Starting a business can be a huge and scary risk to take. Besides, it comes with a lot of ‘fears’ you can’t just wish away. While fear is a natural feeling, the ability to realize your potential and conquer it is key.
To succeed, you need to learn ways of overcoming your fears and managing them in a positive way.
What fears are you likely to face as an entrepreneur?
Fears are designed to motivate entrepreneurs to reason and resolve problems differently by coming up with workable solutions.
Here are some of the most common fears you could possibly face and how to manage them; –
- Inability to raise enough capital funds
Many business owners are afraid of not having enough funds, losing it, or not making enough to meet up with the business’s operational costs. Money is food for businesses and when it lacks, the business is bound to collapse. In such an instance, remember,
- you are not alone, every businessperson fears that they will not get enough funds, so don’t be afraid, get all the important financial facts plus figures and move forward.
- borrow wisely or raise funds from a reliable source that will cause no harm to your finances.
- Manage your cash flow effectively, for example, some business owners would recommend providing incentives to ensure your customers pay in a lump sum rather than installments.
- Breaking the regular pay-check dependency
If you have been enjoying constant pay, starting a business can be frightening. You will worry about everything from who will cater for your expenses to the monthly bills and in addition the business finances. This is normal, and as an aspiring entrepreneur, you are advised to create an exit plan, understand the financial implications beforehand and plan well. You can also set aside funds!
- Trusting your own personal ability (will I manage?)
You will never know how you will perform until you take up the challenge. Take up the challenge, you can only be the best version of yourself.
- Losing face to society through failure.
Failure is part of succeeding and is never a crime. Many entrepreneurs fail first then succeed, they learn from what they first did wrong and improve on it. Let everyone else worry about you failing while you work hard to prove yourself right. Even though you might be afraid that your new business will bring embarrassment, you might as well believe that this new experience will bring the peace and stability you’ve always wanted.
6-Pointers to Remember;
- invest in YOU
- Fear is as powerful as you let it, so fight it.
- accept that being afraid is OKAY.
- try to be unique in your own way.
- acknowledge that failure is part of the process
- adopt a continuous learning mindset – learning new abilities
Sources: YoungMogul, entrepreneur, entrepreneur, hbr, lifehack, zenbusiness