Face your worst fears. Overcome your fears of starting a business. Live your dream life.
Starting a business is scary. it is petrifying. it is overwhelming – especially if it is your first time.
So many things could go wrong – there are too many moving parts involved in setting up and running a successful business. Your chances of failure are high.
But, in spite of all the damning statistics, deep down your heart, you know this is what you want – you know you want to launch a thriving venture.
So, it is quite human to experience feelings of anxiety. No one likes to take risks, and only a few can live with the disappointment that comes with failure – if the business fails – and you lose everything including your savings and integrity.
Here’s the thing, you don’t want to experience:
- Losing all your savings and a year or two of your life
- Ending up with broken confidence and relationships due to unsuccessful business investments or partnerships
- Discovering that your dream business is not going to fly at all
- Inability to pay back your loans, thereby losing your collateral (e.g., property or house, etc.)
- Disappointing your family, friends, and even yourself
Fact is, starting a business is high risk. And the thought of the possible loss of investments and or even the huge initial financial commitment makes it more numbing.
To help you, here are practical steps you can follow to overcome your fears of starting a small business.
Knowledge is Power: Get Adequate Knowledge
You need to perform in-depth or painstaking research about the industry you are planning to go into. This is because the more you know about this industry as well as the process of starting a business within the same industry, the less intimidating it becomes.
Familiarizing yourself with all the required steps needed to start a business is crucial. Learn as much as you can about every aspect of the business. One of the reasons why fear grips the heart so well is because you don’t know what lies ahead.
Arming yourself with relevant information will, therefore, fortify you and build up your confidence to push through with your plan.
There are several via which you can obtain the education required to boost your confidence when it comes to starting your small business:
- Reading relevant books on the subject of general entrepreneurship, how to start a business as well as publications about the industry
- Visiting websites that provide high-quality information on starting a business, entrepreneurship, etc.
- Networking online and off-line so that you can connect with like-minded individuals who can offer free but valuable advice, inspire you, and even work with you in the long run
- Find an industry-specific mentor who has traveled down the path you are about to follow. Such a mentor will be able to tell you about the pitfalls you may encounter, how to surmount each of them, etc. You may have to pay to become a mentor; bear in mind that if you must see far, you will need to stand on the shoulders of a giant
- • Talk to other entrepreneurs who are already in the business. Be prepared for some resistance as a few of them may view you as a competitor they’d rather do without. But there will be a handful who will be accommodating, especially if you will not be competing with them within the same region or area
When you set expectations that are too high – or even too low in some cases – fear may start creeping up on you. Entrepreneurship is not a straight road to paradise; it is full of twists and turns, ups and downs, etc.
So, think about your strategies, prepare a workable plan, and don’t bite more than you can chew. Stick to those plans by following them strictly. Above all, keep your expectations within reason and in check
Why Do You Want to Start a Business? Write Them Down
There is power in words, and by writing down your objectives, goals, and reasons for starting a business, you will be energized to fight for your dreams to become a reality.
So, the next time “fear” comes knocking, re-read your goals and reasons as well as what you intend to achieve with your business.
Let Your Goals Be Aligned with Your Resources
Go for a business that has minimal risk, at least for a start, and especially if you have limited resources.
Align whatever goals you have with available resources. Starting a business that produces organic manure will require millions, both in production as well as marketing.
Work with what you have, especially if you don’t have savings.
Start the Business on a Part-Time Basis
Easing into entrepreneurship slowly is a wise move that you should adopt instead of quitting your job. This makes the idea of starting your small business less daunting as you will still be able to earn money while validating your business idea.
So, start the business on the side; if it fails, your job gives you the soft-landing you will need. But if it takes off, you can quit your job and face the business squarely.