Oct 30, 2015 Written by Guest
At this most frightful time of year, is there anything more scary than owning a business? I always meet people who say they will, or they could own their own business, but they don't. Is it fear that keeps them from chasing their dreams?
Let's face it, starting and owning a small business is filled with things to be afraid of. Big fears are real, and they can be hard to deal with, but a big part of being an entrepreneur is finding a way to overcome those fears.
Here are five fears of entrepreneurship and how to overcome those fear.:
Let's face it, starting and owning a small business is filled with things to be afraid of. Big fears are real, and they can be hard to deal with, but a big part of being an entrepreneur is finding a way to overcome those fears.
Here are five fears of entrepreneurship and how to overcome those fear.:
1. Fear of Failure
We can all agree that fear of failure is probably the biggest factor that keeps people from becoming an entrepreneur. Even when you are not starting a business from scratch, and instead are buying an existing business or franchise, the fear still is present. Will others see a failure as indicative of your character, a sign of times to come or an 'I told you so', that you shouldn't have left your day job?
You can plan, get advice and do your research, but fear will just exist. Successful entrepreneurs face their fears and realize that failure is part of the learning experience. Don't take the failure personal and don't let it keep you down and cripple your momentum. Those who succeed are the ones who can more quickly recover from a set-back and don't let fear cripple their growth.
2. Fear of Success
Yes, this is a real thing. With success comes the demands on your life, family, hobbies and career that come with new contracts and employees, increased sales and a need for expansion. As your business grows, so do your problems. For some the initial response is to stop the growth.
The key to reducing the fear that success brings, is to build a core team of employees and mentors who are eager to help you succeed and grow. It takes time to build a winning team, but it can be done if the right amount of time and resources are invested to hiring the best and avoiding the rest.
3. Fear of Sales
The first sales person of an small business is usually the owner. While you may be the one who is most passionate about the product or service, sales is not always comfortable or natural. If sales is not in your wheel-house, don't let it negatively impact your business.
To remedy the fear of sales, enroll in a sales training course or can get a sales coach who can help you through the psychology of selling and closing and attend sales calls with you to provide feedback on how to be a better salesperson. Another option is to hire a sales executive, but realize that their passion may not equal your own. Full commission may need to be the option, so all your revenue is not consumed by a salesperson's salary.
4. Fear of Unpredictable Cash Flow
Not managing cash flow can kill a business, even if your concept is a great one. Since most of us aren’t born accountants, handling cash flow can be totally foreign at first. And there’s not much scarier than simply running out of money.
The good news about cash flow is that it’s pretty easy to manage if you just remember to work with a budget and plan ahead. When you start your business remember to have some cushion and always have a little more money set aside than you think you will need. While it is tempting to enjoy the good times, squirrel a little away for those lean months.
5. Fear of Instability
While more freedom can be a motivator for owning your own business, there can be a lack of freedom that comes with entrepreneurship as well. There is no eight-to-five, Monday thru Friday hours. There is no manager to pick up the slack, and yes, the buck stops at your desk. This may mean long hours and high amounts of stress. This typically doesn't last, but will ebb and flow like your cash flow.
The best was to prepare is to be aware that issues can and will occur, and handling them in a timely manner can actually save you time and energy in the long run. Be flexible and, once again, have a financial safety net when sales take longer than expected or when seasonal and economic changes impact your business.
Fear and risk are just a cost of doing business for entrepreneurs and small business owners. While it’s okay to be afraid of some things, it’s important to manage your fears, so you can concentrate on running your business.
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