The Six Scariest Things about Starting a Business
This is known to be the spookiest time of the year. Ghosts, goblins, and witches...oh my! Haunted houses, haunted hayrides, creepy costumes, scary stories around fire pits, ghost movies, and those unexpected pranks can make the hair stand up on your arms. Halloween is such a fun time of the year and many look forward to these spooky events. But, not all fears are so welcomed.
There are so many things that people are afraid of. Fear of heights, fear of spiders, fear of airplanes, fear of small spaces, and fear of public speaking are a few of the common fears that people experience on a regular basis. These fears inconvenience their lives and take the enjoyment away from it. It's easy to recognize these types of fears. However, there are other fears that are not as simple to realize, but they block people from starting their own business.
Fear of Failure: If failure happens, people often believe that all those who doubted them will tout they were right and those who believe in them will be disappointed. The embarrassment of failing can feel uncomfortable. Losing everything that was worked so hard for can be devastating. It's understandable that fear of failing is one of the biggest fears that entrepreneurs face. Suggestion: Reframe the possibility of failure into an opportunity to learn.
Fear of asking for help. There is a lot involved with starting a business and most people need some kind of help with starting a business. Whether it's for referrals, advice, partnership, an introduction or a sale, asking for help can be scary because of the fear of rejection. Suggestion: Offering something in return can make it easier to ask for help. Also, do your research and personalize your request.
Fear of balancing everything: Many believe that starting a new company will mean less time with family and friends, lack of sleep, less time to work out, or no more fun time. Suggestion: Starting a business can certainly mean less time for other events in your life, but realize that this is temporary. Once the business is established and employees are trained, delegating will allow more time for other areas of your life.
Fear will mean of saying no. There are going to be products or services that you are not interested in offering or that you may not have the expertise to offer. There may be projects that result in a negative return. You may be tempted to take on all jobs to build their customer base - especially in the beginning. Suggestion: If you say yes to things that are bringing a negative return or that are spreading your team too thin, you won't have room for what you really want to do and what brings in revenue. Realize this, hold your ground. It gets easier to say no with practice.
Fear of bigger companies. Big firms that have been in business for many years have a much larger budget, more experience, more help and more services and products. So, it makes sense that a new business may worry about these companies. Suggestion: Focus on becoming the best in one product or service. Be so good that people want to brag about your company. Also, offer personalized customer service and support that larger companies don't offer. Personally call. Send hand-signed birthday cards.
Fear of losing passion. Most people start their business because of passion. Just like what happens in most relationships as well, the passion for the business does fade over time. Suggestion: Fortunately, passion can be rekindled by reminding yourself of the whys of opening the business. Keep a list of whys in place you can easily reread when needed. Also, focus on the rewards of owning your business and you see that positive feelings will follow.
We all experience fears. Fortunately, fears can be overcome, broken down, passed through or worked with. With focus and practice, you can overcome any fear that is blocking you from success. Don't give up!
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