It’s completely normal, if not rational, to have tremendous doubts about investing time, money and energy into launching your own business.
In fact, it can be one of the most nerve racking things you’ll ever do in your life, but it also might be one of the most rewarding. Being something we have actually experienced ourselves, we decided to create a summary of six of the most common fears people may experience when starting a business and strategies available to help overcome them.
Fear of failure - People generally don’t like to fail. In fact, it can be one overwhelming fears in someone’s life. However, you can overcome this by reevaluating what you define as success. Rather than focusing on success as a financial worth or lifestyle, it may be worth taking time to reflect and realise that just taking the first steps to have the courage to start your own business is a success in itself - not everyone makes it that far.
Fear of inadequacy - It is quite common for someone to feel like they’re not good enough to start their own business, or that they don’t have the qualifications. There is no handbook or checklist to tick off to see if you are qualified to start a business. If you have done your research, know your idea/concept provides value and you’re are prepared to learn and make mistakes, then you are just as qualified as anyone to start your own business.
Fear of humiliation - For some people this can be arguably their biggest fear in life. It can be a tremendous roadblock and prevent people from pursuing their dreams. Some people don’t even tell others they are starting a business because they don’t want them to know if they fail. The biggest thing you can do to overcome this IS to speak to people. Speak to anyone and everyone. Others will generally want you to succeed and do whatever they can to assist you. This has a twofold effect of creating a support base and also providing possible networking channels.
Fear of poverty - The fear of being ‘poor’ can have a lot of sway over the decisions of an individual. It drives people into ‘safe’ jobs and reduce their willingness to take the risk of starting their own business. Altering your frame of mind to allow yourself to take calculated risks and not clutch to safety will free you from this doubt. You will never get anything more from life without first changing what you are already doing.
Fear of seperation - For most people this fear is a greater manifestation of poverty but relates to losing everything including your standard of living, status and personal relationships. You must always remember that the people that truly love you don’t care if you have status or money. If they do, you might want to reconsider your relationship with them.
Fear of success - While it may seem odd, this is a very real fear that can prevent people from starting a business. It is essentially a fear of standing out and the pressure to maintain success once it’s acquired. However, if you are planning on starting a business, you must mentally be prepared for success, whatever your definition may be.
Fundamentally though, if you are seriously looking at starting your own business, you MUST be ready and willing to change. If you don’t like where you are, change is the only way out.
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Written by: Tina May
Co Founder of Institute of Code