Embarking on the journey of starting a business might seem daunting at first glance. However, armed with a well-structured strategy, this endeavor can be more approachable than you think.
In the following post, I’ll share some of the apprehensions that often challenge aspiring entrepreneurs. I’ll also share 7 things you can do to overcome your fear of starting a business!
Table of Contents
- Understanding Why Starting a Business Can be Scary
- What Are Some Common Fears Experienced by Potential Business Owners?
- Don’t Let Fear Stop You From Starting the Business of Your Dreams!
- 7 Tricks You Must Try if You’re Scared To Start a Business
- Final Thoughts on Overcoming the Fear of Entrepreneurship
Understanding Why Starting a Business Can be Scary
Launching a business may seem like a daunting task for many individuals; as such, it’s important to understand that fear is an emotion that everyone experiences at one point or another when making big decisions.
That being said, these fears should not stop anyone from pursuing their dreams and trying out something new – here are some tips on how to tackle any apprehensions they may have!
What Are Some Common Fears Experienced by Potential Business Owners?
Some of the most common fears experienced by entrepreneurs are failure, financial insecurity, and uncertainty.
It’s important to understand that all of these concerns are perfectly normal – but they shouldn’t stop anyone from going after their dreams. After all, if you don’t try, then you can never succeed!
One of the most common reasons why people are scared to start a business is failure.
In fact, there are numerous entrepreneurs from various countries who are afraid of failure. Per the most recent statistics, over 50% of entrepreneurs from countries such as China, Romania, Spain, India, Poland, Japan, and various other countries are afraid of starting their businesses due to potential failure.
It’s normal that people strive away from failure; however, the fear of failing shouldn’t stop you from chasing your dreams.
Failure can also happen in your regular 9 to 5 working environment, so why not use your skills and talents to become your own boss? Also, mistakes represent an excellent way to learn something new and ultimately make you a better entrepreneur.
It’s undeniable that businesses need finances to grow and thrive, which is why it’s normal for entrepreneurs to have financial insecurities. Most entrepreneurs are in fear they won’t be able to get the needed finances, and they’re unsure where to get the finances from.
While some may be deterred by these questions — you shouldn’t!
To be well-prepared for any financial troubles you may experience in your entrepreneurship journey, it’s best to create a detailed business plan. By focusing on the financial aspects of your company’s needs, you’ll be able to predict your funding, how much you can make, and what your financial predictions may be.
Of course, you can also always start your business as an easy side hustle and then grow your company later.
It’s normal for every entrepreneur to be uncertain about the business idea they might want to accomplish. However we all experience uncertainty; but only some of us decide to go through with our plans regardless of it.
And those people typically succeed!
So, even if you’re uncertain about your ideas and business, it’s still a good idea to act on them and see what happens; don’t underestimate your business before you even actually start!
Don’t Let Fear Stop You From Starting the Business of Your Dreams!
Fear is an emotion that everyone experiences at different times; however, it should not hinder progress or stop someone from achieving success if they truly want it.
Additionally, having a well-thought-out plan in place before embarking on any venture will help minimize risks and ensure that everything runs smoothly once the project gets underway.
7 Tricks You Must Try if You’re Scared To Start a Business
1. Change Your Mindset
Most of the time, people who are scared to start a business simply need to change their mindset to finally accomplish their dreams.
Fear is a natural response to anyone pushing the boundaries.
Stop thinking about starting a business as something scary. Instead, think about it as an opportunity for you to grow and develop your skills even more.
Fear can also be a sign that you are growing!
2. Allow Yourself To Be Uncomfortable
When working in a corporate environment, most employees need to follow strict rules, get along with their coworkers, and accept the overall company culture.
While many entrepreneurs see the 9 to 5 as a cage, the reality is that it is a comfortable one! Despite all the drawbacks, the steady paycheck and regular raises/bonuses are hard to give up.
The fear of discomfort is probably even larger than the fear of failure for most would-be entrepreneurs. Being your own boss means you’re going to experience uncomfortable situations throughout your entrepreneurship journey.
Allowing yourself to be uncomfortable can be a great way to overcome your fear of starting your own business. By being mentally ready for obstacles and challenges that may come your way, you’ll become more comfortable with the risks entrepreneurship may bring you.
3. Get Educated and Learn Every Day
Another excellent way for entrepreneurs to overcome the fear of starting their businesses is to learn key business skills.
You can start educating yourself online through various free resources or even get a mentor or contact experts to get their thoughts and advice.
Developing your knowledge and skill sets daily will allow you to tackle your fears and get into entrepreneurship more easily.
4. Make a Plan of Goals & Expectations
Before starting your business, creating a business plan.
Think about the goals you want to accomplish that are essential for success. You can start by aligning your company’s mission by writing down the things you’d like to achieve. From there, divide each goal into smaller tasks to help you overcome them easier.
The smaller goal-oriented tasks will also make it easier to start your business and make the whole process less intimidating. Remember that things don’t have to be perfect and that you and your business will grow together.
It is important to set goals that are realistic. If your goals are too big, then it is not surprising that you are afraid of them!
Most people want to become a full-time business owner in one year. No wonder they are scared to start a business!
Instead, focus on getting the first client. Better yet, consider getting your first $100 of revenue!
5. Align Your Goals With Your Current Resources
When making your business goals, ensure that they align with your current resources.
It’s better to start small and slowly grow your business than take a huge risk and worry if the investment will pay off in the end. You can always reinvest the earnings of your business back into itself!
There are various businesses you can start with $1k, $2k, or $5k. You don’t have to be wealthy to begin!
Once you learn the ropes, you will find that alot of the same business principles can be applied in new ventures. This is why many millionaires have multiple-streams of income!
6. Ask for Help
Most of us like to think we can do it all by ourselves.
The truth is it’s always better to ask for help when you need it than stay stuck in your fears. Sometimes all you may need are a few words of encouragement to help you overcome your fear of starting a business.
You can connect with like-minded individuals who are willing to share their knowledge. Looking for a mentor, reading business books, and asking for feedback are all great ways of gaining confidence.
I’m sure they will also let you in on this little secret… They were all probably scared to start their businesses too!
7. Take a Leap of Faith
Even if you are scared to start a business, you should take a leap of faith.
After all, you miss 100% of the shots you don’t take!
You won’t be able to know what you can accomplish unless you try. Chances are you will regret not getting started sooner.
This is particularly true when you see other people who did take the chance. In the years before I started this blog, I watched several other blogs get started. I watched as others slowly polished their online presence, gained followers, scooped up brand deals and more.
Finally, I decided enough was enough and in the time I’d been watching I could have also been doing!
Final Thoughts on Overcoming the Fear of Entrepreneurship
In conclusion, there will always be some level of fear when starting a business. Don’t let this stop you from chasing your goals!
Now is an ideal time for any aspiring entrepreneur wanting to make their mark. With a little research and dedication, you can easily pick up the fundamentals of most businesses in just a few weeks.
Don’t let your thoughts and fears stop you from chasing your dreams!
Have you thought about starting a business? What kind of business are you interested in starting? I’d love to hear from you in the comments section!