While in the depths of the Great Depression, President Roosevelt ensured America during his inaugural address “…the only thing we have to fear is fear itself.” It was a terrifying era to be a business owner, as many failed and never recovered. Though today’s economy is as advantageous as it has ever been, fear of starting a business is a goal killer for would be entrepreneurs everywhere.
That fear is certainly not unfounded. According to the U.S. Small Business Administration, half of all new startups fail within five years. But be encouraged! Approximately 543,000 new businesses are started each month in the U.S. That’s over a half-million people like you each month whose reasons and passion for their dream drove them to move forward in the face of fear.
There are two different kinds of fear entrepreneurs face. 1.) the fight or flight instinct that causes my cousins to scream “RUN GIRL!” in the middle of horror movies 2.) a healthy respect for the unknown. The former is evolutionary in nature, but the latter can be a figment of the mind that grows into your own mental Freddy Krueger if left unchecked.
In either case fear has its place in business. Fear of failure compels you to prepare for the worse and work for the best. But it’s important to keep fear in its place, because it can stifle creativity and dampen your courage to make important decisions. Just remember, fear is a normal part of life. But so is overcoming fear.
Here are steps to get your feet out of the mud and get moving toward your dream of business ownership?
Do Your Research: Preparation reduces stress of the unknown and allows you to focus on what you must do to move your vision forward. Research both successful and unsuccessful business models and case studies, because you can often learn more from the mistakes of others. The more you learn about your industry prepares you to deal with the potential pitfalls of business ownership.
Write a Business Plan: A written plan reduces the anxiety of failure and guides your activity and expectations towards success. You must review it frequently and remain flexible and open to new information, even if it challenges your original vision or (dare I say) creates fear.
Take Action: There is no substitute for hustle and hunger! It’s the key to fearlessness in business. Knowledge from research and planning can be powerful, but applied knowledge is power in action. Success is a numbers game and you’ll need to share your message with as many people as you can, as fast as you can to find opportunities and resources to grow your business.
For many entrepreneurs, the greatest fear is a life of regrets. What’s the worst that could happen? You fail. The business closes. Tears are shed. Maybe a little public embarrassment. And then what? You’re bolder and have more wisdom to start again more intelligently. You survived your worst fears and now there’s nothing left to fear but fear itself.
Hey, America loves a comeback story! Don’t be scurred…..Face your fear! Not allowing your creative gifts and ideas to flourish. You were predestined to create something that didn’t exist when you were born into this world. and you will always have a sense of that passion no matter how you suppress it. My PawPaw said “there’s no crash course for experience,” and you learn more by making decisions and seeing what comes from them. When you’re afraid you stay in your comfort zone. Unfortunately, the life you want is far outside of your comfort zone.
Your time in NOW! Start your new adventure today and don’t look back!
