One of the myths of entrepreneurship is being an all-time winner; the driven individuals see overcoming the business hurdles with Olympian ease. But the real-life scenario is not exactly like this, and here comes the place for fear to make its place in their mind.
The cash flow may get out of control, you may not be able to pay the vendors, not winning a contract, having no money to keep the business running and too many other fears are always there.
Any of these or at times multiple fears together develop the “Fear of Failure”.
Overcoming the fear is the only way to move forward and here are some practical ways to overcome the fear of failure:
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1. Identify what is actually causing you to fear failure. Identifying the cause will half solve the issue, i.e. if your fear is to lose money, not being able to grow it bigger or even at times, entrepreneurs fear growth.
2. Build a success mindset, not a failure mindset – Concentrate on the positive not the negative. To build a success mindset, you need to develop good entrepreneurial habits (also know the harmful habits and avoid them), know how to make your days productivity, know the motivation killers and deal with them strategically and know more and more productivity hacks.
3. Identify the worst case scenario and if that were to happen could you bounce back, then make your decision. Read about other people’s startup mistakes and plan accordingly.
4. Understand that if you concentrate on failure you will prevent yourself from achieving success. So, always think about being a successful entrepreneur.
5. Understand that as long as you are having a goal and learning, no matter how hard the lesson, you are actually succeeding.
6. And last, but not least, “Failure is not a reality” it is the story you are telling yourself.
The Bottom Line:
If you happen to read about the most successful people on earth, you will find that they have followed a road full of failures and distress, but they never gave up and kept the positive attitude towards success and ultimately, they achieved it. So, thinking positive is the key; keep practicing and you will find your way out!