Starting a small business where it seems to be an exciting concern, comes with a deal of fears too. Whether you are starting a part time home based business or planning for a full time startup, monetary, mental, emotional, or even physical challenges do come on the way.
As an entrepreneur one must confront all the fears and seek to overcome them in order to succeed.
Depending upon the individual’s strengths and weaknesses, business conditions and overall situation, there can be various fears but generally:
- Biggest problems for small business owners are their fears.
- Biggest concerns of small business owners are their fears.
- Biggest challenges for small business owners are their fears.
Let’s discuss the 5 biggest and most common fears that business owners face and how to overcome the same.
1- Fear of Failure:
So, you are not sure if your business will succeed or not and the fear is keeping you from starting the business. Think for a moment and same thing can apply on your current job.
The best way to overcome the fear of failure is to focus more on the success factors and not on failure.
Find a detailed guide on how to overcome the fear of failure.
2- Fear of Running Out of Money:
Many of the small business entrepreneurs start up with savings they have and fear of financial crisis keeps on haunting them.
Others who borrow or plan to do so, know it well that it takes time to build a business and turn a profit. So the fear automatically comes there too.
A proper business plan that enlists all the aspects of business and includes all calculated risks is the best way to overcome this fear. For more details on how to overcome the fear of financial insecurity.
3- Fear of What Others Might Think:
At times people around you are more comfortable with doing a job rather than own business. They have their own concerns and fears. They tell you what they think; which could possibly demotivate you as well as transfer their fears into you.
It’s not necessary that family and friends agree with your decision to become an entrepreneur, so stop thinking about what they will think and what they will say.
It’s great to take others’ opinion and advice, but it’s not always good to follow everything they say. Get your business plan developed and take calculated risks.
4- Fear of Growth:
Well, that’s an advance stage where one has already started up, but now the business is going on a fast track growth. That’s a bitter truth that not everyone can manage the fast growth.
This happens only because they fear the growth as it comes with more challenges, better planning, reinvestments and a lot more.
Darren Wedge has a written a very useful and to the point guide on how to overcome the fear of growth.
5- Fear of Lack of Education and Training:
Those who are starting up a business certainly do not have a prior experience to run any similar business or even many do not have experience to run any business. Mostly, entrepreneurs are self motivated but in some cases, they develop a fear that they do not have enough education/training to cope up with the ongoing business requirements.
There are extra steps you can take to prepare yourself and your small business for obstacles you may encounter by completing project management training and PMP Exam Prep courses. Moreover, joining a business school for MBA or specific business skills can also be a great way to overcome this fear.
Overcoming this fear is relatively easier, by getting the right education and required training to start and your business. But those, who already have skills and education, consider this as an excuse not to get started.
The Bottom Line:
Well, as discussed above, all the fears are just the bubbles in mind and can be overcome easily. The root cause of all the fears is generally laziness and not being ready. Just get a fresh start with a fresh mind and be ready to confront every fear that comes on the way and you will find all the ways to overcome all the fears.