Written by: Alan Goldberg
Most of us are happiest operating within our “comfort zone” -- where everything is routine, familiar & safe. Inside our comfort zone, though, we rarely unlock our fullest potential. We often stay at a job or in a relationship, longer than we should -- because of its familiarity. There's comfort in security. The unknown can seem daunting.
Entrepreneurship is treacherous ground. You may face great risks, from the inception of a company through its growth stage, and even as you stabilize and gain momentum. If you’re going to be successful as a business owner, you need to be prepared for risk and address your fears proactively.
While each entrepreneur and each business is unique, there are five common fears almost every entrepreneur will need to face before starting a business:
Money
A business costs a lot of money to start and run. Capital is one of the biggest concerns most entrepreneurs have, and with good reason. Funding usually comes directly from an entrepreneur's savings or the pockets of independent investors. If you can't secure a reliable revenue stream by the time that initial startup capital runs out, the business -- and all that money -- is in jeopardy of being lost for good. Disappointing investors is one thing but losing your life savings is another!
Skills
Running a business takes specific talents and skills. Whether you're worried that you aren't good enough as an entrepreneur or that your product isn't good enough to be competitive, these fears can be debilitating.
Remember a simple concept that applies to all businesses launching with a minimum viable product. Your product doesn't have to be perfect when it first launches, nor does it have to be the best. It just has to be acceptable. From there, you'll have plenty of room to make improvements over time. No product ever starts out perfect. As an entrepreneur, you too can be a minimum viable product. You don't have to make all the right decisions, and you don't need to be a perfect leader. You just have to be passable until you have the time and experience to improve yourself.
Stress
The entrepreneurial life isn't chosen because it's easy. It's chosen because it's a challenge with many rewards along the way. If you're getting into entrepreneurship because it seems like an easy way to get rich quickly, someone has lied to you.
Entrepreneurship is riddled with obstacles, stress, and hard work. But, the flip side of entrepreneurship is control. Yes, you will inevitably feel overwhelmed at times, but it's all completely within your power to change.
Knowledge
You don't know what you don't know. The unknown is indescribable and impossible to prepare for. When you first get started with a business plan, a bit of money, and maybe a partner or a mentor by your side, you'll have no idea what to expect in your first year. For many, it's a thrilling thought, but it's also terrifying.
Entrepreneurship isn't a job. It becomes a lifestyle. You're choosing to be in this role because you're a risk-taker, you're passionate, you work hard and you believe in your idea.
Failure
The fear of failure gets the better of all of us occasionally. There are small failures -- such as a botched email-marketing campaign or a major bug you discover post-launch, and massive failures -- such as your company's going under. Failure will set you back no matter what. But, you can't let the fear of failure stop you from making a decision. Failure is only the end of the road if you let it be. Otherwise, it's just a temporary stopping point in a long path to a final destination. More important, failures are learning opportunities. Every failure you experience yields a lesson you can incorporate into your business or your life.
The above is more than enough to conquer any obstacle that gets in your way -- even the unknown ones. So put those fears to rest and believe in yourself. Risks shouldn't steer you away from pursuing entrepreneurship. Instead, see them for what they are: necessary obstacles on a greater path. There's no way to avoid the risks you'll face as an entrepreneur, but by recognizing them, you can prepare and mitigate them.
