13 07 2020

Fear of business failure. How to overcome it?

Fear of business failure. How to overcome it?

Any novice businessman who decides to start his own business, is faced with a huge number of fears associated with the failure of his future business. Among the main reasons for the formation of these fears is that a person is afraid to go beyond the “comfort framework” associated with stability in receiving a salary, the clarity of the assigned work tasks, and so on. In a modern world with developed business competition, an entrepreneur must make every effort to gain a foothold in the market and receive a stable income from his activities.

Among the main fears are:

    1. Fear of start;

Fear of starting is the first of the fears that novice businessmen face. Despite the work already done to prepare a business plan, study the market and determine a business idea, many businessmen cannot step over themselves, gain courage and start their own business. Fear of staring is often associated with self-doubt and self-reliance and the risk of failure.

    2. Fear of incompetency;

Many entrepreneurs are not confident in their competence to conduct business. This is completely normal! Most businessmen quickly learn how to do management or marketing as during the company development. Education will help to overcome this fear - read special literature, attend business seminars, and develop yourself comprehensively in your business sphere.

    3. Fear of uncertainty and responsibility;

Business in any case is associated with some risks. Many people prefer to work in a familiar job and perform familiar tasks because of being afraid of the new and the uncertain in the future. Employees do not need to think about where to find customers or how to optimize company expenses, pay taxes, etc.

    4. Fear of failure;

The fear of failure is faced by absolutely all entrepreneurs. Fear of failure is associated with a lack of demand for goods or services, due to the entry of a competitor with the best offer on the market. However, for the most part, the fear of failure is associated with insecurity in oneself and one's idea.

    5. Fear of success;

Fear of success is often associated with fear of development. Many businessmen begin to worry in advance about suppliers and goods, or about the ability to meet the demand for its services.

    6. Fear of lack of personal time;

For many businessmen, a huge obstacle is the fear of “burning out” during the development of a business. At the first stages, entrepreneurs should devote maximum of their energy and time to business, which often adversely affects their personal, family and social life.

    7. Fear of opinion;

Many entrepreneurs are very dependent on the opinions and approval of others. Fear of the opinions of others is directly related to the fear of meeting expectations. There will always be those who will discourage you, as well as those who will believe in you.

Every young businessman who is at the beginning of his business path must overcome his fears and purposefully transform them into the main motivators of business development. Having learned to cope with fears, you will undoubtedly come close to your success.