Starting up a business can be fearsome. You will be stepping out of your comfort zone, and there will be a huge amount of risks to deal with. It is no wonder only a handful venture into entrepreneurship. Many have brilliant ideas, but only those who have mastered their fears will take the big step. I have to say, starting up with my Brisbane bookkeeping business was the most challenging and intense period of my career. Here are some fears that many startup entrepreneurs struggle with. What are your fears?
- Fear of failure
This is the most basic fear of starting entrepreneurs. What if my idea wasn’t as brilliant as I thought it is? What if the competition is too strong? What if I lose? What if I fail? Nobody wants to fail, and if the stakes are high, many would rather not gamble. Any business is a risk. However, business risks are also highly manageable and measurable. Before leaping into a business venture, learn as much as you can about it first. Study the risks and how to best beat it.
- Fear of making the wrong decision
Am I being crazy to leave my day job and start a business of my own? Should I wait until after the kids are grown up? People are naturally apprehensive when facing tough decisions wherein there are also the huge amount of risks. Manage the fear by asking help from the experts. There are business professionals, accountants, lawyers and bookkeepers in Brisbane that can help you go through the business plan, identify the risks and opportunities and help you decide if it’s a viable idea.
- Fear of incapability
Do I really know what I’m going into? Can I handle people? Putting a business together is a complex process. Many budding entrepreneurs know that having a great product or idea is just the start. There are the legal stuff, the human resources to find and manage, the marketing and promotion to plan, the suppliers to find, and the production to pull off! That’s a tough order! But then, with the right planning and preparation, very much doable.
- Fear of financial ruin
Is it wise to risk my retirement money? Losing money is one of the greatest fears of going into business. Bankruptcy is always a possibility. Many are willing to risk their savings, take out loans and even put up their home to raise the needed capital. Fortunately, there are ways of setting up your business which can help you secure your personal properties or wealth. Consult with business experts to know your options.
- Fear of the unknown
Going into business is a whole new world. You will still be doing your stuff, living your same life and dealing with very much the same people around you. But you also realise that an entrepreneur has a different mindset and way of looking at things. Everything is an opportunity and a threat. Ideas and decisions are thought of hundred times over. No room for fickle mistakes. And a random news bulletin can trigger panic or joy. Are you ready for change?
- Fear of fame and attention
Some people just don’t like to be the centre of attention. They would rather stay out of the spotlight. Entrepreneurship could bring in a lot of fame and attention – wanted and unwanted. Business leaders who value their privacy will need to overcome their fear of attention. One way to navigate this fear is by ensuring the separation of their private and public lives.
- Fear of failing others
When you start a business, you will not only be responsible for your own welfare. The people around you will also be subjected to certain type and level of risks. You family, investors and employees will be rooting for you to succeed. A lot of people can handle failure on their own, but become terrified when the risks involve others.
- Fear of criticism
Do not expect everyone to like or approve of your idea or decision. Some people will point out weak points, suggest improvements or simply ignore or hate it. You cannot please everybody, that shouldn’t be your goal. Aim to please most, accept constructive criticisms and ignore the rest.
- Fear of losing freedom
A business can very well take all of your time, focus and attention, and consume your life. You can think, eat and breathe business. You might lose the time and interest in some of the things you love doing right now – travel, gardening, painting, family. With a business to run, everything else will have to take the backseat. Well, choose a business you are passionate about, then you won’t have to miss on in life.
- Fear of success
Fear of success is a lot similar to the fear of expecting too much so as to avoid disappointment. Assuming that success is highly impossible, we never pushed for it. We started looking at success as a curse that will take away our freedom, privacy and happiness. We don’t strive to break the conformist society and just aim to fit in the ordinary, to blend in and be invisible. As an entrepreneur, you have to realise that true success is not about fame and fortune. It is about the freedom to be yourself, to option to do what you like and to not worry about money nor other people’s opinion.
Starting my business consultancy and bookkeeping firm in Brisbane was a major step up for me professionally. It was a risky career move. I took on the challenge and made the move. It proved to be the best decision of my career. Now, with my personal experience and exposure to the business, I can help others make the right decision.