One of the things that stop many people from starting their own business is fear. Fear of failure often shows up with saying things like “I don’t know how to do marketing” or “I’m not smart when it comes to business” or even “I don’t think I could make enough money running my own business”.
All of these statements are simply excuses that mask fear.
Fear has its advantages. It keeps you safe when there is a legitimate danger like a lion chasing you across the savanna. It also helps you slow down and evaluate all of the potential pitfalls of an idea and not act too impulsively.
When fear stops you from doing what you really want to do it’s no longer useful. Instead, it’s an impediment to your success.
So what can you do to break through fear? Read on to find out.
Prepare to Succeed
The first thing you need to do is prepare yourself to start your own business.
Do research on your business ideas or potentially successful business ideas you could start. Explore your interests, skills, and passions and determine what the right fit is for you. Do market research to determine if your business idea is viable.
The best way to prepare yourself for success is to write a Business Plan (download our Free Business Toolkit that includes our Business Plan Template).
If the thought of creating a whole business plan is overwhelming to you consider asking yourself 5 core questions that will help you identify if your business is viable.
Rethink Failure
Failure is nothing to be afraid of. In fact, there’s no such thing as failure. Failure is something that happens on the path to learning and being successful.
The most successful business owners don’t fear failure, they actually seek it out. They know that when they fail at something it means that they’ve gained valuable insight into how to succeed the next time.
Realize What’s At Risk
Many people feel that if they fail at something it means that they’ll end up homeless or destitute. But that’s very rarely the case.
If you structure your business in a smart way from the beginning you’ll not only have limited personal financial liability if your business has losses. You’ll also have financial backup plans in case your business goes through a slow period or has difficulty getting off the ground.
One way to go about this is to play “worst-case scenario” when you sit down and ask yourself what’s the worst that could happen if I fail”? Often when you state your fears outright you’ll stop feeling so afraid.
You can also carefully consider these 10 Steps to Start Your Business before you get started.