Is the fear of failure in business holding you back?
This article is about “is the fear of failure in business holding you back“, as I know this is one of the biggest problems people have.
Please don’t let fear of failure stop you from starting a small business or from buying an existing business.
The fear of failure…
I am convinced the biggest thing that stops people from going into business is ‘The Fear of Failure‘. This is usually dressed up as: ‘I don’t have the money‘; ‘I don’t have the time‘; ‘I don’t have the experience or talent‘; or ‘I’m not very good at selling.’
But in reality these ‘excuses’ are no more than fear dressed up. Look a bit closer and delve a bit deeper inside your thoughts and I’d be willing to bet that a stronger reason always emerges to the top ‘FEAR!’
Other comments that people say are “I’d like to start a small business but I don’t know if there will be enough people that would buy my product.” Or “I have a mortgage to pay and a family to feed and I don’t know if I could make enough money to live on.”
All the above obstacles to starting a small business are all about fear of failure and, whilst fear is designed to save us from physical harm, such as an attack by a grisly bear, it will be holding you back unnecessarily.
The primal fear of an animal attack is a good thing, but the fear that prevents you from doing things that you want to do are not.
So if the fear of failure is what is preventing you from starting a small business you will need to overcome this and use some positive thinking. This fear is usually broken down into two halves:
- If I fail I will be a loser and others will look down on me.
- If I fail I will lose all my money and my home.
Let’s take a close look at these two…
If I fail I will be a loser…
You will only be a loser if you tell yourself this, whereas in reality you are not at all. Most people will admire your spirit and hold you in higher esteem than you might think. I know when I bought my last business people would say to me how they admire what I have done. Of course if your business were to go wrong you might not feel good about it, but it is all about what you tell yourself, as to how you will feel about it. So tell yourself a different story and you will feel different.
If I fail I will lose all my money and my home…
You might well lose the money you have invested within the business if it fails, but if you set the business up in the right way in the first place, like incorporating your business, you will protect your personal assets, so you will not lose all your money nor your assets. The only exception here is if you have secured any of your assets on any loans you might take out to set the business up.
If you never try you will never know and something I heard Sir Richard Branson say “You don’t learn to walk by following rules. You learn by doing, and by falling over.”
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Related: Ten deadly mistakes of entrepreneurship that could kill an entrepreneurs small business
Thank you very readable article. I think the right business idea is the secret. Unfortunately it is at this day even more difficult to find a market niche. Surely even own chapter is very useful if you want to start a business. One need not apply for credit and has not seen such stress. Yes of course the self-sufficient chapter so therefore it is not forever with all risks associated with securing a deal to open.
Excellent article!It is very interesting! Thanks! As for me I am am frightened by the fear of failure in business.
Let me answer this question, “Is the fear of failure in business holding you back?”
This happens when I have a little money for my business capital. I want to do business but I am afraid if I fail, then I will lose my money. Because if I fail, I will not have the money for my life. But, if I succeed, I will get the spirit to move forward. So, I decided to take the risk. And after 3 months, my business succeed! My business is to open a small restaurant in my city, Bandung Indonesia. As my business, I also add money to his blogging for me, at least for me can eat from the money.
I think it is the fear of failure that inspires so many people in business. If it was easy everyone would be starting up their own business. So many of the biggest known entrepreneurs have lost money in business ventures before making it, so keep at it.
“Is the fear of failure in business holding you back?”
Yeah, sometimes because when engaging to business you always have the fear and you can’t change it.
One day when at the end of your life fear will be replaced by regret. The difference between those who succeed and those who fail is action, don’t let fear stop you taking action. There is a third way to starting life as a business owner and that is franchising. Franchising offers experience and systems, choose a British Franchise Association member franchise and one that the banks support. Good luck on what will be the best journey you ever decided to take. Nathan