You have already made the big leap of leaving the corporate world and starting your own business. And we congratulate you for that. It takes a lot of courage to pursue an entrepreneurial journey, a journey that you, yourself, don’t know on how it will end up.
You passed the first stage, and here you are TRAPPED. You have your own business, but you are stuck. You don’t want to take risks on improving your business anymore because of your fears.
While fears are just normal to feel (since we, entrepreneurs, are human too), if you don’t learn how to deal with the most common fears of entrepreneurs, your business won’t be able to climb up the ladder.
To fight your fears, it is best to identify first what your fears are.
Deal with your entrepreneurial fears. Download this guide.
1. Losing more money
Businesses are created to meet customers’ needs, and of course, to earn a fortune of your own. While it’s true that you can possibly earn more than a typical employee, the fear of running out of money never gets out of your head. While you definitely want your business to grow, you are always afraid of investing more money because you don’t know if the thing you have invested for is worth it or not. But if you are not willing to spend more, your business will stay as it is.
According to a Forbes article of Samantha Harrington, to combat your fear of running out of money, you should keep a budget and expense sheet to keep track of your company’s expenditures, so that you can gauge if you’ll be losing money or not.
Even if you have successfully put up your dream business, sometimes, at the back of your mind, you’re thinking that your business will fail. Hence, you don’t pursue new ideas and feel contented with your current business strategies. But if you always fear of failing, your business might fall behind with the new emerging trends.
Take a look at Yellow Pages. They are already in business since the 1880s. We originally know them as a telephone directory which were printed on yellow paper. But their popularity began to sink in the emergence of online directories. But instead of giving in and buried into history, Yellow Pages also trekked the path of going digital. While there are definitely a lot of competitions, they have wonderfully adapted themselves well.
3. Fear of not being good enough
Your business is bound to get stuck if you think that you are not good enough. Though there are a lot of amazing entrepreneurs out there who may be a lot better than you, you are yourself, and we’re positive that you have something you’re good at.
You are enough for what you are. Use your unique points as your advantages when running a business. Just start believing in yourself. If you still feel that you’re not good enough, then do something that will help improve yourself. Take courses. Get a business coach. Read a lot. Talk with successful people.
4. Being unable to live up to expectations
What is your motivation for starting a business of your own? Perhaps it may be for yourself or for your family. As such, your family or even your friends have high expectations of you succeeding. And the pressure might be suffocating, so in order for you to escape from that immense pressure, you just settled for being a mediocre business, and not setting your eyes on greater heights because there is a possibility of failing.
And you’re worried about the people around you – the things they might think about you if you fail. Listen to your family and friends, but do what you think is best for your business. Do it first for yourself. And if you fail, a truly supportive family would understand and help you stand up on your two feet again.
5. Suddenly running out of creative ideas
For a business to thrive, you always need to come up with fresh and creative ideas. But there will be times that you can’t think of anything new. If this happens to you, then consult other people which can be your managers, employees, friends, colleagues, business coach, co-entrepreneurs, or even your own family.
You are not running out of creative ideas. You may just be lacking some inspiration to think of something. Sometimes, ideas will flow if you just talk with someone.
6. Having too much workload
We all hate having too much workload. I bet you become the boss of your own because you once thought that business owners have it going easy. But upon entering the entrepreneurial world, you realised that bosses actually work more than regular employees.
Your small business is already making you too busy, what more of a bigger business? Hence, you don’t strive to expand because of the overwhelming workload. But if you just know how to delegate and outsource some of your business functions, you don’t need to fear having too much workload.
What are your biggest fears as an entrepreneur? How did you deal with them? If you are still struggling to fight the fears of entrepreneurs, download the guide below.