Last Updated on September 26, 2016 by Tim
There are a few well known hurdles to starting a new business and becoming an entrepreneur. But of these, the least acknowledged but yet the biggest hurdle is fear. Psychologically speaking, all the actual requirements for a start-up, like capital, expertise and client skills, could be summed up in that one word. Conquering it might just be the real battle you have to win to be a successful entrepreneur.
Fears are by and large a mask, a façade to hold you back and keep you from reaching your goal.
Here are some common fears every aspiring and budding entrepreneurs should know and the truth about them.
Fear of Going Bankrupt
You’ve invested in money from your savings and maybe convinced another small investor to believe in your business project, but altogether your capital appears like a drop of water in an ocean. Then it starts to creep on you; the fear of your business running out of financial steam soon and going downhill. So you begin to seriously consider putting your plans on hold.A huge chunk of this fear can be countered by taking actions such as getting business insurance or public liability insurance to protect your investment.
The truth,however, is that there are several funding options you’re yet to explore and you need to get down to your creative thinking best. For example, with crowdfunding you can pool together little amounts from hundreds and thousands of people or apply for business grant from government to get your project off the ground.
Fear of Losing Time
Entrepreneurship is time consuming and requires full devotion. Your spare time for family, leisure and social life may be affected. The fear is exaggerated however. In this digital age, you have at your disposal some useful software and digital tools that can take off some of the load from you. And instead of micromanaging everything, you should consider hiring a few good hands to shore up where you’re lacking. Lastly, you can set boundaries on your work hours and spaces.
Fear of the Competition
Every major brand started at some point and their products or services were not perfect at that time. Overtime, they developed on their offerings, exploring every opportunity for improvement. Your product should simply be right and acceptable, but you needn’t bother so much about perfection at the onset. You’ll make mistakes. You’ll learn from others and yourself. And with time and experience, your product or service will become competitive in your niche market.
Fear of Not Attracting Customers
One of the major goals of an entrepreneur is to source for credible clients and win their confidence. It can be scary to risk investing your money, time and expertise in creating a product or service that is unknown or valued. However, you should be ready to take the plunge if you have done your homework. Consumers are always seeking better value so there is a good chance that your well researched product will be a big hit.
Most of the fears hindering you from embracing entrepreneurship are therefore, only in your head. This is of course assuming that you have done a good job with your business plan.