Starting a Business from Scratch, Some “Scary” Issues
Starting from scratch can be both exciting and frightening for entrepreneurs.
This is true whether you’re a 1st-time entrepreneur or you have ecently quit your day job to start up a new company.
Right now your future has no limits.
You might be building the next billion dollar company right now.
Sounds crazy, Yes?
But even though what is happening now and what comes next is exciting, every entrepreneur has some fears. It is healthy to be a little afraid
But it is Key overcome fear to be successful. There is a lot of Northside if you can overpower fear.
Below is a list of the Key fears to overcome as an entrepreneur, as follows:
1. Fear of Change: Change is the 1st fear you will encounter. It will visit you and start hanging out with you long before you go all in on your new venture.
The Big Q: Why?
The Big A: Because screwing up a good thing is scary.
It is human nature to think that no matter how great your current situation is that it could always be better. But, are you stealing defeat from the jaws of victory by leaving a known quantity to start something new?
Until you take the leap make the change, you will worry.
You cannot know whether it will be an equally good or better outcome, and there is no test to take to forecast the future.
All entrepreneurs have to overcome this fear and make a crucial decision.
So, stay where you are or make a change, simple.
2. Fear of Failure: Another fear you must overcome is the fear of failure.
Your company will not work — not enough customers, not enough funding, whatever the reason. You won’t be able to pay your bills, that is part of it.
When you start a company, you’re really sticking your neck out. You do not want people to think of you as a failure.
Fear is Pride, so you cannot worry about what other people sitting on the sidelines will think if you fail.
For some insane reasons some of your family members, friends, and peers will not truly support you because they do not understand what you’re doing.
Consciously or unconsciously, some people will cheer for you to fail.
Let’em, in the end, who cares what they think?
3. Fear of Not Getting Funded: You are passionate about your business idea, but will potential investors think it is good too?
Raising money for a new business is competitive and scary. The process of pitching VCs and Angel investors is anything but predictable. “What if I never get funding?” a little voice asks.
Meet another one of your fears.
The rejection can be brutal, but Key lessons are learned from them.
Listen to the feedback you get from investors, make changes, improve your idea, win the funding, overcome the fears.
4. Fear of Being Uncomfortable: Some people are afraid of feeling uncomfortable.
Personally, I love the feeling, and thrive in an uncomfortable environment.
In my experience, necessity is the mother of invention. It’s very difficult to solve a big challenge unless you’re put in a situation where you have to hustle and quickly figure it out.
So, embrace fear of being uncomfortable.
Think of it like high altitude training. Your body will start to acclimate and compensate for the decrease in O2, and even start to thrive even more.
Trust that being uncomfortable will be the spark you need to figure out a solution and/or come with a new idea. And such ideas may be much greater.
5. Fear of the Unknown: When starting out, one really does not know what one does not know.
There are lots of things you can never know unless you experience them. These are life’s lessons that will help for the rest of your life. The unknown is not to be feared, it is something not yet experienced.
So, Stop fearing your future, and start writing your future.
6. Fear of Letting Others Down: Being afraid of letting other people down can be a Key motivator.
Once people trust you enough to buy your product or service, you want to keep those customers for as long as you can. That means providing a great product or service that lives up to high expectations.
Another group of people you do not want to let down are employees. Working for a startup takes a leap of faith on their part. They are counting on that paycheck from you to earn a living.
Your investors are another group you do not want to let down. Anyone who invests money in your venture deserves to make that money back +.
Fear can either cripple you or motivate you if you make it all about you.
Use fear to focus you and drive you to deliver on all promises made.
7. Fear of Being Wrong: When you launch your business, there are 3 areas that can just kill you: being wrong about your product, target audience, or go-to-market strategy.
Scary stuff, Yes?
In the startup world, a lot can go wrong. That’s why it’s important to be intentional with your strategy when starting out.
Be smarter about the initial assessment you make about your market, it is hard to pivot, pivots hardly ever work.
In Summary: Do not fight fears, recognize them, overcome them, Win with them, and build the business.