Stepping into the world of entrepreneurship is a scary proposition, we’re not going to lie. From the moment you make the decision to become an entrepreneur, your ego will be screaming at you to stop. You will face challenges you have no experience with, you will have nights waking up in cold sweats because of stress and anxiety, and this isn’t just at start-up, this can happen on a regular basis.
So why then are so many people willingly going into business for themselves? With these fears and potential hardships, they will be facing, what is worth this much risk? Their “Why” which moves and drives them, the fact their current situation is not achieving their “Why” and they are adjusting their activities to suit their needs. Thankfully in spite of the entrepreneur risks, and these 5 fears every entrepreneur must face, there are millions of individuals such as yourself who can and will make a living being in business for yourself.
So while every entrepreneur is unique, as is their business, here are the five common fears every entrepreneur must face at some point in their business.
5 Entrepreneur Fears to Conquer
Running Out of Money
Capital is the money an entrepreneur must have to initially start their business, and it is the capital which stands at the top of the list of entrepreneur fears. Depending on the business you are looking to start, the amount of capital you need will vary. In most cases, the capital required comes directly from the entrepreneur’s savings or the pockets of individual investors.
The fear comes from not being able to get the business off the ground in time securing a reliable revenue stream before the initial capital runs out. If the capital runs out – the business and all the money is lost and the fear of losing your savings is terrifying.
If this fear of losing your savings is what’s keeping you from moving forward, look to alternative methods of securing the investment required. Use crowdfunding to collect small amounts from thousands of people, or seek business grants from the government to help get you started. Most of all, you need to have faith in your business model – if you don’t, then you shouldn’t go into business.
Not Being Good Enough
This entrepreneur fear can come in many forms. It can be a fear that you will not be good enough as an entrepreneur or your products won’t be good or competitive enough. Either way, this fear can be debilitating and stop your success before it ever starts.
Too often new entrepreneurs feel their product and themselves have to be flawless prior to launching. While everyone wants to have a perfect product, perfect products on the initial launch are nearly impossible. Instead, make sure your product is acceptable and has a market. From them, you will have plenty of time and opportunity to refine and perfect your product.
The same will hold true for your entrepreneurial skills. You do not need to know everything before launch. You, like your product, will evolve over time in the marketplace. Instead of looking to make yourself perfect, make a commitment to continual personal development.
The entrepreneur fear of failure creeps into our minds and gets all of us occasionally. There are small failures – such as a botched email-marketing campaign or a major product issue post-launch, and then you have the massive failures – such as your company going under.
Failure will set you back no matter what, but you can’t let the fear of failure stop you from making a decision. Failure is only the end of the road if you let it be. Otherwise, it’s just a temporary stopping point in a long path to a final destination.
More important, failures are learning opportunities. Every failure you experience yields a lesson you can incorporate into your business or your life.
This fear usually stems from being misinformed rather than thoughts and feelings we have prior to getting started in entrepreneurship. Just as we mentioned at the start, being in the world of entrepreneurship is scary, and yes there is hard work involved. People choose this path not because it’s easy but rather the challenges and many rewards along the way. If you are getting started as an entrepreneur because it seems like it is easy or a way to get rich quick, someone has lied to you.
One of the great parts of being an entrepreneur is control. While you may feel overwhelmed at times, it’s completely within your control to change. You have the ability to assemble the team and the resources you need to accomplish your goals. Doing this completely alone is not something you need, or will want to do. Get the experts you need for the tasks required.
There is no question you will put in more hours as an entrepreneur than you did working for someone else, but in the end, you are in control of your own destiny like never before, and the long hours worked do have their payday.
The Anxiety of the Unknown
This can be one of the hardest fears to overcome . . . alone. Not knowing what tomorrow may bring in your business or what the next level of success may bring you can leave you continually second-guessing and wondering if all the decisions you are making are right and will work towards your goals.
Add in all the other fears we have already listed and you have a terrifying recipe. Experience is all that is required to overcome the anxiety, and while it will take you time to get that experience, having a partner or mentor to guide you will help.
Entrepreneurship isn’t a job it is a lifestyle. You’re choosing to be in this role because you’re a risk-taker, you’re passionate, you work hard and you believe in your idea and yourself. Those four qualities are more than enough to conquer any obstacles that come your way – even the unknown ones. So put those fears to rest and believe in yourself.
Entrepreneurship isn’t for the fearless. It’s for the individuals who are prepared enough and strong enough to learn from their fears and work past them. Instead of avoiding your fears, embrace them, and use them as a motivation to learn more about your business and prevent disaster.
* Engineered Lifestyles does not guarantee any level of success or income from the NHT Global Business opportunity or any other money-making opportunity. Every independent distributor’s income depends on his or her own efforts, diligence, and skill. Please see our full Earnings Disclaimer here.