Those of you who have been following my blog for a while probably know that I am a sucker for themed posts. And what's the next big holiday knocking on the door? Halloween, of course! But wait a minute, what does Halloween have to do with business? Well, nothing at a glance. If you think about it, though, in its core the celebration of Halloween is about conquering the fear of the unknown. And as business owners we have to do that not just on a particular day of the year, but almost every morning. Quite often, even before the coffee.
So, to stay relevant with time, I've chosen to talk about some of the most common fears every entrepreneur has at some point of their business journey. But of course, you aren't interested in a simple list of concerns. You probably want to know how to cope with these fears, especially if they are troubling your mind right now. Good thing you landed here, cause I've got you.
#1. I'm Going to Fail
This must be the one fear all of us have had, even if it was just a thought that crossed our mind for a moment. Having the fear of failure isn't all bad. It means you realise running a business is not a childish game and it takes a lot to become successful. The trick here is to not allow this fear to settle within you permanently. Don't let it crush your confidence. Easy said, but how can it be done?
- Do your market research - Don't throw yourself into the deep water without dipping your toes first. If you are starting a business, test your idea by doing proper market research. Find out if people Like it, Want it and Need it. Your product or service has to pass all three for you to start offering it. When you have been in business for a while, don't stop studying your target market. Its preferences and needs will change with time. If you stay behind, your business will suffer.
- Start with low expectations - Although it's great to believe in yourself and your idea, be realistic about your goals. Having lower expectations will help you tackle the fear of failure because your target won't be buying a private jet during your first year of trading, for example.
- Get a mentor - Find someone or some people who have walked that path before and can tell you what exactly to expect, what you should prepare for and how to do things the right way. You don't necessarily need to pay for this service. Just join business groups or go to networking events where you can learn new things and get some ideas.