When you come to the conclusion that it is time to finish working for the others and start a business of one's own, you can be overtaken by fear. This is primarily due to the uncertainty and risks that exist in any business. An employee does not think about how to find customers and keep them, how to optimize taxes, how to organize the work of certain services (if this is not a part of their duties). An employee will simply fulfill their professional duties and receive a fixed income. But things change radically as soon as you start your own business. Uncertainty, combined with inexperience gives rise to fear of failure.
A study conducted at Warwick Business School located at Warwick University in the UK revealed the underlying fears that plague business entrepreneurs. Beginning business owners are most often overcome by fear and uncertainty in the following areas:
- financial security (lack of stability);
- attracting investment;
- perspectives of a business idea;
- skills necessary to bring business to success (putting the idea into action);
- incidental expenses.
Yes, fear of the unknown is fine. This reaction is only natural. But how to deal with it?
Ways of Overcoming the Fear of Failure in Business
The simplest and most understandable way of getting rid of fear runs as follows – “just act.” As soon as you start acting, you will see that your problems are finite, all obstacles can be overcome, and you just need to take a closer look at how to do it better. As the proverb goes, his bark is worse than his bite – this saying is most appropriate here. Now let's move on to the practical ways of overcoming fear.
- Practice self-monitoring and assess the situation. When you encounter problems, in no case should you ignore them, hoping that things will change on their own? Listen to your feelings and emotions, identify the first signs of negativity that entails fear, and can affect the course of your thoughts and the decision-making process. Try to solve the problem at the very beginning, or even prevent it.
- Act. When you have identified a problem, proceed to solve it immediately. Even small shifts towards the way out can improve your mood and increase productivity, thus bringing the final solution closer. If your approach does not work, try other means. While you are fighting, you have not lost.
- Train. Beginners nearly always lack experience and knowledge, but this problem can be solved with the help of vocational training. Do not ignore its potential. Knowledge breeds confidence.
- Find support. Support is important – it can come from family, friends, or colleagues. Support will help you survive emotional instability and overcome difficulties.
In a sense, overcoming fears is like playing sports. By learning to perform a particular exercise, each time, you will do it better and better, easier, and easier. Knowing how to deal with fear will help you to take risks and be sure to succeed.