Overcoming the 6 Biggest Fears of Business Ownership
The six biggest fears of business ownership which always give business owners sleepless nights are listed below and how to overcome them are explained along with each of the points.
1. Sailing the Ship Alone
I’m sure you have seen the Honest cleaning products in recent commercials, but did you know Jessica Alba, famous actress, founded it? During the 2015 Forbes Women Summit Jessica commented on how people saw her as only being capable of acting or endorsing products, not creating them when she commented, “It took three and a half years of condescending nods and pats on the back of ‘good luck,’ or ‘go back to endorsing things’ or ‘go do a perfume’.” Had she decided to rely on any fear-based assumptions that she wouldn’t be successful because of non-support, she probably wouldn’t now own a billion dollar company. What she did do was seek out business people and manufacturers that could help make her dream come true.
2. Not Being At the Master Level
Whether you think you’re not good enough at your craft to start your business, or that your product or service isn’t at the professional level of others in your line of work undermines your goal of business ownership. Start small with your best item and improve upon it over time while continuing to introduce new items or services. All start-ups experience learning curves. Progression leads to perfection, most businesses don’t start at the top.
3. Not Knowing Where to Start
There are so many people that want their own business but just don’t know where to start. They look at others successes and feel defeated before they begin. Instead, follow those you admire who are doing what it is you want to do. Read up on them. Research their beginnings or better yet, reach out directly via Twitter, Facebook or see if they will do a Skype interview.
4. Fear of Failing
We all fail, but the key is getting back up and dusting your self off. It took Thomas Edison 1,000 unsuccessful tries to invent the light bulb, but he pressed on and didn’t give up. He’s been quoted as saying, “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.” “Great success is built on failure, frustration, even catastrophe.” What tenacity, what great faith he possessed!
5. Not Attracting Enough Loyal Customers
It’s common to think, “What if people don’t buy my product or value my service?”
Being in business for your self is a risk, but seasoned business owners wouldn’t have it any other way. Keeping a job is a risk. Focus on delivering exactly what you are promising and overtime the customers will come.
6. Not Having Enough, or Running Out of Money
I’m willing to bet that almost everyone would be a business owner if all it took were to walk into the bank and say, “Show me the money,” and the banker hands you a check for $100,000 and no terms for the payback. But, it doesn’t work like that and entrepreneurs oftentimes use their own savings or depend on friends and family members to finance their business ventures. Losing a close friend or family member’s money can be scarier than defaulting on a bank loan. If personal investment loss is stopping you from starting your business, consider alternative funding, like business credit cards. The application and qualification process is less stringent from traditional banking, and you can get a funding estimate within 24 hours of applying.
Being an entrepreneur isn’t just for the courageous. It’s for those who are willing to embrace their fears and work through them. Knowing that obstacles lie up ahead, but victory, aka the sweet spot, is just a round the corner on the road to success.