Bold entrepreneurship: 4 common business fears to overcome

Since time immemorial, we’ve been taught that the road to success isn’t reached easily; it requires your heart, soul and entirety.

In such a scenario, getting past the traditional 9-5 jobs and embarking on your entrepreneurial journey is indeed a precarious affair!

If you aim to build a purpose-driven business, it's natural for fear and resistance to rear their heads. So, even if you pour your heart and soul into a project, it can fall flat on your face. Steven Pressfield, the author of The War of Art rightly noted–

“The more important a call or action is to our soul's evolution, the more resistance we will feel toward pursuing it.”

Although each business is a unique entity, the potential fears that business owners encounter are endless. However, confronting them before you begin setting up your business is of utmost significance. 

Want to identify the fears to confront them? In this article, we'll delve into four common fears that might be hindering your transition from being an employee to becoming a successful business owner. Keep your notepads handy!

Fear #1: What if this isn’t the right time?

The reality is that we often resort to the excuse of timing to avoid confronting our fears. If we perpetually await the ‘perfect moment,’ we will be left waiting forever! 

So, the next time you find yourself mulling over this, take a moment to delve into the core of the issue. Is it related to finances? Or there’s something else at the root?

Embrace a proactive approach by crafting a meticulous plan and committing to its execution. Remember, the right time may never manifest unless you put in the effort.

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Fear #2: What if I run out of money?

Securing funds for a new venture is a challenge, and thus capital emerges as a paramount concern for most aspiring entrepreneurs. 

Starting a business necessitates a substantial financial commitment, often sourced directly from the entrepreneur's personal savings or from the support of independent investors. Striking the right balance between investing strategically to overcome hurdles and avoiding unnecessary expenditures can be a difficult task.

While disappointing investors is certainly a concern, the possibility of losing your life savings looms even larger. But why would you let your dreams dissipate into thin air?

So, to avert the fear of personal financial loss, explore alternative avenues of funding. 

Harness the power of crowdfunding or look for government-sponsored business grants to obtain the initial funds for your venture. 

But most importantly, having unwavering faith in your vision is of utmost significance. Remember, confidence is the key to success.

Fear #3: What if I fail?

In the words of Henry Ford–

“Failure is simply the opportunity to begin again, this time more intelligently.”

Another common fear holding you back might be the fear of failure. 

The fear of failure can originate from various sources; lack of self-assurance, the dread of rejection, or the anxiety to meet the expectations of close ones. You can conquer this fear by focusing on the promising rewards of launching a business.

Setbacks are an inherent part of the entrepreneurial journey, even for the most accomplished business leaders. One effective approach is to establish a robust and well-thought-out business plan, coupled with a pragmatic assessment of your business goals. 

This will provide you with a clear path to follow and help you remain steadfast in your objectives.

Remember that every setback can serve as a stepping stone towards improvement, provided you embrace it as an opportunity to evolve and enhance your entrepreneurial acumen.

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Fear #4: What if I am not capable enough to start my business?

Are you someone with an imposter syndrome? If yes, then your inner voice must be persistently telling you that no one would take you seriously.

It’s common for budding entrepreneurs to grapple with self-doubt; it can be regarding either the competitiveness of their product or entrepreneurial prowess.

It’s important for you to understand that your product doesn’t need the status of perfection upon its initial release, nor does it have to outshine all competitors. Your product merely needs to meet an acceptable standard. If that’s satisfied, you'll possess ample room for gradual enhancements. 

Always remember that no product has been a flawless masterpiece at its onset; even the most esteemed global businesses likely began with something average.

In the same vein, consider your entrepreneurial skills akin to a viable product. You don't need to make infallible decisions, nor must you strive for perfection in your leadership abilities. Your goal is to be resilient and have faith in yourself.

Remember, the road to success is paved with challenges, but your fearless spirit will guide you through. Stay courageous, stay motivated, and above all, believe in your vision.

There is always light at the end of the tunnel. You can do it!