When it comes to being an entrepreneur, it can be scary. It can be difficult to know where to even start. Navigating the risks can be difficult, but it’s not impossible. Here are a few of the fears that might be holding you back.
Fear of the Unknown
One of the most crippling fears is fear of the unknown. It seems so intimidating to start a business when you don’t know what the economy will look like in 10 years, when you don’t know if the risk of quitting your job and investing in this idea will pay off, and when you don’t know how to run a business in the first place.
While these are very rational fears to have, you must get over them to some extent. Make sure to do your research and work to make sure your idea has some solidness to it. But ultimately, there is always risk. And there are always going to be potential unknowns that could change the way you have to approach things.
Fear of Failure
In addition to fearing the unknown, it can be especially difficult to have to look the fear of failure straight on and deal with it. As you think about starting a new company, it’s important that you not only acknowledge the possibility of failure but that you actually expect or even plan for it.
In fact, among new businesses, only 25 percent remain after fifteen years. In reality, dismal as it might initially seem, there is a chance, even a relatively high one, that your business might not stand the test of time. But that’s ok. It can still be a great decision.
Fear of Being Unqualified
When it comes to starting your own business and giving it your all, being unsure of yourself and your abilities can be challenging. Whenever you start something new, it’s impossible to know everything.
So instead of being afraid of failing because you aren’t prepared or don’t know enough, do your research, work with people who are specialists in different areas, and go for it. You’ll learn as you go. And ultimately, it’s better to approach any new venture with a grain of salt, recognizing that you won’t be perfect at anything you’re trying for the first time.
Entrepreneurship can be scary for anyone. There can be a lot of things that you might be afraid of, but there are some things you can do to mitigate them. Start by eliminating these fears, and then go from there.
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