We all have some fears at some point of life, and they fade away with the time and at times we live with those fears for a long time. However, when it comes to start and run a successful business, freeing yourself from all the fears is a must.
Starting and running a successful business requires effective decision making and fear and decision making do not make a good combination. A fear based thinking can lead you towards making wrong decisions and it may cost you your whole business.
Fear of losing money is one of the most common fears entrepreneurs face, and believe me, it’s only your fear that’s standing between your business and its success. Your fear of running out of cash and being unable to repay the liabilities is the only thing that is stopping your from making profitable decisions.
Well, Nothing is certain when starting a business!
Financial insecurity and uncertainty is among one of the most common fears most entrepreneurs have.
- Am I going to achieve the targets?
- Will there be enough cash for the journey?
- Will investors find my business idea good enough to invest in?
- What happens if I fail to pay people?
- What if I spend my savings on this venture and do not get the return on time?
And so many other questions……
To overcome the fear of financial security and to get rid of all the tensions mentioned above be practical and:
1. Look at what is causing that insecurity (it is usually a belief as a result of past experiences). Here’s a quick guide on starting a business with bad credit history, just in case if you had a financial mishap in the past.
2. Understand you have a Limiting Belief around financial security and change that in to an Empowering Belief. There are more ways to securely finance your business than you can think of. Calm yourself and look for most relevant and less risky fundraising options for your startup.
3. Change your thought process from one of Scarcity to Abundance around finances. Look for the ideas and options to save startup costs and increase profitability using existing resources.
4. Picture what it is like to have Financial Security, and make parallel secure investments.
5. Convince yourself you have financial security and take action to achieve it.
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To make a business success you need to overcome the fear of financial insecurity and ensure diligence, attention, creativity, a solid business plan, strategies, progress reports and forecasts. Your business will surely be on a success path!