How to Overcome Your Entrepreneur Fears and Start a Business
Starting a business is undeniably scary. What if everything goes wrong and you wind up losing money and making a fool of yourself? Every first-time entrepreneur has these fears. In fact, many experienced entrepreneurs still grapple with the fear of failure. The truth is, very few startups go according to plan, and that’s okay! Learning to live with uncertainty, embrace the unknown, and make effective business decisions will help you overcome your fears and start the business of your dreams.
Connect with a Coach
A little guidance can go a long way towards settling your business fears and illuminating your path forward. If you could use some professional advice, get in touch with a business and communications coach like Janice Debo! Working with a coach can build your self-confidence, improve your time-management skills, and give you a sense of accountability to ensure you follow through on your business plans. Plus, an outside perspective is always valuable when you’re bringing new ideas to life!
Create a Business Plan
Fears associated with starting a business often come from a place of uncertainty. You may be uncertain that your idea is feasible, that people will want to pay for your products, or that you’ll be able to turn a profit and pay off those business loans. Creating a business plan is an excellent way to dispel at least some of this uncertainty.
Business planning involves a number of important research steps to uncover the feasibility of your business idea and the steps you’ll need to take to reach your goals. As you research the market and uncover information about your competitors, you’ll be able to map out your path ahead.
Avoid Professional Software
If you’re worried about making mistakes as you find your way around business ownership, turn to professional software to handle some of your daily business management tasks. Software designed for small businesses can reduce human errors and ensure your business is built on a strong, scalable foundation that enables effortless growth.
For example, good accounting software will help you avoid costly financial mistakes. Look for accounting tools specific to your industry. For example, if you’re starting a construction business, you can find online tools that offer easy accounting for construction. Make sure your accounting tool includes features like time tracking, expense tracking, contractor management, and tax compliance.
Focus on Your Strengths
New entrepreneurs often fear their own inadequacy. It’s common to experience self-doubt and think that everyone else knows more than you. This is known as imposter syndrome, and it’s surprisingly common among entrepreneurs. One of the best ways to overcome imposter syndrome is to double down on your strengths and do what you do best!
Ryan Robinson recommends focusing on your strengths instead of trying to improve your weaknesses. Perhaps you have fantastic interpersonal skills that can help you grow your business through professional networking. Or maybe you possess finely-tuned technical skills that you can use to produce a top-tier digital product with features your customers can’t find anywhere else. Stick to what you like and what you’re good at, and find other skilled individuals to round out your weaknesses!
Hire Skilled Help
As StartupNation explains, you need access to a wide range of skills to ensure business success. Because you likely don’t possess all of these skills already—and learning them can take a long time—consider bringing on a few team members or outsourcing one-off projects to skilled freelancers. You can outsource writing, web development, marketing, lead generation, accounting, project management, and more. Start looking for talent on freelance marketplaces or reaching out to potential candidates on LinkedIn. Working with a few talented individuals is a great way to boost your confidence as you work to get your business off the ground.
Every entrepreneur faces some level of fear as they navigate business ownership for the first time. Don’t let fear stop you from pursuing your big idea! Try to view your concerns as challenges to overcome rather than barriers to avoid. As you work your way through your startup checklist, your confidence will only grow!
Improving your entrepreneurial skills is a great way to build confidence. Book a coaching program with Janice Debo to discover your path to more effective communication, decision-making, and overall performance