💥‘Entrepreneurship’- exciting as it may seem, still, not all people are prepared to actually take the plunge. Admit it, you have the drive, but you are scared to bones to enter the world which may involve financial stress, business uncertainties, or just plain failure.
Well, here’s the thing- you’re not alone. As a matter of fact, successful entrepreneurs all around the world have faced some sort of fear in the preliminary stage, starting from speaking in public to keeping up with the ever growing technology. Entrepreneurship can be a double-crossing ground where you may have to face great risks, from the inception of your business, through the growth stage, and even as you are on a solid ground. But to stay prepared for those risks and overcome all the fear is the trait of a true entrepreneur. Here, we’ve listed the top five fears that you, for sure, have to overcome to start your own business and prosper in it.
Fear of economic uncertainty:
Back in the days, the economy may not have been a forefront concern, but today, the declining puts all the businesses, small or big, young or old in distress. In “American Express OPEN Economic Pulse” report of 2009, 66% of small business owners have been reported to be stressed about the state of the economy and 44% fear that the economy will go mildly or much worse in the near future. However, many remarkable small businesses like Hewlett-Packard and The Boston Beer Company have launched, innovated and grown during the recession period. "In 1948, there were 1,000 breweries," he says. "But when I started, 97 percent had closed,” says Koch of The Boston Beer Company. In spite of this, he has come out not only strong but steady.
Fear of not being good enough:
Many people stop themselves from taking actions because they doubt themselves and think they are not good enough yet. And some want to begin with a perfect plan with perfect tools, perfect people and perfect everything. But, in reality, it doesn’t work that way. Most people stuck in such mindset end up doing nothing, so watch out. An ideal startup strives for improvement rather than perfection. It’s not about making all the right decision and getting everything right, but improving and learning from the mistakes that have been made.
Fear of Failure:
Undoubtedly, one of the biggest fears of entrepreneurs, in fact, every human being is failure. In the business sector, it is quite reasonable because around 95% of all business fail within the first few years. When starting a business with such odds, it is normal to be a little overwhelmed. But you cannot let the fear of failure consume you. Do not take failure as the end of the road, but just a temporary stopping point in a long path of final destination. Besides, failures are your learning opportunities. Failures that are experienced yields a lesson that can be incorporated into your business or your life.
Fear of being Rejected:
While planning starting a business, many people fear of being rejected by acquaintances and even family members since most of us are accustomed to following the conventional method of going to school and then getting an employment. They fear that what they are building will be disregarded. But, you need to have the courage to enlighten them about the ideas and opportunities businesses can give compared to the corporate world. More than that, you need to have the courage to pursue your dreams.
Entrepreneurship isn’t for the fearless but the individuals who have the will and strength to learn from those fears and work past them. Embrace your fears and use them a motivation to learn more about your business.
Many of us might think that you need an amazing idea to get started in business, but that's not the case. There are many ways to get started building a business to last a lifetime with out the risk of a start-up.
For example there is the franchise business model, which is simple taking an existing proven business model and using that model to grow your own business. Typically the franchise model however has some large startup costs which eliminates the majority of entrepreneurs.
The other option is to find a business proven model that has low startup costs. That's what we are all about, empowering the average entrepreneur to take action and create a business with a solid foundation and residual income.
For example there is the franchise business model, which is simple taking an existing proven business model and using that model to grow your own business. Typically the franchise model however has some large startup costs which eliminates the majority of entrepreneurs.
The other option is to find a business proven model that has low startup costs. That's what we are all about, empowering the average entrepreneur to take action and create a business with a solid foundation and residual income.
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