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As an Entrepreneur, You Will Face Many Fears

As a new entrepreneur, we are often racked by fear and end up putting important steps off, or giving up too early. I know, as I have faced these fears in the past.

Here are 10 fears that entrepreneurs can face and how to deal with them. Four that I have experienced myself and six more that I have learned about from other entrepreneurs.

Fear is often called False Evidence Appearing Real I.e we think something bad is going to happen but it is unlikely as there is nothing pointing to that thing that we fear eventuating… or in my words fear could stand for Focus Everything At Reality. Don’t stress over what you think might happen, but be willing to learn, make mistakes, get up again and face your actual situation head on.

Entrepreneurs must take risks and do some things that they have never done before. Maybe even take steps that no one has taken before. When you are an employee, your boss and your company provides the product, the direction, the place it will be sold, the marketing and sets the prices – and also takes all the risks. You are paid for the hours you put in, so there need be no fear… unless you are not delivering what is expected of you… then you might fear being laid off one day.

When you are setting up a business on your own, wanting to become a successful entrepreneur, you will invest some capital (money) and put in a lot of your time before you see results. And yes, you will take risks… and all this can cause you stress and cause the blanket of fear to settle on your shoulders.

Entrepreneurs often have plenty of time, but not enough money, especially in the beginning – so lack of money can be a fear.

I spent 30 years as an employee in financial services and had few, if any fears. Granted I studied, worked hard and rose to the top and was CEO for the final 10 years of my career, but now that I am on the entrepreneurial path, I have faced a number of fears. Fear of failure, fear of the unknown, fear of being in the wrong place, the wrong niche, at the wrong time, fear of maybe focussing on the wrong things… all these things, these fears, have rattled through my head from time to time. Ryan Kavanaugh

Fear can lead to paralysis (I must admit here that I have been known to procrastinate at times), and so fear can invite us to look for reasons not to do what we know we need to do, in order to make progress.

Here are some of the fears that I have faced as I embarked on my journey from employee to entrepreneur.

1. What if I get no customers? When I was a restaurant owner, that was my biggest fear. I had the rent to pay, staff on duty, we had done all the prep and paid for all the provisions… but what if no-one came to my restaurant? Of course, this fear was often unwarranted, as we provided great value and offered a really friendly atmosphere, in a good location. But that fear was still there. In any enterprise, you will need customers, but if you follow through with a good product, good communication and great service, your customers will come.

2. What if I can’t feed my family? This is a follow on from the first fear. A new entrepreneur will often wonder what will happen if he or she doesn’t earn enough revenue to cover costs and leave something over for themselves. This is often the case in the early years, when the entrepreneur can’t pay themselves a decent wage from the enterprise as the business is in the early growth phase. In fact, the fear of not having enough capital to put into the business until it is up and established is often enough to cause one to give up. But a good system, that is followed consistently, will usually get you to a break-even and then a profitable point in the not-too-distant future. In the end, this lack of strong revenue growth led me to sell my restaurant, as the overheads were just too high for the level of revenue we received, thus leaving me with little for my efforts at the end of the day.

3. What if the worst happens? What can be worse than no customers and hence no money for the family? Well, some disaster could wreck the joint – I had some strong winds blow in my restaurant’s front wall to ceiling glass doors on two occasions – and could not open for a few days each time. But luckily I had insurance. Many times we think the worst and worry for no reason. So we need to stay positive, make allowances for if some disaster does strike, but not dwell on that fear.

 

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