Overcoming Fear When Starting Your Own Business
It’s not uncommon for budding entrepreneurs to be racked with anxiety before plunging into uncharted waters. Entrepreneurship is a daunting undertaking of vast unknowns, but with some grit and resilience, anyone can conquer this giant.
For those who are looking to launch their own business but are uneasy about the journey that awaits, below are some tips on how to squash those fears.
Stop Saying ‘I Can’t.’
Getting stuck in a cycle of ‘I Can’t’ is a very easy trap to fall into, and it’s one that is all physiological. Particularly with entrepreneurship, the first step to eliminating this is to understand when and why you say it. Then change it to “How can I?”.
Taking what was originally going to be a negative statement or thought and putting a positive spin no, it will not only eliminate a negative thought but will give you the motivation to solve the problem. Taking this kind of attitude personally is the best way to ensure that going forward, it’s the mindset in your business as well.
Budget Wisely
The money figures alone are enough to give a prospective entrepreneur pause. However, the failure to establish a budget is unconducive to prosperity. Some of the most common expenses for startups are as follows:
- Start-up costs
- Premises/rent
- Equipment
- Staffing
- Insurances (Business and Health)
- Marketing
These are all important costs that you’ll be wanting to keep on top of, especially when you’re just starting up. But, just because it seems daunting, that doesn’t mean it is. Make sure to cover startup costs; you understand business grants and loans before you sign.
For insurance, be sure to shop around for the most affordable and beneficial policies, and try to ger business and health insurances that are tailored to your needs. Start managing your own marketing in-house when starting up to keep costs as minimal as possible.
Remain Moral and Ethical
New businesspeople are often exploited for their naivete. To avoid getting trampled on, make sure that you are heavily reliant on your instincts and always operate morally and ethically. Moral compasses go a long way in business, and without a good sense of what’s right and wrong, the ruthless world will prevail.
Ethical behaviour can bring significant benefits to a business. For example, it makes you more likely to attract customers (which means boosting sales and profits), reduce turnover and therefore increase efficiency and attract investors and keep the company’s share price high.
Ask for Help
There’s no shame in turning to a fellow entrepreneur for guidance. Their pearls of wisdom may prove a godsend. The fact of the matter is, no one can forecast how difficult your entrepreneurial journey will be. You may be an instant success and not see many challenges in the early stages but will face bigger ones later on. Or, your startup years may be filled with minor issues that, once you iron them out, lend you to have smooth sailing afterwards.
Everyone faces their own pitfalls but seeking counsel from someone who’s been through similar tribulations provides peace of mind. More often than not, established businesspeople are more than forthcoming about their entrepreneurship experiences.
