There are plenty of issues for an entrepreneur to worry about when starting a new business. Every founder of a new corporation experiences fears. But somehow new companies get started every day.
The secret is that entrepreneurs learn to manage their fears just like they manage other aspects of business. By simply getting started, business owners develop control over fear as well as they master control over financing, personnel, and inventory.
Here’s a look at some of the fears confronting those who want to start a business and how to deploy them as assets for success rather than allowing them as impediments.
The primary fear inhibiting action for new entrepreneurs is fear of failure. Replace the nightmares about failure with the dreams of capturing customers. Join business support groups in order to network, hear the success stories of others, and relax. Most entrepreneurs find that getting plenty of exercise and rest is all that’s required to attain the motivation to succeed in business.
Another grand inhibitor is fear of losing a big client. Prepare for worst-case scenarios like this, but don’t let these thoughts consume you with fear. Rather, make contingency plans for how you will weather the storm and use your newly free capacity to gain a better client.
The most off-base fear of all is concern that you have competition in business. Actually, the existence of competitors is proof that there’s demand for what your company provides. If you have no competitors, there probably isn’t a market for your product or service. Consider that you can easily get exposure for your company’s brand when there is a broad market for your industry.
In fact, a good method for alleviating the fear of competition is to get acquainted with your competitors. Forming an alliance to socialize with competing companies gives you perspective on how everyone serving the same market is a little bit different. You can always distinguish your corporation from competitors. You only need to let your fear of competition lead you to envisioning the unique characteristics of your company.