Stepping out of your comfort zone and starting something new has a way of triggering a psychological fear of failure. It is common for everyone, regardless of his or her achievements and experiences in life.
Entrepreneurs are more susceptible to this feeling as they bear the weight of creating something from scratch. The competition, the perfectionism, and the habit of constantly measuring ourselves to others makes the fear of failure as real as a limb. Taking actions becomes a daunting task while entrepreneurs keep running scenarios after scenarios in their head calculating risks and questioning everything. It is potentially a labyrinth, but fortunately there is a way out.
Rattling The Cage
In the beginning of an entrepreneur’s career when seizing opportunities makes or breaks a company, the haunt of fear can become the toughest obstacle to circumvent. But, the question we need to ask ourselves id- if this problem should be circumvented! As I have highlighted already, fear of failure has a psychological root therefore, it cannot be straightened up by running away or finding a way around it (how can you run from problems that reside in your own mind). The only way out of this bind is through it.
Accepting the Challenge
A person in denial of challenges or competition in the world will only fool him/herself, and so does the entrepreneur. Individuals hell-bent on creating a business of their own should understand that ‘to try is to face challenges!’. So, by initiating their career, they are potentially welcoming new challenges. However, it is ironical that only through the problems and complications can they make a name for themselves as every business veteran has done. Therefore, you have to understand that by becoming susceptible to fear of failure is one kind of self-sabotage. Keeping a positive attitude towards challenges and accepting the fact that- you could still fail, even after devising a failsafe plan for success, can help you become bolder and immune to psychological fear of failure.
Planning for Worst Case Scenarios
When you are an entrepreneur, you are setting new rules in the industry. Therefore, it is fair to assume that the challenges you will face will be as unique as the path you are venturing through. This understanding may induce fear of failure. But, instead of reserving yourself to a comfortable zone (in business of course), you need to plan for alternative actions if things go wrong. This way you would be able to stand firm on your ground, knowing that you have hard measures if your plan fails to move the intended path.
However, try not to invoke your perfectionist self while planning for worst case scenarios. Of course, you will calculate and find the right components for parachute planning, but over thinking and never getting satisfied with your plans will only increase your stress and keep you busy on things that are already handled. Therefore, it serves an entrepreneur to act logical rather than emotional at stages of planning.
Take Multiple Steps
It is very bold and inspiring even for entrepreneurs to have a ‘big picture’ for their business. However, you have to understand that you cannot reach your dream business position at a single leap. It is dangerous and failure prone. Such actions can introduce failure and damage your confidence for years to come. However, taking small steps at first building confidence, and gradually taking bigger leaps towards the success you dreamt of, can keep the fear of failure from influencing your mind.
Strive to Learn
The transition from an entrepreneur, to a successful business owner requires large doses of knowledge. Not just text book methodology of business strategies or ideologies that shape perspectives, but street knowledge that allows you to analyse any situation and turn it into success.
Accepting this fact can help you to become more flexible towards challenges, eventually fading out the fear of failure. If you believe that you have lot to learn (even from your failures) and not set yourself up for whatever image of success you have in your mind, then you won’t be hounded by fear of failure anymore.
By no means we are suggesting that you have to become fearless to be an entrepreneur. Having a healthy fear for your business is normal and expected. It can keep you alert and agile as to preserve and uphold your business from the intensifying competition around the globe. However, it is when you cannot rest easy and always feel the urge to re-plan your 100th version of a decision, you have to check yourself and rid the fear of failure for good.
As an entrepreneur, it is your sacred duty to break monotony and lead the world to new horizons. So, rather than being fearful of failure, be calculating and bold to bring the changes you so intently believe in.
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