Fear, but especially the fear of failure, is one of the greatest challenges that every entrepreneur must face. But what is most difficult to understand is that this type of fear is normal. Do you think that great entrepreneurs like Steve Jobs or Elon Musk were not afraid? Of course, they did! The difference was that they had the determination and perseverance not to allow them to be defeated in the face of mental obstacles.
“Reminding myself that I will die soon is the most important tool I have found to make big decisions in my life. Expectations, pride, and fear of rejection are undone before death, revealing the only important thing. Remembering that you will die is the best way not to fall into the trap of having something to lose. You are already naked; there is no reason not to follow your heart”. This fragment is part of the famous speech that Jobs gave at Stanford University in 2005, he did not directly use the word "fear", but he did speak of the tool against the fear of failure.
From here, you can ensure that the first step is to learn that fear can be your worst enemy or your great companion. That entirely depends on you. Now that you know the fear of entrepreneurship, it's time to learn how to overcome the most common problems that appear in the way of entrepreneurs. Have a good read!
This is the first question that the entrepreneur needs to answer. Fear is often not directly linked to business activity. Fear may arise due to the disapproval of people close to you, so it is not a fear of undertaking but disappointing someone important.
Thus, it is essential to understand your fears so that you can conclude their causes. People tend to avoid them, but fears are not our enemies. They bring answers about our personality. Reflecting on what frightens you can make you more effective and safer. And, this will help you to be a more efficient entrepreneur.
Losing money is a common fear and must be valued. It alerts you about your financial situations, such as those proposals that say earn easy money. The attentive ones already know that the outcome will not be accurate. The problem is when that fear that counsels becomes the fear that commands. It is necessary to maintain a conservative stance in many aspects of financial life.
However, it is important to give chances to opportunities. The simplest way to overcome this fear is to evaluate the information available. For example: if you are going to open a clothing store, make a good business plan. This study will show you the chances of your company working. If you don't want to have a problem with your personal accounts, plan ahead. Create an emergency fund that can fund your accounts for about six months. The average time that a company will have to start generating profit, depends on the segment.
Maintaining a company's financial control need not be a scary activity. The entrepreneur must know that there is no problem with using a loan to fulfill the dream of having your own business. What is very important is to assess the real need to use this practice. You should apply for a loan after studying all the alternatives for raising capital. After that, of course, lower interest rates should be chosen, forcing the entrepreneur to research and negotiate with banks.
Under no circumstances should the entrepreneur commit his personal finances to pay the company's debts. Financial planning and control of the company's accounts will avoid any debt headaches.
This is recurrent among fears of entrepreneurship. In most cases, the entrepreneur will play a leading role in the company, and this means that it will be up to him to coordinate teamwork, hire employees and give the final say on business decisions. While this situation fascinates some people, it frightens others. The best way to overcome this fear is to create plans for each situation. It will be easier to hire an employee when you know specifically the desired profile.
Likewise, making quick decisions is not difficult when the entrepreneur knows the company's numbers. It's about understanding the business itself, as simple as that. However, if the entrepreneur still is not able to perform these tasks alone. Then, one of the ways out is to count on the help of a partner.
Yes, it is essential to question this fear. Many companies close their doors within the first three months. However, these negative results are not always surprises. Most entrepreneurs, especially micro and small ones, do not plan their ideas, just rent a commercial point - which is not always ideal - and start operating, which is precisely the biggest problem. It is interesting to note that a large number of people believe that entrepreneurial activity is something simple and that, therefore, does not need the minimum of study. It is like a farmer who throws seeds on the land, not knowing what they are, waiting for a good harvest. Bad results exist in any area of ??life. In many cases, you overestimate situations, and therefore you are not satisfied with reality.
Of course, in the business world, external aspects, such as the economy and the market also influence, but, like the rest, it is up to the entrepreneur to be attentive towards them. While taking all the necessary precautions if the entrepreneur doesn't succeed, then it is not fair to say that he has failed. The experience gained can be decisive in your trajectory, and can help you in other activities.
Overcoming fears of entrepreneurship is a process, and it can take a long time. Some will resolve, and new ones may appear. Thus, one tip is planning. It is not possible to guarantee that everything will work out in the future, but it is possible to minimize the risk with planning and gain more confidence when betting on something new.
Do an honest analysis and see what thoughts are holding you back, so you can resolve them as soon as possible. Over time, fears will lose their strength, and entrepreneurship will become part of your daily life.
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