Entrepreneurship is risky, right? That’s what we’re told. We’re told that a lot of people (most, by some estimates) fail at being a business owner and some lose everything. That’s pretty scary. But it’s the rest of the story that keeps entrepreneurs going and keeps us focused on business ownership over getting a job. The rest of the story is that most highly successful entrepreneurs did fail at one time, but they got back up and kept trying until their hard work and perseverance paid off. As with any great accomplishment, failure comes with the territory; however, it’s that failure that makes us better and stronger in the long run.
Still, for a lot of entrepreneurs, especially those considering starting their first business, fear of failure is very real. It’s easy enough to say that failure is a great learning tool, but that doesn’t make it easy to face. It’s that fear of failure that will keep a lot of people from even trying to live their entrepreneurial dreams – and that’s sad.
So what if there was a way to lesson your chances of failing at entrepreneurship? There are never any guarantees – no sure things – but are there steps you can take to increase your chances for success, thereby making the prospect of starting a business less scary? Definitely. If your fear is keeping you from taking the entrepreneurial plunge, follow these seven keys for getting past fear and taking action!
1. Follow your passion. People who build a business around something they’re passionate about are far less likely to let fear stand in the way. Passion can fuel your creativity and problem solving abilities, and it can make problems appear a lot smaller. If you’re doing what you love, there’s nothing to fear. Even if the business doesn’t succeed, the journey will add to your happiness, so you win either way.
2. Determine a need. One way to increase your chances for success is to make sure there is a need for the product or service you plan to offer. It might sound like a great idea in theory, but if there isn’t a market for it, you won’t make it. Doing proper research and determining that there is in fact a need for what you’re offering – and for a company like the one you’re building to offer it – will help ease your fears, because you’ll know you have a greater chance of making it.
3. Surround yourself with positive people. When you’re considering a new business, you probably have some doubts swimming around in your head, and being around the wrong people can fuel those doubts. Additionally, you might be thinking that you don’t have what it takes to succeed as a business owner. Through networking events or other business gatherings, get around other entrepreneurs who have made it. This will help you see that you don’t have to be someone special to be a successful entrepreneur, and it’s also great for making connections and getting advice that can help you in your business. More than anything, getting some positive feedback and encouragement from people who have been there can help to squash any fears or doubts you have.
4. Have a plan. Before you sit down and make a plan for your business (whether it’s a formal business plan or a one-page plan), you’ve got a million ideas, what-if scenarios, and to-do items rushing around your brain. That can be overwhelming for anyone, and it can lead to a fear that it’s too much for you to handle. Getting it all down on paper in the form of a plan of action will organize your thoughts and help you put them into a manageable form. It will also free your mind to imagine the possibilities rather than worry about what might happen.
5. Get an education. No, we’re not talking about going to college. Whether you have a university degree or not, it’s important to recognize that the most successful entrepreneurs never stop learning. Having knowledge about your industry and business in general will give you more confidence; and the more confident you are, the less fearful you are. So read everything you can get your hands on, attend workshops and seminars, and, again, get around others who can guide and mentor you. This is one of the best ways to replace fear with determination.
6. Immerse yourself. Get involved in your industry in every way you can. Join industry trade groups, subscribe to trade publications, and read every useful blog post you find. This is part of the ‘Get an education’ piece, but it’s more than that. In addition to learning about your business, you want to
become your business. There’s a lot of talk about work-life balance, and that’s an important factor, but the fact is, most successful startups were launched by people who were a little (or a lot) obsessed with working on making their business thrive. And when you have that kind of focus, there’s not room for fear.
7. Keep your self-talk in check. For many of us, our own mind is our worst enemy. If you’re the type of person to fear the unknown or worry about failure scenarios, work on ways to turn those thoughts around. Give yourself a pep-talk a couple of times a day. Post positive messages on your bathroom mirror and around your home and office. Read inspiring books. Fill your mind with so much positive energy that there’s no room for anything else. One common characteristic of successful business owners is that they had an unwavering belief that they could (and would) succeed. Get into that frame of mind and stay there as often as possible, and you’ll deliver a huge blow to fear!
