What if it fails?
Any business owner will tell you that this question is single-handedly their most asked question when they were starting. Opening – and even more so, sustaining – a business is such a difficult feat, especially in today’s competitive world. Positioning your name in a sea of established brands can be downright scary. We’ve seen businesses open and shut down. We’ve heard stories of both successes and bankruptcies.
So, how do we move past these fears?
Everyone will tell you that it’s all about believing in your brand. And it’s true. Your faith in your ideas can make or break your business. However, we have to admit that sometimes, believing in yourself is not enough. When overwhelmed with anxiety, pep talks and self-help books can all be a blur.
This is why it is important to acknowledge your fears first. Get to know them. Assess them. Live them. Then, resolve them. There is no point in hurrying to get past something that is unclear to you. You cannot conquer what you do not know.
Start asking yourself, what are the natures of my fears?
Fear Of The Unknown & Uncertainty
Most entrepreneurs start without a laid-out direction. You have the ideas, but you don’t know how to execute them properly. During these times, it’s important to remind yourself that it is okay to not know all the answers yet. You are just starting. Research is going to be your best friend in combatting these uncertainties. Read up on your niche. Get to know your competitors. Study your target market. Most importantly, determine your personality archetype as an entrepreneur.
Are you the Caregiver archetype who is all about compassion? Are you a Ruler who likes having control over everything? Or are you the Hero whose goal is to change the world through their brand? Most entrepreneurs are known to be the Creators – focused on innovating things for society. However, this archetype is prone to overworking themselves. Finding the balance between taking care of yourself and taking care of the business is a vital step in looking after the Creator archetype’s health.
Fear Of Not Standing Out
Another fear that you need to accept is your fear of not standing out. Remember, even the biggest names of today started out as beginners. Standing out from the crowd can take years of introducing your business. This can mean countless flyers, tons of marketing campaigns, promos, sales, etc. Your brand does not need to be perfect; it just has to be unique. Consumers of today are more interested in authenticity. Don’t just sell, tell a story. Make them relate to your vision. Capture your audience’s hearts and standing out will easily follow.
Fear Of The Responsibility That Comes With The Success
It’s easy to be overwhelmed as soon as success steps inside the door. You might even think you’re crazy for fearing the success you’ve always dreamed of.
Know that this is very common among many entrepreneurs. Handling a largely successful company might just be as difficult (or more!) as starting out one. The key here is to prepare yourself. Be ready for criticisms in as much as you love the compliments. Be ready for bigger challenges. Be ready for higher demands. As with anything in life, the more power you have, the greater the responsibility you need to carry out. Don’t be afraid to consult your team and even your consumers. The greatest businesses are often built on communication.
Fear Of Not Recovering Your Investment
Finances are the hardest to deal with when it comes to business. When the funds run low and you haven’t seen profit coming in yet, what do you do? Don’t instantly quit. Assess your situation. Tap your marketing team. What can you do to increase sales? What could have been overlooked? How long can we keep going? Creating a timeline is a way of overseeing how effective your processes are. See how long the business can endure. Try pushing beyond your limits first before giving up. After all, you have already come so far in building your empire. Keep going.
So, does this mean to keep pushing even when you’re in deep debt?
Yes and no. Loaning money for business is not inherently a bad thing, especially when you see that it will help you generate more revenue. However, a great entrepreneur also knows when to stop. When you’ve held out for so long and things are still not working out, you need to face this reality head-on.
Fear Of Opinion Of Others
The fear of people’s opinions stems from your fear of letting them down. While this is a valid feeling, you need to accept the fact that businesses will always be at the center of criticisms. Can you point out a company that is loved by every single person in this world? Impossible, right? Remember that people’s feedbacks are vital to the success of your venture. So do not fear words. Use them as fuel to build a better brand.
Summing It Up
It’s no secret – starting a business is surely one hell of a ride. From fundings to brand imaging, everything seems to be mapped out. But one thing that you need to know is that it is okay to dive into something even though you’re not 100% sure about it. Ask the biggest entrepreneurs of today, they will tell you that they also started out uncertain if they will be successful, but they just kept pushing. Once you’ve gone past your doubts, you will realize that the only road to success is the one embellished with fears. So just keep driving ahead.