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- 5 Fears Every Entrepreneur Must Face To Face
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5 Fears I Overcame to Become an Entrepreneur. And there are challenges and struggles every entrepreneur will face. These challenges are especially strong when you’re starting a business. The last struggle is fear. By Definition, Fear is an emotion induced by perceived danger or threat, which causes physiological changes and ultimately behavioral changes, such as fleeing.
Fears should never be a barrier between you and your dreams! There are many fears that can emerge when deciding to begin your business. Many entrepreneurs face the same if not very similar fears when it comes to putting their dreams to action. Check out the top 5 fears entrepreneurs have and how to conquer them!
1
Fear of Takings Risks
Taking the leap to begin your dreams can be a scary thought when you think of all the risks you could be taking. There can be a risk in not being ready, a risk of success when something’s already been done! However, contemplating your dreams and not taking action for fear of taking risks calls for a dream to remain only that, a dream. Instead of focusing on the risks that can come about, think of the solution for each risk and how to overcome them. If you have found something you truly care for, a passion, then a risk is nothing compared to the amazing life and adventure your new business will bring you.
2
Fear of being Mediocre
When you come up with your business plan or have stormed up a dream, in comes the questioning of your own ability to pull this concept through. It’s normal to doubt yourself especially when you know you don’t have all the necessary knowledge before getting to work. Remember, you will never be fully knowledgeable in anything because there is always more to learn. That’s where the beauty is and that’s what you should focus on. Regardless of whether or not you are ready to make this business or product, you must start somewhere. Fear of being mediocre will keep you from ever advancing! Start the race against yourself now and put one foot forward towards success, that’s all it takes.
3
Fear Of Acceptance
In a world filled with criticism everywhere it can be a bit intimidating to share yourself and your business to the world. If your business or product is something that has already been done, remember that every single person has a unique touch. Not one mind or body is the same and that is where your power lies. People will always judge especially those things that are different. It is no reason however, to not conquer your dreams and tackle them head on. Do not let the fear of acceptance keep you from reaching your full and best potential.
4
Fear of the Unknown
Creating something and not having the “correct” result is fine. Making mistakes is fine, it’s normal and it is expected from every start-up company. Even companies with years of experience make mistakes! The great part of mistakes is that you can learn from them and fix them! With mistakes comes progress and progress brings profit! Your fear of not knowing whether your business or product will be 100% amazing the first time around stands no chance against those who are taking the leap, making mistakes and evolving their products.
5
Fear of Failing
The most common fear within the entrepreneurship community is the fear of failing. This is what keeps you at the edge of your seat and from even starting the game. Overthinking is a huge cause of fearing failure. We often make up crazy scenarios in which we could go wrong and we let it manifest into something so huge, it overshadows what we’ve been meant to do from the start: conquer our dreams. Conquer your fear of failing and watch as the process leads you to where you’ve always been meant to be.
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According toForbes, 90% of all startups fail. The dramatic statistics scares off many potential entrepreneurs. Even if you make mistakes, there is still a chance to survive. At least, 10% of entrepreneurs who start their business know how to overcome their fears.
Below, you will find five most common challenges every young entrepreneur can face, and some suggestions that will help to make it through.
- Changes
Most people prefer living their routine lives in one place, doing the same things every day, meeting the same people, and so on. However, if you wish to do business, you must be ready for changes.
The change is what is going to hang out with each entrepreneur long before he or she goes all in the new venture. It is often difficult to evaluate how green the grass is on the other side. While one person feels fine making $50,000 per month, another business guru would prefer finding new ways to expand. It is hard to predict whether it would be safer to stay in your own shoes or discover another goldmine through taking risks.
The changes are mostly associated withpenetrating new markets and starting another product or service. From one side, they have a high-quality product beloved by the population. On the other side, it’s our nature to think that no matter how good the current situation is, it still could be better.
In many cases, the entrepreneur can leave the existing business and try a new one thanks to the revenues he has already earned. However, a new business may require all attention and efforts, so people often sell their current businesses to try something new. That is when they face the fear of change.
Until you take the leap and try to adapt, you will be worrying every second. You canA/B test a new product or service, but you cannot do the same with your life. Thus, just give it a try!
- Money
Spending money is a reasonable fear, but sometimes it turns into aphobia. Okay, the person has been saving money for ages to launch the business of his dream. How come he should risk losing the game now? In case the person borrows large amounts of cash to launch the startup, it gets even worse.
Staff, office space, advertising… Those are things you cannot realize without investing into them. Often, entrepreneurs act as the tightwads when solving the problem with personnel. They would rather do several tasks at a time than hire as many people as required. Such enthusiasts often end up living in a hedgerow. No person is equally good in marketing, SEO, SMM, and development, for instance.
Some people decide to launch coaching services, but such type of activity requires buying a certificate. They usually cost $5,000 or more. The entrepreneur may ignore this claim. Later on, the fine he will have to pay may result in much more than $5,000! I am not calling to waste your money – instead, I urge you to plan your budget wisely!
- Criticism
Okay, you might say that every person fears being criticized, and that is so true! The young entrepreneurs all make one common mistake: they think about what others will say about their first steps to success instead of focusing on implementing their ideas. When the person loses their confidence, he becomes annoyed and bewildered. You don’t want these two moods following your business.
Do not take the words or even critical reviews to heart. Remember that most of your haters are either your rivals (and it does not mean you cannot beat them in a fair game) or people living next door who do not have enough will and bravery to open their business. Such people may only criticize. On the other hand, if you receive objective feedback from experts, you should not ignore it! Just fix something about your business.
- Experience
5 Fears Every Entrepreneur Must Face Mask
While you might be an expert in one field (e.g., computer software & web development), you may have no idea how to promote the product using effective marketing channels. Experience is something you can always gain. Unless you want to hire many different specialists and divide the assignments equally among them, you should attend professional courses and gain a minimal knowledge of every field.
It is important to know at least the basics of other fields like SEO, Content,Customer Support, HR, and Marketing if you plan to launch a web development company.
The best way to overcome the fear of lack of experience is to outsource your services.
Ukraine is hard to ignore when it comes to outsourcing. Seven years ago, it crowded the top of the list of the best outsourcing countries for software development.
In fact, the fast growth of this industry is one of the major achievements of the country for the past few years. In spite of economic difficulties, the rapidly-growing outsourcing market keeps looking for new ways of international cooperation. Currently, Ukraine has established the position of the most popular outsourcing country for American and European businesses. And it looks like this segment is going to increase a potential for development in the years to come.
According to DOU, one of the most popular online tech journals in Ukraine, the biggest IT companies in the country specialize in outsourcing. There are the companies like Luxoft, Ciklum, GlobalLogic, SoftServe, and EPAM.
Statistics prepared by Ukranian Digital News shows that the leading importer of IT services produced in Ukraine is the US. They are buying more than 80% of Ukrainian tech exports. What is more, Ukraine has the largest IT labor supply in Europe. Let’s see why cooperation with Ukrainian specialist is a wise decision.
Read more about outsourcing in Ukraine on our blog.
- Failure
5 Fears Every Entrepreneur Must Facets
All entrepreneurs fear to fail. There are many reasons, and each of them is listed above except for one. In addition to the risks associated with obtaining no return on investment, losing all savings, being criticized/laughed, and promoting useless product/service, the person who decides to open a business also fears to lose the respect of family members, friends, and other beloved people.
It makes sense that people who put everything at stake worry about failing their mission and making their families disappointed. However, if the person really loves you, he or she will support you no matter which obstacles appear on your way!
5 Fears Every Entrepreneur Must Face To Face
These are five words every young entrepreneur fears. Only by resisting your phobias, you will achieve success. No one is able to forecast a long-term market behavior. Thus, if you are sure about the high demand for your product or service today, it is important to take the bull by the horns ASAP!
If you still have questions concerning the overcoming of entrepreneur fears, just contact us.
5 Fears Every Entrepreneur Must Facebook
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