Many potential entrepreneurs never get started because they are afraid they will fail. This is a very common fear and one of the strongest fears that can hold people back from fulfilling their potential. It’s scary taking a risk and starting a business, but it can also be very rewarding.
Playing it safe is just as much of a risk as starting something new. Working a job could have you fired any day and there really isn’t any such thing as job security. If you want to start a business or already have, you may be struggling with a fear of failure. Here are a few ways to conquer this fear.
Think about Regrets and Missed Opportunities
Many times we make decisions not to do something and regret it later. This is often due to the fact that we don’t consider the benefits of a situation that seems high risk. Often, the higher risk opportunities are the ones that provide the most benefit.
Will you regret not taking the risk and opening a business? Will you consider it one of the many missed opportunities in your life? If you think about the potential regret, it may be just what you need to move forward with your brilliant business idea.
Considering the Worst-Case Scenario
Often, we don’t even look at the worst-case scenario. When we do, we don’t always look at it in perspective. Tim Ferris posed the question in his book 4-hour Workweek, “If you chase your dreams and fall flat on your face, worst-case scenario, how long will it take you to recover?”
For most it will take far less to recover than you might think. It’s usually quite easy to go out and get a job and get back on your feet, but it’s not easy to deal with the regret of never trying. Most failed business owners can recover in just a few months, which isn’t much time in the grand scheme of things.
Benefits come with Failure
Many entrepreneurs failed multiple times before they ever found success. However, they don’t view it as a negative experience. Instead, they look at it as a part of the process and they learn from it.
When we fail, we become stronger and smarter. After a failed business, we get the opportunity to pick ourselves up and to benefit from the new knowledge we have gained.
Starting a small business can certainly be scary. The fear of failure is something that holds many back from chasing their dreams every single day. However, it doesn’t have to hold you back. You can take action, start building confidence, put together a backup plan and follow some of the outlined tips here to conquer your fear.
As humans, we are not here to stay the same. We are here to grow, and sometimes growth comes with risk. If you have the entrepreneurial spirit and you’re ready to start your business, don’t let the fear of failure hold you back for even one more day.