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8 Fears in Business Every Entrepreneur Should Overcome to Become Mega Successful

Posted on January 20th, 2020

Fears in business is an extremely powerful feeling. It prevents us from taking action. In some cases this is good. In other cases, fear is detrimental. Fears in business can prevent us from taking chances that could have a positive impact on our lives or companies.

For entrepreneurs, fear is one of the most important humps to overcome. To be self-sufficient and create a successful company, you are going to have to take chances. If it were easy, everybody would be doing it. Here are eight fears in business that you can overcome that will help achieve success:

  1. Making mistakes.

As an entrepreneur, you are going to have to make difficult decisions. Being scared of making these choices because of their potential outcome can lead to inaction.

It is important to know that you will not always make the right choice. That being said, making choices with the information available in an effective manner and learning from mistakes is crucial.

Part of overcoming this fear is thinking about the worst-case scenario for your decision. This can help put your choices in a larger context and make them less scary. Fear of the outcome will not accomplish anything except prevent you from acting decisively when it matters.

  1. How others think of you.

You cannot be afraid of what other people think. There will always be those that will think negatively of you. Being nervous to make choices or take chances because of them will prevent any entrepreneur from being successful.

People are used to societal norms and think differently of anyone who goes against the grain. This means that, by nature, there is a high likelihood others will think differently of you as an effective entrepreneur.

  1. Hurting people’s feelings.

As an entrepreneur, there can be extremely difficult decisions that need to be made. This could be telling someone that you actually do not want to work with them or it could be firing an employee who you are close to.

Despite how scary those conversations and actions are, they are necessary to be successful. If someone is holding you or your company back, then being afraid to take any action will sink your endeavor.

  1. Being vulnerable.

It is scary to be vulnerable. We create these expectations of ourselves as entrepreneurs and feel as if we have to uphold them all of the time. This is especially so when others are counting on us. It is important to show how you really feel, though.

Having people to talk to about your struggles and showing signs of weakness are not bad. Entrepreneurs that provide themselves the mental break and support that they need are the ones that are able to maintain and handle the stressful lifestyle over time.

  1. Being honest.

Telling potential hires and current employees what they are in for is critical as an entrepreneur. Otherwise, you can create false hope and expectations that will cause extreme issues down the road. Creating a false ideal of your company for potential hires and employees so that they feel better is extremely risky.

Instead, entrepreneurs need to overcome the fear of being honest. You can say what you think in a polite way, but you need to say your truth. What you have to say will not always be positive, but it will establish a higher level of respect and credibility for yourself. Plus, it will properly align expectations and allow you to hire people who are prepared for what their role will entail.

  1. Outright failure.

Beyond minor mistakes, entrepreneurs need to overcome the fear of larger failures. There is a chance that your company will not succeed. 

At worst, your company will fail. This happens to most entrepreneurs. It is hard, and depending on your circumstances, it might be difficult to get back up. That being said, the worst case is that your company fails and you go get another job. You cannot be afraid of this failure because it will create insecurity with yourself and your decisions.

  1. That you cannot do it.

With fears in business, there is also a common fear of inadequacy. Many entrepreneurs are overly optimistic about the chances of success for their company. Internally, though, many do not feel that way. If you have a deep fear of failure, it will show in your communication and work.

It is scary, especially when others start to count on you. Understand, though, that there is a reason they chose to work with you. You have to overcome the fear of not being adequate because if that is in the back of your mind, it will take energy and thought away from other things. Instead, be confident that you can succeed.

  1. Criticism.

Nobody is perfect. There are things that you do that will not work well with your employees or investors. Therefore, being open to criticism is one of the most important drivers of personal growth.

Criticism is not a personal attack on you. Rather, it is advice towards being a better leader or being better in a particular role. Thinking about it through this lens will enable you to grow and not take criticism as a personal attack.

Albert Costill

Albert Costill

Albert Costill graduated from Rowan University with a History degree. He has been a senior finance writer for Due since 2015. His financial advice has been featured in Money Magazine, Fool, The Street, Forbes, CNBC and MarketWatch. He loves to give personal finance advice to millennials.

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