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How to overcome fear of failure in Entrepreneurship?

January 13, 2016

The fear of failure is something often spoken about in relation to entrepreneurship, regularly cited as something all entrepreneurs must overcome if they are to stand any chance of reaching the top. However, there is no quick fix to overcome the fear of failure; all humans are programmed to feel unsure and even scared when challenged with leaving their comfort zones.

With entrepreneurs being told to go against human nature and embrace risk, it’s no surprise that many new entrepreneurs fail due to the overbearing fear that they will never reach their goals. With so much at risk – funding, lifestyle, and future – it’s easy to see how a fear of failure can constrict an entrepreneurs life decisions and impact their willingness to attempt certain activities.

There are many external factors that can contribute to an increased fear of failure and believe entrepreneurs and risk takers are more exposed to these factors than those who choose to lead a more linear lifestyle.

Entrepreneurs experience a high level of doubt and criticism which can impact their belief that they can succeed. The firm understands that these factors are playing a destructive role in entrepreneurial success.

A recently commissioned report by Amway titled ‘Global Entrepreneurship Report’ conducted assessments based on three core areas – the desire of people to set up a business, the likelihood of them being put off doing so by friends and family, and their confidence in their ability to get a venture up and running.

The report also revealed that seven in ten budding entrepreneurs feel daunted by the possibility of not succeeding, whilst a lack of money or business knowledge is a major contributing factor to make entrepreneurs feel unsure whether they will be able to create a successful venture.

In the current market, it is imperative that aspiring entrepreneurs are fully prepared for all eventualities before embarking on their entrepreneurship journey.

Being knowledgeable and gaining experience prior to launching a venture can help an entrepreneur face challenges head on and overcome the challenges that other, less prepared entrepreneurs may struggle with.

See: If You Dream to Become a Millionaire, Then this is a Must-Read

To help even more entrepreneurs succeed, here’s a must-read guide for aspiring entrepreneurs.

  1. Start a business you are passionate about

Starting a business is stressful and can involve a lot of paperwork, unless you are passionate about what you are doing, the process can very quickly become a drag. Passion will help entrepreneur weather the storm and remain engaged.

  1. Look for market opportunity

Investors are far more likely to show interest in an idea that has a big market potential as it offers a safety net for their investment. Make sure you conduct in depth research to ensure your idea has growth potential.

  1. Keep an Eye on Finances

Keeping track of all in-comings and outgoings is vital to avoid overspending. Don’t get overexcited when revenue starts to flow in as this can lead to overspending and put your business in jeopardy.

  1. Check out the competition

Keeping a close eye on competitors will allow you to seek out gaps in the market and offer something truly unique to your customers.

  1. Ask for advice

There is no shame in asking for help, and as an entrepreneur the advice and insights you can gain from those who have gone through the process before can be invaluable.

  1. Never Stop Networking

As well as opening up a wealth of investment and collaboration opportunities, networking offers entrepreneurs the chance to boost their market presence and build a positive professional reputation. Never turn down the opportunity to meet new people

  1. Provide Great Service

Going the extra mile for customers in the early stages of business is highly important. Happy customers are a valuable commodity and a powerful marketing opportunity.

Also read: How to Pitch Your Business Idea Successfully to Investors?

Image credit: cnbc.com

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