Fear is a very real part of entrepreneurship for even the most experienced business owners. So whether you’re just starting out or have been in the field for the better part of your professional career, every business owner has to learn how to harness their own fear. Here are some of the most common fears facing business owners and some tips on how to navigate through them. Instability When making money is up to you and you alone, the future can be unpredictable and a little daunting. Losing one profitable client could change the outcome of your yearly revenue in just one day. This instability is a fear that most, if not all business owners think about regularly. In this situation, it’s important to recognize the ebb and flow of every business. There will be times that your business flourishes, and times where new business is hard to acquire. For peace of mind, consider setting up an emergency fund both for yourself and your business, so when business slows down, you have time to regroup. Failing It’s hard not to fear failure, especially when there’s a lot on the line. But, the truth about failure is that it’s inevitable and you are bound to fail once or twice (or a million times) when starting and maintaining a business. The secret to overcoming the fear of failure? Embrace it. Of course, this is easier to say than do. But, when we push failure aside, we have the bandwidth to keep pushing forward no matter what obstacles are in the way. Let the passion and drive that started your business keep it from succumbing to failure. Competition
There’s always a fear that someone will do what you’re doing but even better. Your competition may give you a run for your money, but use it as momentum to keep evolving and growing your business. As a small business, remember to find your niche and let it set you apart from your competition. Running Out of Money There are a lot of variables that can cause small businesses to tighten their cash-flow and decrease available resources. Try to avoid these situations by cutting unnecessary expenses and reducing existing ones. Entrepreneurs aren’t fearless people! But, eventually we learn how to harness our fears, and stop them from getting in the way. When it comes to overcoming entrepreneurial fears, what helps you and your team?