Only when you are familiar with being uncomfortable, you will be able to conquer your fears and stay calm in every situation you are about to face, which would look very professional in other people’s eyes. FEAR OF NOT BEING RIGHT. One of the key characteristics of successful entrepreneurs is a competitive nature.
In every aspect of life for people coming from all walks of life, there are fears that exist. They can cause inaction on a person’s behalf, procrastination and behavior that’s makes them less and less proactive. This is especially something that exists in the world of business.
It’s not that the successful entrepreneurs that you see have no fears. No. They also have their fears but they are successful because they recognize their fears and they conquer them so that they can function so well. If you’re looking to become a successful entrepreneur, it is not about having no fears at all. It is about acknowledging the fears that you do have and conquering them. Here are the 5 fears that every entrepreneur must conquer in a bid to become successful in business.
1. The Fear Of Taking Risks
- All entrepreneurs fear to fail. There are many reasons, and each of them is listed above except for one. In addition to the risks associated with obtaining no return on investment, losing all savings, being criticized/laughed, and promoting useless product/service, the person who decides to open a business also fears to lose the respect of family members, friends, and other beloved people.
- It’s all about facing your fears, weighing up risks and acting accordingly. Entrepreneurship isn’t easy and your business will face risks from its very inception, throughout its growth until you sell up or close it down.While every business is unique, entrepreneurs must face several common fears to succeed.
- Fear of failure. Whether you’re an established entrepreneur or just starting out with your very own business start-up, there’s one worry that concerns every leader – the fear of failure. But this fear might prove to be counterproductive in the long run if you do not learn how to successfully overcome it.
To start off the list of fears that every entrepreneur must conquer, it is the fear of taking risks. If you want to become a successful entrepreneur, you must realize that taking risks is important for continual success in the world of business.
Of course, it is easier said than done. Risks are risks for a reason. Things can go either way. Instead of avoiding risks altogether, there is a better way to go about it. When you are facing a situation where you might need to make a risky decision, conduct your research. Crunch all the numbers and find out as many facts about the situation as possible and make a decision based on the information you obtain.
The fact of the matter is that nothing in life is exactly certain. If you are facing an uncertain situation, you should do your level best to recognize what the risks are and how you can minimize them. The more you find out about the options you have to consider the more the anxiety fades away and you can formulate an actual plan.
2. The Fear Of Losing Creativity
5 Fears Every Entrepreneur Must Face Mask
One of the best aspects about an entrepreneur is the fact that they are very creative individuals. Their ability to create is what drives them. It is the reason why they’re able to take absolutely nothing and create a living, breathing and thriving business out of it.
One of the fears that every entrepreneur must conquer is their fear of losing their creativity. You see, once an entrepreneur gets on track with having made a business that has started to gain traction, as an entrepreneur, you’ll never want to go back to working as an employee for another business or organization. The problem arises when the success of your business gets to a point where things start to become monotonous and you lose the creative aspect of it.
There is a reason it’s a fear that every entrepreneur must conquer because such a point can definitely come along in every business venture. Don’t worry because it is not that difficult to overcome if you really think about it. It’s all about your approach. Make sure that while running your business, you always encourage creativity in your business practice as well as outside your business. Give yourself some space to creatively express yourself so that your need for creative expression does not get bottled up because of your business.
3. The Fear of Not Being Good Enough
All entrepreneurs pursuing any kind of business across all industries have one thing in common; Their desire to attain excellence. Being just another run-of-the-mill entrepreneur is not something that anybody entrepreneur will be okay with. That’s why another fear that every entrepreneur must conquer comes to a head; the fear of being mediocre. In order to get over that fear, you just need to keep yourself on your toes and ask yourself a few things.
Are you someone that can be considered an expert in the industry you operate in? Do you feel like everything is slipping away from your grasp? How much do you apply your strengths in order to improve your business in the course of a day?
If you’re looking for what is the right or wrong answers, you will not get any. It’s not about the right or wrong answers to these questions. These questions will help you find out if you are on the right path towards achieving excellence or if you’re border lining on mediocrity. Using these questions, help adopt a different approach and make improvements where you feel you can make to work more efficiently towards your goals.
4. The Fear of Fears Becoming A Problem
It almost sounds like it’s too crazy to be an actual fear but among the fears that every entrepreneur must conquer, the fear of fears is an actual thing. Being afraid of fear itself is something that might seem irrational but it exists in more entrepreneurs than they would care to admit. It’s completely understandable.
One of the best things about entrepreneurs is their incredible ability to overcome their fears so it only makes sense that one of the fears that every entrepreneur must conquer is the fear of fear itself. If any fears come up, you are going to confront them and you are going to overcome them.
5. The Fear of Failure
In a list that is talking about the fears that every entrepreneur must conquer, the fear of failure is definitely something that has to be there. In fact, among the fears that every entrepreneur must conquer, it is the most important one. It is one of the fears that is experienced most commonly by people everywhere. It is the one thing that can really cripple a person’s ability to go out there and do something. It is the fear of failure that makes you the kid who’s just looking at everyone else playing while sitting on the side.
The fear of failure is not something to be ashamed about. Among the fears that every entrepreneur must conquer, it actually happens to be the one EVERY entrepreneur will have faced at one point or continues to face. When you are facing the fear of failure, you should just ask yourself: What’s the worst thing that can happen to you?
See, there’s a difference between accurately judging the factors in situations you’re facing and imagining all the worst possible things that can happen. Building up those scenarios just adds fuel to the fire of crippling anxiety. Instead, you should analyze the situation subjectively and think of the good and the bad.
Yes, you should prepare for the worst, no doubt but you should hope for the best. That’s the way to go forward.
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Asking ‘why’ rather than ‘how’ is crucial for any SME owner, says Neil Francis
There are countless business books which ask and explain the “how” questions: how to write a business plan, how to run a social media campaign, how to win a pitch, and how to get extra investment into your business.
Whilst the “how” questions are important, it is asking and answering the “why” questions which leads to successful and sustainable entrepreneurship.
Why act with love?
Love is a word we don’t normally associate with entrepreneurship, apart from through the old adage “love what you do”. But love is crucial – think compassion and value. So, why is it so important for an entrepreneur to demonstrate love? Because the outcomes of doing so will make your entrepreneurial journey more meaningful and successful. If people who you work with [colleagues, clients, suppliers] genuinely believe that you care and value them, then they will go that extra mile for you.
Why do you need to fail?
The experience and knowledge you gain when you encounter failure can be harnessed to help you succeed in the long term. Failure can be a brilliant teacher, building resilience. And to achieve great success, you need to be resilient because success rarely happens on the first attempt. Failure teaches you to value success. There is nothing better than succeeding if you’ve overcome failure to get there.
Why it is about ownership?
As an entrepreneur, everything you do – small or big – starts and finishes with “you.” If you try to pass the buck, or blame to others for your own bad decisions or mistakes, then you will be on the path to failure. However, if you take ownership of all the decisions you make, then you will be on the path to success. Blame will be gone – you will be calmer, more focused and more in control.
Why do you feel lonely?
There is a specific type of loneliness you will experience sometime in your entrepreneurial career. The accepted and expected “public face” of a successful entrepreneur should ooze confidence, control, decisiveness and direction. But, because you don’t want to appear vulnerable and weak, you won’t share your biggest problems, toughest challenges and deepest fears with key staff. This will lead to a feeling of isolation and it will be one of the biggest challenges you have to face.
Why do you need a moral compass?
The best compliment any entrepreneur can receive is not that you did a great job, but that people trust you: they see that you have integrity, are authentic and are consistent. And in part this comes from setting a line in terms of your values and principles which will determine what you will and will not do in business. Not crossing your line can help give you a strong feeling of meaning and purpose.
5 Fears Every Entrepreneur Must Face To Face
Neil Francis is the author of The Entrepreneur’s Book: The Crucial ‘Why’ Questions That Determine Success.
Neil will be given an entrepreneurial masterclass at My Chelsea hotel in London on Thursday, September 6 at 7pm.