Starting up a business can involve many risks and challenges. Read to find out how you can overcome the fear of such hurdles that will come your way once you plan to launch a start-up company.
Do you have a great business idea but are scared to have a company of your own?
You are much keen on leaving your corporate workplace but don’t know how you will take the plunge to become an entrepreneur?
There are many like you who may have original concepts for start-ups but are scared to leave their stable job and face a lot of apprehension and anxiety when they think of starting up something new, something they can call their own.
It is a common fear that one day you wake up and feel that your idea of starting up your own business was a complete failure or a waste of time.
While there is a lot of thrill associated with launching a new business, there are worries which can cause you to do a lot of haywire mental programming.
Here are some fears that are typical when taking up an entrepreneurship venture.
Though mostly these fears are real, legitimate but are often nothing else but psychological barriers that our overblown perceptions and magnified apprehensions take to a whole new level.
You think you are not good enough
It can be daunting to keep on thinking that you will not be good enough for an entrepreneur or your product/service will not be competitive and wanted enough in the market.
Debunking the fear:
Even though your product is not perfect at the time of launch, it should be viable and easily acceptable. You can keep making improvements from time to time with complete attention and more experience as has been the case with many successful businessmen and entrepreneurs who started with an average quality product and took it to the heights that it has reached now.
Your Idea may not work
You would need to execute your ideas to know if they will truly work or not. If your idea does not work at all, you can always pivot with time, that is, change the fundamental proposition or do something completely different than what you had started off with.
Debunking the fear:
You need to figure out which idea will execute better and not stick with a single idea even if it is losing its value gradually or not selling off well.
Idea: Original or adapted?
If your idea is not an original one, don’t bother. Even Facebook as a social networking site and Google as a search engine were not original ideas. Web browsers that initially surfaced the online market no longer exist and in their place, we have many others that have done much better.
Debunking the fear:
You can work on several business ideas (some may even be original) but they will amount to nothing if you cannot trust yourself with different ways to promote the idea and keeping abreast of advancing trends and your ability to adapt to changing situations.
Your Degree will not suffice you and you do not have the right skills
You don’t have a MBA degree so how can you do business? This is a completely wrong notion people commonly have about businesses that you need a management degree to administer and manage the business operations well and be a successful entrepreneur.
Debunking the Fear:
You do not need any degree to become an entrepreneur. No, not even a graduating degree! There are many examples like Bill Gates, Richard Branson, Mark Zuckerberg, Coco Chanel, Steve Jobs, Dhirubhai Ambani et al who went on to become successful entrepreneurs in their fields but did not even have a Bachelor’s degree!
Running out of money or friends and family not supporting in the decision
The prime prerequisite for the business, the capital is certainly the biggest concern with most entrepreneurs. Your initial capital may not suffice and you will have to look for independent investors, support from friends and family or empty your own savings. While you have the risk of putting an investors’ money at stake, losing your life savings can be a bigger hassle and disappointment altogether. Not getting the support of your friends and family who probably want you to follow the herd mentality and achieve your goals in the corporate world can be another intimidating factor.
Debunking the Fear:
If you are bogged down by personal financial constraints, you can use the method of crowd funding to gather meagre amounts from thousands of people or even seek government aid for your initial business capital. Faith in your idea and business model is an even more important prerequisite than the money matters. Also, if your parents, siblings or friends are not joining in the idea, you can choose not to be discreet about your plans for business to them, provided they are not the one to lead you to better sale for your product. Once you have gained some success, your friends and family will be more than happy that you came up with the idea.
Your health may not support your zeal to do something new
What if you fall sick or have a chronic illness that you think will be a major hurdle in your start-up? This can be a common fear factor for people who want to experiment with the life and career. Their health concerns may not match up to the zeal and enthusiasm they otherwise have for their business.
Debunking the Fear:
You can get your health insured so that you do not have to keep paying your medical bills when you are worried about the capital for your business. You can also take the help from friends, your business partners and your new employees to run the business smoothly even when you are not present in your company physically.
You will have to bear the brunt of country’s economic crisis
It is true that India’s economy is slumping and many-a –times entrepreneurs have to close down their companies on account of less business and economic cut-down.
Debunking the Fear:
Many successful companies such as Apple, Facebook and Microsoft had started and ruled the market during bad economies. The macro-economy, honestly does not affect much in start-ups and entrepreneurships. Having a viable product that is much required in the market can be reason enough to start a business and the declining economy should not provide an excuse to not launch a business.
Fear of Failure
What if I fail? This question can get the better of anyone and is haunting enough. Your marketing campaigns whether online or otherwise may not work well or heavy loopholes that you discover in your business after its launch can keep your company from progressing. Your concerns that there are people in the market with similar ideas or better backing can make you get scared of failure, which can be a big setback to your goals and dreams.
Debunking the Fear:
Consider minor failures as stepping stones to success and a learning experience. Failure can be the end of the road or it can lead you to the end of the road-success! If your idea works out and is one that many people can relate to, there will be people who will help nurture and flourish your business. Your business mentor can also be a strong motivating factor as s/he will always believe in your ideas and guide you for betterment.
Fear of the unknown, the uncertain
The fear of what is still unseen and indescribable cannot be prepared for from the very beginning. Your first few months or the first year in business can be pretty challenging as you do not have any idea of what may befall you. While it can add to the thrill, it can also be intimidating!
Debunking the Fear:
Your passion, ability to deal with risks and take up challenging roles is what keeps you going and has led you to believe in taking up this independent venture. These skills would take you far in your business and would be enough to make you overcome any obstacles that come your way.
Overwhelming Feeling
You may feel overwhelmed with challenges and the fact that entrepreneurship will not make you rich overnight.
Debunking the Fear:
You are the whole and soul controller of changes that occur in your company. It is your decision to hire financial advisor if you are dealing with excessive financial problems or recruit new employees who can better execute the tasks in your business. Your workload may increase in entrepreneurship but you will be the one in control of your career and any life-changing decisions.
Though entrepreneurship can be tricky enough and you will face challenges from the inception to as the company gains momentum, debunking your fears can lead the path to success and make you a successful independent business owner. After all, challenges are for the fearless, people who can embrace their fears, learn lessons and move on to newer and greener pastures.
