Fear of failure in new situations-5 tips to overcome it
There are many potential entrepreneurs who never take their business ideas because it blocks the fear of entrepreneurship. We can not judge them, to undertake is not easy and almost 100% of the time requires a greater effort than we would have to do work for someone else for a company. But if you really want to start … is not it worth trying? We share how to overcome the fear of failure in new situations.
In this article, we will see the main fear of failure entrepreneurs face and the keys to eliminating them. What are you waiting for?
Afraid to undertake: Searching for the origin
The fear of failure is the fear to undertake par excellence. It is an irrational fear that tells us that everything will go wrong and that we will fail in the attempt. But why are we afraid of failing? The problem is that failure has been socially stigmatized for a long time. Until now it seemed that failure in an entrepreneurial project was a source of shame, but luckily things are changing.
Increasingly, in the entrepreneurial world, failure is valued for what it is: a new opportunity to start with more experience and lessons learned. It is also important that we understand that the fear of failure is not something that happens only to us; All entrepreneurs face this fear but they overcome it at the moment in which their willpower is superior to this fear.
“The power of fear of failure is an incredible force. But I think we should not worry about being afraid to fail, it’s quite natural. If you do an interview with any of the best businessmen or any of the best athletes, I bet you that if they are frank, they will tell you that they are also afraid of losing and afraid of failure. “- John Caudwell
How to overcome the fear of failure
We must understand that it is an irrational fear. The fact of failing in itself has no effect (unlike, for example, fear of economic problems).
Understand that, more and more, failure is better considered. If we fail it is because we have tried and that is a good example of our will.
We have to see the positive side of failure: at least we will have acquired experience and knowledge to improve in future opportunities.
Failure is not the end, we can always try again.
The fear of undertaking is directly linked to the economic difficulties that this entails. In fact, the fear of problems related to finances is one of the ones that most blocks new entrepreneurs since it has a direct impact on the quality of their lives.
If we do not have a large capital or a family that can support some important expenses, embarking carries a certain economic risk that is often difficult to assume. Not only for the money that we have to invest directly to develop our product or pay marketing campaigns that bring us customers, but also because undertaking many times requires leaving a fixed and stable job that gives us the greatest source of income.
Many entrepreneurs who lack financial knowledge only suffer this fear once they have gotten fully into the project and see black clouds on the horizon. It is easy for us as entrepreneurs to focus more on product and marketing than on finance and this is what this fear can generate as the startup progresses.
How to overcome the fear of economic problems
Making a financial plan that realistically assesses all costs and clear uncertainties. We must have clear our economic situation at all times.
Undertake a Lean Startup methodology that helps us validate our business hypotheses before investing in the project and allows us to spend the money more efficiently.
Talk to our closest family and friends to explain the potential economic impact of our project and see what support they can offer.
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Entrepreneurship involves change: we change our daily routine, we change personal goals, we change tasks, we change partners … This change can be a big problem for many people who find it difficult to leave their comfort zone, but luckily we can solve it.
When a person has been doing the same thing for many years, to stop doing it to make different ones is to break with their comfort zone. This means to stop being comfortable to venture on a kind of path that can lead us to a better destination, but also to a worse one. The longer we have been without leaving our comfort zone, the harder it is for us to do it and the more we feel the fear of change.
The fear of change is also a fear of the unknown; to the uncertainty of what we are going to find. Not knowing what the future holds us means that we do not apply movement towards change.
How to overcome the fear of change
First of all, we must get used to constantly leaving our comfort zone. We can achieve this by doing activities that we are not used to and that can range from public speaking to learning a new skill.
By undertaking, we can face the change in a gradual way. For example: instead of leaving work at once to launch our project, we can start working on it in our spare time until we feel ready.
Plan well our project and take into account all the factors that can affect it can help us eliminate uncertainties and have more clear implications of the change. We will feel more confident and determined to do so.
The fear to undertake many times is enhanced by the entrepreneur’s perception that he does not have enough knowledge or experience to achieve success. It is true that entrepreneurship tests all our abilities and knowledge. But it is also true that on many occasions we tend to magnify this problem.
The difficulty of “combating” this fear to undertake is that there are many different topics. And the possibilities of continuing to learn are endless. We will never be able to treasure all the knowledge that surrounds the entrepreneurial aspect. In any case, we have to understand that the process of entrepreneurship will allow us to continue learning. And will give us little by little the experience we need.
It is not a matter of undertaking without preparation, but we can not allow preparation to paralyze our actions.
How to overcome the fear of lack of knowledge and experience
Reading some of the books for entrepreneurs that we recommend, you will not only acquire knowledge in many areas. But you will also realize that many entrepreneurs achieved success by learning as needs appeared.
The lack of experience can also be partially met by talking with other entrepreneurs of their own. Most cities have entrepreneurial events with more or less regularity.
Another of the most common fears faced by entrepreneurs, especially entrepreneurs who launch their ideas alone, is the fear of loneliness. And is that if you are used to working in a company with other colleagues. Undertaking on your own can be an isolated process.
In fact, this is one of the main reasons why many new entrepreneurs look for a partner to co-found the project. Although it can be an effective solution, choosing a partner only because of the fear that gives us to work alone, can also be a bad decision. We have to understand that having a partner involves giving up a percentage of the shares of our company. And this can be a very high price to pay just for having a company.
How to overcome the fear of loneliness
Attend events, courses and entrepreneurship workshops or other topics related to your sector. You can avoid isolation and also take advantage of networking.
Changing the workspace can also help. If you work every day from your home, you can try visiting a co-working space someday or even working from a cafeteria.
If your project allows it, instead of looking for a partner, you can bet on the hiring (even if it is part-time) of a person whose profile could have a great positive impact on the development of the project.
We hope that the fear of undertaking is not a problem for you after reading this article. If you have entrepreneurial experience, tell us, what other concerns have you assaulted in the process of launching your idea?