Will Come
In real life, however, simply pulling up the shutters or telling your web host to make your site live isn’t enough. Arguably the biggest cause of sleepless nights immediately before and after the launch of a new venture is the fear that not enough customers will walk through the door, pick up the phone or browse the website – and ultimately part with their hard cash. So it’s vital to find an effective marketing strategy. Marketing doesn’t have to be expensive, but it is a hugely important in the first year. Simply wait for customers to come through the door and they probably won’t.
Fear of Making Sales But Running Out of Cash
All new business owners understand the importance of making sales. What is less well understood is the challenge of ensuring that money coming into the business at least matches the cash flowing out to pay bills and wages. This may not be a pain point on day one but it can quickly become one. These problems can be particularly acute in the first year when it is often difficult to predict revenues. New businesses should ensure they focus on taking care of the administrative side – keeping the tax, VAT, payroll records, etc. For a small business, this is something that can all too easily be sidelined, causing the administrative workload to become a problem further down the line.
Fear of Not Making Enough Money
But it’s equally important to focus on growth. Ultimately the business has to generate an income for the owners and that means building sales to a level where you’re more than breaking even.
Fear of Hiring Right Talent to Grow Your Business
By definition, most startups begin life with just a few people and many are a one man/women brand, marketing, selling and delivering services from a home office. The temptation for business owners is to be a jack of all trades, perhaps wearing the hat of a product designer, salesman, administrator and web marketing coordinator. This can be a real trap.
First and foremost, you quickly find that even with a few sales growth, there aren’t enough hours in the day to complete all the necessary tasks and do them well. You may even find that you’re turning business away. Equally important, few of us are equally good at everything. As a business grows, it becomes necessary to build a balanced team.
Entrepreneurs, always remember that never let your fear conquer you instead conquer your fear and defeat it by overcoming it.
Like this content? Sign up for our daily newsletter to get latest updates.