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Time to Overcome Your Fears of the New and Unknown, Entrepreneur

Nov 2, 2021 10:00:00 AM

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Few things are more terrifying than blind corners.

Human beings like a sense of control. We want an idea of what’s coming next so that we can anticipate, plan, and prepare. That’s not always an option, especially as entrepreneurs and innovators.

The life of the entrepreneur is fraught with anxieties and fears if you don’t know how to properly manage them. Jumping into the unknown with both feet doesn’t mean you go in unprepared.

Don’t go in blind – anticipate these common fears and challenges in entrepreneurship and you’ll find it isn’t so scary after all.

5 Common Fears in Entrepreneurship

Fear: What if it’s not the right time to leave my job?

Moving from a state of financial stability into a decidedly less stable lifestyle is tricky. It never feels like it will be the “right” time to leave a steady paycheck behind. However, that’s what the life of an entrepreneur often demands.

There are a few ways to mitigate this fear:

  • Save a safety net. Traditional wisdom says that when you plan to quit a job (for any reason) save up three to six months’ worth of living expenses. Some would say save at least a year’s worth of income. This buffer means you can afford to do things right without fearing for your finances.
  • Secure passive income. Whether you’re investing in rental properties or investments that pay dividends, passive income eases a world of financial tension. If you have multiple streams of cash flow, you don’t have to solely rely on your new venture working out. This income can sustain you through rough patches as you get your new business off the ground.
  • Cut your spending. Prepare your budget so that your savings and passive income go as far as possible. Starting a new business isn’t cheap and you’re going to have to make some lifestyle sacrifices to get things going.

Fear: What if I make the wrong decisions?

“Messing up” is one of the top fears shared by entrepreneurs. We want to be seen as competent, skilled, and capable. You’re going to make mistakes. Decisions will be made on incomplete information. Hindsight will be 20-20. You’re going to face your fair share of regrets.

Own your decisions. You made them. You’re responsible for them. If it turned out to be the wrong choice, take the reins and rectify the issue. If you don’t, no one else will!

Fear: How can I make sure I’m hiring the right people?

Knowing when to build your team, who you need, and how many people you need is a question only you can answer. Entrepreneurs have different levels of experience, access to finances, and needs in a team. If you’re worried about growth gone wrong, remember:

  • Hire people smarter than you. You want people with the expertise that you need to take your business to the next level. If you could do the job yourself, you probably don’t need to hire someone to do it – unless your time is best spent elsewhere.
  • Don’t scale too quickly. Don’t treat your start-up like it’s the size of a corporate titan. Add people as you need them and as the benefit of having them – increased capacity and skills – outweighs the cost of their compensation.

Fear: What if this consumes my life?

Entrepreneurs are commonly plagued by a poor work-life balance. You will put in long hours. You will spend more time getting your business going than you ever thought you would. It will be on your mind when you wake and when you go to sleep.

It’s very easy to let it consume you and your identity.

Set those boundaries before you start. Make time each day for your family, your friends, and loved ones. Be okay with taking necessary breaks, carving out time for exercise, and indulging in hobbies. You might put off taking big, long vacations. That’s fine – so long as your week leaves room for rest, relationships, and recharging.

Fear: What if I fail?

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Fear of failure is common. The key, of course, is to see failure not as an end. Failure doesn’t close the book on your life: it sets you up to write the next chapter.

No one in any industry is an overnight success. There are struggles, failed attempts, and a grueling grind behind every successful entrepreneur. Learn from your failures. Take them with you to the next thing: not as reminders of a personal or moral failing, but as opportunities to course-correct, learn, and come back stronger than before.

 

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