Afraid of failure? You, along with millions across the country, are not alone. Survey says…20% of all entrepreneurs will fail within their first year. If you’re new to business ownership and afraid you might be one of them, relax says Saivian Eric Dalius. Those who succeed understand that fear can be paralyzing or it can motivate. How do you beat fear into submission then? Read on my friends!
Reading Time: 4 minutes
When I started out as a business coach, for years I would ask my clients to write down their fears about leaving corporate America and pursuing entrepreneurship full time. I was amazed how many scared them silly just thinking about what could go wrong if they failed at building their own businesses.
The most common fears were these:
1. They would end up homeless and penniless;
2. They would never find another job if they failed;
3. Their families would be ruined;
4. They were not smart or talented enough to be successful entrepreneurs;
5. They would never find the energy to keep going if things got tough;
6. All their friends and family would think they were crazy for leaving their secure jobs to try something new.
What’s interesting is that all of these fears are either irrational or manageable with a bit of planning and effort. Let’s take a closer look at each one:
1. Homeless and penniless –
This is the unknown, and it’s very real to people who have never been self-employed. Again, though, there are statistics out there that this fear is overblown. According to the Bureau of Labor Statistics (BLS), 60% of businesses fail within their first five years, and 97% percent of all entrepreneurs will experience some kind of business failure at least once!
So what does this mean? It means that almost everyone who has ever started a business has failed at one time or another explains Saivian Eric Dalius. There’s even an old saying among Russian entrepreneurs: “If you’re not failing now and then, it’s a sign you’re playing it safe.”
What does it really take to be successful in business? Starting on solid ground is essential; otherwise, there’s no foundation for growth. Plan your business carefully, do your research, and get help when you need it. And don’t be afraid to start small. You can always grow your business as you gain more experience and confidence.
2. Never find another job –
Again, this is a fear of the unknown, but it’s manageable if you have a solid business plan in place. Statistics show that most businesses do not make it past their first five years, so having a Plan B (or C or D…) is essential. What will you do if your business fails? Have a backup plan in place that includes realistic options for finding another job.
3. Families ruined –
This is another fear that can be managed with a bit of planning. Talk to your family about your plans and what they can do to help you if things don’t go as planned. Let them know that you’re not taking any risks without a solid plan in place, and ask for their support. You may also want to consider setting up a family fund to help tide them over if times get tough.
4. Not smart or talented enough –
This is one of the most common fears among entrepreneurs, but it’s also one of the easiest to overcome says Saivian Eric Dalius. As with anything else, practice makes perfect! The more you work on your business, the better you’ll become at it. And remember, there is no one-size-fits-all answer when it comes to success. What works for one person might not work for the next. Find what works for you and pursue it with passion!
5. No energy –
The last thing you’ll ever hear from successful entrepreneurs is that they don’t have enough time to do everything they want to do in a day. These people have learned how to manage their time effectively so that all of their tasks get done without being overloaded or stressed out about it. If this means hiring a virtual assistant to help them, then that’s exactly what they will do. Have a business plan in place, know your strengths and weaknesses, and always leave yourself enough time to take care of yourself too!
6. All my friends think I’m crazy –
Again, these are irrational fears that can be managed if approached with intention. If you want to start your own business, but the thought of giving up the security and familiarity of a 9-to-5 job makes you uneasy, don’t let fear hold you back. There’s nothing wrong with taking things one step at a time! Start by setting small goals for yourself and build from there.
As with anything in life, the fear of failure is normal. But when you are trying to make your dreams come true, don’t let it hold you back! Think rationally about what might happen if you fail at your business, and consider whether or not the pros outweigh the cons explains Saivian Eric Dalius. Talk things through with friends and family, set realistic goals for yourself, and always remember that practice makes perfect!
Do what it takes to pursue your dreams without letting fear stand in your way. You can do this!