How many times have you thought about starting your own venture, only to brush it away for a later time? Fear always appears when you are about to embark on something new and I think, it is a very natural and POSITIVE response because it indicates that you are pushing yourself and dreaming big. However, by overcoming the fear of the unknown and reframing your definition of failure, you can accomplish remarkable feats. It is often not only the security of a steady income that keeps someone from trying to start their own business but also other factors such as giving up medical benefits associated with your ‘stable’ job (and many more) which convince a person that starting their own business is not in their best interest. So, today, let us review a list of things an aspiring entrepreneur might fear and learn how we can overcome them:
- Don’t know where to begin from!
Most entrepreneurs do not know from where to embark on their entrepreneurial journey. To set the ball rolling, it is important to push and must I say, push it in the right direction! You should begin by locating someone who has already achieved the goal you’ve set for yourself. With the world having become a digital village, this is not a very difficult task. Read about the person, the structure of her business and reach out to see if she can offer advice or information.
- The ‘Herculean’ task of finding funding!
Starting a business would perhaps be less intimidating if one knew that every person with an idea could waltz into a bank and receive a loan or attract an angel investor. However, entrepreneurs without investors must jump-start their businesses anyway, because although you may not have a big amount at first, slow and gradual growth of your business will attract investors and clients alike, thereby preventing the cash-flow from running dry. Re-investing profits into your business model will make you self-sustainable, relying lesser on investors.
- Not being as busy as a bee!
It is extremely terrifying to take the risk of offering your skills, investing your savings and not knowing if your services will be needed or valued. You may not be as busy as you had dreamt of being, because business will initially be slow. Unless you start your business with an established audience of people ready to throw money at you, many clients/customers will not be knocking your door down initially. Patience, a positive approach and consistently delivering what your brand promised, will help your brand grow. You will surely experience a turn of the tide. In the meantime, work your marketing plan feverishly, study to increase your level of expertise and go easy on yourself because you’ve already made it further than most.
- Facing the market linked ups and downs
Businesses have time and again faced unprecedented situations which have harmed their growth. The COVID19 situation is a classic example! Not earning enough to recover an investment can indeed be very scary. Therefore, it is important to organize and operate a business taking on greater than normal financial risks, but simultaneously be equipped for ‘rainy days’ as well. If you happen to invest in your business and don’t see an immediate return, keep working. You must keep reminding yourself, if you could raise capital to invest in your venture once, you can certainly do it again…and again!
- Not being able to strike the perfect work-life balance
You might be scared that your new enterprise will not provide for your family or be an embarrassment (in case you do not do very well) and that you may not be able to give enough time to your family (in case you do very well). Here is a reality check for you -throw away the idea that there’s a perfect work-life balance. You are getting ready to pour a majority of your time, energy and money into building a business. If you’re an entrepreneur there’s a good chance that the line between personal and professional life will not be vividly demarcated. Thankfully, with the right support system, running a business doesn’t have to be a hinderance on your personal life. The ability to focus on family and friends while keeping sales rolling is essential. Be sure to surround yourself with people who understand the need for balance.
Interestingly, you will indirectly, encourage your children to pursue their dreams when they see you go for the gusto and give your dreams a chance. Thus, waiting for the right time with fecund environment and opportunities to arrive is equivalent to wasting your precious ideas. The time to begin is NOW – So steer clear of fear and charge ahead.
Avtar Madan
Himanshu
Shree Lahiri
