Fears of starting a new business are expecting things. It can be terrifying, especially if you need to give up something secure what you possess today, to start your business as something insecure and uncertain. Feeling fear is something that most of us have experienced in the past. Before you start a business, it is normal to feel the fear of the unknown.
This process contains the risk of loss which becomes a real risk if and when your business will start not to produce the results as you initially plan to achieve. However, on the other side, if you do things in the right way, you will eliminate such risk.
So, here I want to share some things that you will need if you are going to conquer your fears of starting a new business.
1. Start with the reasons why you feel the fears of starting a new business
As a first, you will need to start with the simple question: Why you fear to start a business?
Is it uncertainty? Do you think that you will lose something if you stop doing what you are doing now to start a new business tomorrow? Alternatively, maybe you overthink the negative criticism of your closer environment?
Also, think about questions that you have in your mind which make you feel fear to start a new business. For example, probably you already think about these issues:
- What if I fall?
- What if I do not know how to do something about my new entrepreneurial journey?
- What if my products or services will not be accepted from my target market?
These questions are reasonable at this stage, especially when you want to change your career so drastically.
2. Do your homework, prepare yourself
Remember that this is a good thing. The fear you feel will prepare you for the success if you do your homework in the right way.
For example, if you do your market research as your homework before you start the business, you do not need to fear that your products and services will not be accepted from the market. On the other hand, before you start doing something you cannot experience new things, increase your knowledge, or your overall competencies.
Doing something, or better said, taking some first steps as your homework will give you enough encouragement that you need to make the second stage. As you move forward step by step, the fear you feel at the beginning of the process will start disappearing.
Research is the most significant thing you can do to achieve the success you want to achieve. If you prepare yourself, all of the things that will come during the start-up process you can easily handle because you already know to find the right solution for the problem.
If you feel fear about possible negative criticism, remember that the criticism is a good thing when you want to start your own business.
Most people just fall in love with their ideas. Sometimes they get blinded by their passion for their ideas. So, they do not hear what others tell them. You need to validate your idea before you start doing anything else.
Simply, talk with some potential or target customers about your ideas. Connect the dots between their real problem and what your product or service will solve for them. If they think that your solution is not revolutionary, then you will need to improve your idea.
It is much easier to change things now than waiting to build your product or service only to find that it is not something that people will want and buy from you.
This is how you should handle your feelings when you want to start your own business. Prepare yourself, do your homework.
3. Think about the benefits that you will earn
Even there are many uncertain things about something new, starting a new business will also give you many benefits. For example, think about the following things:
- You will do something that you love to do if you base your business on your real passion;
- The earning potential can be higher;
- You will be able to make your plans;
- You will control your destiny;
- You will select people with whom you want to work;
- You will have constant challenges in your professional life.
You can also think about missed opportunities, or what you will lose if you do not start working on your startup today, or tomorrow. In many cases, the fear of not starting your business can outweigh any fear of failure. Human beings are more scared of what they could miss out on if they do not take specific steps.
So, answer the following question: What will be missed opportunities that you might have if you don’t take those first steps to start a business?
4. Everyone fails, failure is a learning possibility
Understand that everyone fails. The only people who don’t fail are those who never take something, or do something. You will not fail if you don’t take the risk.
As noted by Alex Denholm at Ghost Insights, many successful business owners have already failed, not once, but many times before they reach the first success. You need to remember that most successful entrepreneurs have failed. When they fail, they learn something new. They experience new things. With new knowledge and experience, they can simply improve their next steps.
5. Complement your weakness with other persons
It doesn’t mean that you will need to start alone on your entrepreneurial journey. If you want to overcome the fear of not enough experience, you can find someone experienced to become your partner on your journey.
In such a way you will share not only experience but all other gains and losses.
You will need a business partner that specializes in things that you don’t know.
This is a good strategy if the fear prevents you from moving forward to become an entrepreneur.
6. Take small steps to your success
Starting a new business is a big project with big goals. The big projects and big goals will require big steps. But, many times, you will not have time to get everything done. As you see, you will have to do your homework to prepare yourself and validate your idea. These are the primary things for you now.
Don’t allow yourself to be stuck in not taking these first steps because you’re afraid that you won’t do enough. Start small and take an incremental step. Do your work step by step. You will remove the pressure from your head and start accomplishing one little thing every day. Day after day.
When the task you chose to do today is so small, almost meaningless, your subconscious mind will not push the resistance to do it. Such steps are not threats to your subconscious mind. But, after several days or weeks, these small steps will start bringing small success to you and your business. When you start feeling the success of achievements, your subconscious mind will start enjoying the things you are doing. So, it will begin to want more and will start pushing you to do more.
These small steps and resulting small achievement of small success will bring you closer to your big goals and achievements of your big projects over time. It is important to start doing things so your confidence will increase, and the fear will disappear.
This is called Kaizen philosophy. Kaizen is a Japanese term coming from the manufacturing sector that means improvement. It is a process of making continuous small improvements rather than taking large steps toward the goal you want to achieve.
To implement this process, you can start with the following steps:
- Select one important thing you need to do in the next period of a week or two. It can be doing your market research, talking with five potential customers from your target market to validate your idea, and so on. Just pick one thing for now. Remember that Kaizen is a continuous process.
- Break down the selected thing you want to do in the smallest possible steps you can take daily. What is the minor daily action you can take to bring you closer to your goal? Be sure this step to be minimal so you can do it quickly without losing too much time.
- Schedule these steps to be implemented in the next one week or two. Open your to-do list schedule your small daily actions for the next week or two.
- After a week or two, measure your achievement and repeat the whole process. When you accomplish everything you have scheduled from the previous step, it is time to measure your achievements. How much closer you come to your goals. When you see that you move forward, day by day, week by week, your self-confidence will rise, and the fear will start disappearing.
These are some essential things that will help you to overcome the fear of starting a new business. But, it is up to you. You need to start doing things. Stop dreaming, and start doing. I believe that you will succeed.