Is Fear Of Failure Holding You Back From Starting Your Business?
Fear is in every human’s mindset and it’s been that way since the beginning of time. If you have a desire to take action but fear is holding you back, then read below.
We all struggle with fear of failure whether it’s a decision to go to college, start a business, get married, have children, these fears have been with humans since the beginning of time. How can we train ourselves to let go of fear and focus our energy in a more positive direction, so we can reach the goals and hopes we have set for ourselves?
Watch Randall Agee narrate this article below…
I recently heard from a GoPakistan follower that his life goal is to start his own business and create jobs for others. His idea of a successful life is one where he has been able to provide for multiple families through his company, benefit his clients by providing stellar service, and be his own boss while living his life under his rules. If this sounds familiar to you, it’s because all entrepreneurs think along these lines. Entrepreneurs are a different animal, almost a crazy animal, but without entrepreneurs, our world would be a vastly different place.
How did all the entrepreneurs before us conquer their fears and start their businesses? Again, most entrepreneurs of the past had the same worries we all have today. That fear of failure is everywhere, and the only way to beat it is by being resourceful. I’ll get into how to be resourceful later, but for now, let’s focus on that GoPakistan follower’s main fear.
His most significant fear was losing all the money that he would have to borrow from his family to fund his start-up. What if his business failed and he took all of the family’s life savings and lost it all? He went on to say that, “He could hurt entire generations if his business fails.” He is heavily focused on imagining all the wrong things that could happen, instead of all the right things that could happen. Yes, it is essential to consider the consequences of failure before you jump, however, there should be no fear of failure if you correctly do your due diligence on any business you plan to enter and if you know how to utilise all the tools available to you today.
What do I mean by properly learning how to utilise all the tools available to you today? Well, being a successful business owner and leader of an organisation is all about being resourceful. If your company isn’t making enough sales, instead of worrying and falling behind, you need to think outside of the box and call upon every resource you have available to overcome this negative aspect of your business. Hire a highly experienced sales person and give him or her a massive commission on all sales for six months to get sales rolling again. Hire a marketing expert that knows how to turn around sales campaigns and give them large-scale commissions for six months. There is always a way if there is a will to succeed, you have to think outside of the box and be resourceful! If you are not a resourceful person and have trouble thinking of ways to solve problems, then business ownership might not be your cup of tea.
There is always a way if there is a will to succeed, you have to think outside of the box and be resourceful!
I’ll tell you a story about my company Allshore. I had a fear of failure not when I started the company, but when the company got larger and larger. You see, I started the company on a shoestring budget, so if it didn’t work out, I would not be out a lot of money. As the company grew and made more money, I had the company fund it’s own growth. I never borrowed from anyone because I responsibly grew the company according to its own ability to sustain itself. However, as the company scaled up and the expenses rose to over $100,000 USD per month, I started getting uneasy. Fear crept into my mind with questions like, “What if I lose my largest client, what will happen? What if a large portion of my developers left, how would I mend things with clients? What if the United States and Pakistan end up in some conflict and I can’t send funds to pay the Pakistani employees?”. As those monthly expenses kept creeping up, so did my anxiety about having to fund such a significant amount out of my own pocket if something terrible were to happen.
I had a lot of sleepless nights worrying about virtually nothing. What I should have focused my efforts and energy on was ensuring my largest clients were so happy with our services, that there would be no way in hell they would leave. You see, by channelling that negative energy into positive energy, I could have saved myself hours and hours of stress and worry.
One thing that made me successful and made my business successful was my ability to solve problems. In those first four years, I had people from every department asking me questions on how to fix or change a broken system we had created. I was able to come up with very original ideas that enabled our teams to be efficient and effective. I also asked others in my company for help with the things I wasn’t so sure how to do on my own. So, don’t be afraid to ask for help and be ready to use any resource or tool available so you can be that resourceful leader your company needs.
The most prominent fear you should have is the fear of not taking action. You have to take action to be successful, and if you allow your fears to prevent you from taking action, then you’ve lost.
If you fear to lose your family’s hard earned money on a business idea, and this prevents you from taking action, then you need to be more resourceful to make your dreams happen. Maybe you don’t go as large-scale in the beginning, so you don’t need as much money. Maybe, you test out the market first on a microscopic scale and grow responsibly by reinvesting profits as I did. Maybe, you look at partnering with a like-minded individual, so the risk is more split.
At no point in human history has there been more resources to help us be successful as there is today. You can learn anything on YouTube or Google. Heck, with GoPakistan my dream is to help all kinds of entrepreneurs and career-minded people be more successful by sharing my experiences. If you are starting a services based business, learn everything there is to know about keeping your clients happy in your industry. If it’s a product based company, then you have to be innovative and ahead of the market to maintain your competitive advantage. Today, with so many choices it’s all about how you brand yourself or your company. So this fear of failure is just in your mind, and yes you will need to learn to dance with your fears to be able to keep taking actions to shape your life how you want it. You won’t ever completely eliminate your fears; you have to learn to control them.
You won’t ever eliminate your fears; you have to learn to control them.
Finally, I highly advise everyone to educate themselves on as many unknowns about your business as you can before you invest your money into starting it. Think of ways you would handle these problems when / if they arise. By all means, write these solutions down! By doing this exercise, you will eliminate a lot of fears and build confidence as you will be more confident that you will be able to handle most problems that come your way effectively.
I had fears about starting GoPakistan.com.
I leave you with a true story. I had fears about starting GoPakistan.com. Fears have crept into my mind like: Will the audience like my style of writing? Will people find it interesting enough to come back? Will there be any backlash in my own country for being so supportive of Pakistan? Do I have the confidence to be on video and speak to people that might rip me apart for how I look, how I speak? You see, we can all find ways of talking ourselves out of taking action, but my desire to take action far outweighs those fears. My fears did delay me from starting GoPakistan for a few years, but alas, I have conquered them and here is the product of overcoming them. Enjoy GoPakistan.com! Let’s make it great together!