Business success happens when entrepreneurs are willing to take measured risks. Although this decision opens them up to failure, it is also the only path available to help someone reach their goals.
Fear of success or failure does more than hold an entrepreneur back from their full potential. It can also derail an excellent business opportunity!
That’s why the entrepreneurial community must discuss their fears. Learning how to cope with these situations can unlock more growth opportunities.
Common Fears of the Modern Entrepreneur
The fear of success or failure is only the first stop on the ride of being an entrepreneur. These additional concerns tend to creep up on people at some point during the startup development process.
1. Lack of Focus
Running a small business or startup means no one is available to hold you accountable to yourself. There may be other employees who are dependent on you to keep everything on the right path. Without a laser focus on each goal, the risk of failure increases. Entrepreneurs with this fear often see any wasted minute as a lost opportunity.
2. Loss of Creativity
Startups and small businesses rely on entrepreneurial ideas to be successful. The vision and creativity that come from within are what lead to a positive outcome. When that energy isn’t available, trying to grow in a leadership role can feel like an impossible task.
3. Fear of Risk
The fear of success or failure can often get defined as being afraid of risk. Some entrepreneurs stake all of their savings on a specific idea, investing 20 hours per day to get something off the ground. What happens if the outcome doesn’t happen as expected? Talking about these feelings can make it easier to see the reward at the end of the road.
4. Lack of Financial Stability
Entrepreneurs don’t get a steady paycheck and lots of benefits. You may go from month-to-month wondering if you’ll get enough money to cover your bills. Sick time, vacations, and holiday pay become relics of the past. The pressure to be financially reliable can be too much for some people, especially if there is no one available to offer advice. This is one area where books from financial experts can help!
Coping with the potential pitfalls of entrepreneurialism starts with a willingness to talk. What challenges have you feeling concerned today?