How to Handle Fear as a Novice Entrepreneur

Fear seems like a curse word. Those who show any sign of it are often labelled cowards and ridiculed. We are expected to be superheroes for those around us, putting on a brave face so that they can feel secure. As Alicia Keys rightly said in her song Superwoman, “Even when I’m a mess I still put on a vest with an S on my chest. Oh yes I’m a superwoman!”

We need to stop downplaying fear. It’s a natural emotion that actually does more to help us grow than tear us down. I believe that the bravest people in this world are those who have overcome their fears, realized their passions and pursued their dreams without giving a second thought to what naysayers think.

You may be considering starting a business but have a nagging fear that’s holding you back. Don’t ignore that fear. Instead, listen to the challenge it’s telling you that you need to overcome. Novice, and even seasoned, entrepreneurs experience at least one of the seven fears described in The Business Playbook. Here’s a description of three of these fears and how you can overcome them.

Fear #1: Products or Services Won’t Sell

You’ve used the W-I-N strategy to create what you believe is a viable business idea. You hope that other people will feel the same but there’s this nagging feeling that’s making you uncertain that they will. The best way to face this fear and overcome it is to invest in market research before launching your business idea. The results of your research will help you understand what your target audience is looking for so that you can adjust accordingly before launch day.

Fear #2: Your Business Will Consume Your Cash

One of the main reasons many people are unwilling to leave the 9 to 5 to start their own businesses is the fear of losing their financial safety net. You may have the same fear and I won’t lie to you, any startup will consume a lot of cash (especially in its initial stages). However, proper planning can help you prepare for the challenging road ahead. Save at least three months worth of expenses before leaving your full-time job. This gives you a cushion for at least those three months so that you can work on increasing the business’ cash flow.

Fear #3: Your Business Will Lose Its Innovative Spark

Innovation helps keep a business ahead of its competitors. You and your team should keep abreast with advances in your industry, society and word. If you don’t, you will be eating your competitor’s dust as they speed ahead. This fear should motivate you to keep on top of your game and make lifelong learning a value for your brand.

Final Words

Fear is a natural part of the growth process as an entrepreneur. Three of the most common fears faced by entrepreneurs have been highlighted in this article. There are four more that you must learn about before taking the plunge into the world of business ownership. Get your copy of The Business Playbook today to learn more.

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