September 27, 2022

How to overcome the fear of starting a business?

There may be many reasons why entrepreneurs fail, but many of them are caused by psychological factors. In other words, psychological fear leads to the inevitable result of failure.

1. What is fear of entrepreneurial phobia?

A survey found that the main reason why 89% of entrepreneurs retreat or give up without encountering substantial difficulties is that they doubted their actual ability before starting a business. Before encountering real difficulties, many “pre-existing” obstacles were created, so that they were daunting and struggling. They were always afraid that if they failed, they would consume energy, financial and material resources, and finally gave up the hope of actively pursuing success. This state is called “entrepreneurial phobia”, which can be subdivided into five types:

1-1, psychological fear

Psychological fear Many entrepreneurs feel fear of starting a business because of their distrust of themselves. To overcome this psychological fear, entrepreneurs can first start from a familiar industry or business. Secondly, we should actively accumulate human resources and focus on industries with many friends, good interpersonal relationships, and smooth channels to lay a foundation for career development. In addition, we must learn to minimize unnecessary expenses, convert constant costs into variable costs, and effectively control variable costs.

1-2, competition fear

Competition fear Every entrepreneurial project has to face competition at all times. Newly established companies are undoubtedly inferior to others in terms of capital and technology, and some entrepreneurs will have competition fear. To overcome it, first of all, when an entrepreneur intends to engage in a project, he should investigate the situation of his peers in advance. Secondly, it is necessary to understand the construction of competitive advantages, that is, the unique capabilities of enterprises in market competition. This requires entrepreneurs to understand and analyze the power balance and benefits of the two competing parties. Based on this, they may directly confront or cooperate. In order to form the most reasonable corporate competition strategy.

1-3, funding fear

Fear of funds Worrying about insufficient funds is the root cause of most entrepreneurs suffering from “entrepreneurial phobia”. However, entrepreneurs should know that the problem does not exist because of fear. Faced with a shortage of funds, entrepreneurs should devote more time and energy to fundraising rather than fear. Once you start to face the problem positively, there is no time to fear. In short, being busy is a cure for fear.

1-4, ability fear

Ability fear Ability fear belongs to a kind of psychological fear, mainly a manifestation of unconfidence. I don’t have a good understanding of the prospects, and I don’t know if I can stand out from the competition. For this situation, the solution is that entrepreneurs must be down-to-earth and don’t imagine getting rich overnight, and give themselves a clear position.

1-5, risk fear

Risk fear To overcome the risk fear in the entrepreneurial process, it is necessary to learn to predict the level of damage that risk will bring through objective analysis, and be aware of it. After that, measures should be taken to reduce the possibility of risks, such as formulating careful collection measures; strengthening security measures; depositing the cash received on the day in the bank in time; investigating the surrounding environment and preventing possible problems.

2. How to overcome entrepreneurial phobia

Many people have thought of quitting and starting a business, but they have not realized it. They dare not take the first step or because the best time is not yet reached, or because they do not have enough funds, or because they do not have sufficient experience… But the fact is, you dare not resign because you are afraid, and you cannot overcome your fear. Mainly take the first step, other problems are just excuses.

2-1. Face the fear and dare to try and fail

The best way to overcome fear is to face it. As long as you choose to start a business, failure will be inevitable. But the advantage of failure is that if you dare to try the taste of failure, you will eventually succeed.

If you want to do something, the best way is to act immediately. Don’t worry about the result. You can control the trajectory of your destiny, but the future is beyond your control, so why worry about these things that you can’t control?

2-2. List the things you are afraid of

First of all, you have to recognize the things you are afraid to face, such as fear of not being profitable, poor capital turnover, and insufficient management experience. Don’t be afraid of failure. Failure is an important part of life. You can fail in anything you do.

2-3, gradually break through fear

After you have summarized the problems you fear, you will proceed to the next step. That is when you encounter a fearful thing, which method do you use to deal with? Who can help me? Is there anyone who can help you through the difficulties together.

You have to constantly develop such a response plan, take preventive measures, and refine everything you do to overcome your fears. In this way, you can have a strict plan of action in the face of fear.

2-4. Implement your plan

After the preparations are done, you should also pay attention to:

You have ensured that the plan you made can be well executed.

You have overcome your fears and are fully prepared to start a business.

The next thing to do is to start your entrepreneurial journey, find product suppliers, and talk to people who can introduce you to the suppliers…Once you have completed the first step, you must start the second One, the third, keep going.

2-5. Learn to find experience in failure

Failure is inevitable. There is no reason for people. Only after experiencing failure can you understand the meaning of failure. Only after experiencing failure can you have the motivation to continuously move towards your goal and continuously modify yourself. The mistakes you make make yourself stronger. Try to learn from the failure and start the Jedi counterattack

In addition, continue to refine your goals to avoid the blows and failures that you cannot bear. Instead, there are small setbacks that make you stronger.

In fact, the gap between ideal and action is very small. All you need is focus, enthusiasm and hard work!