According to a Gallup poll, America is behind in starting new businesses. We are ranked 12th among developed nations in business startup activity. Is this an important fact?
Yes, it is quite important — entrepreneurs and business builders are pillars of the American economy. Startups provide new ideas and new employment options.
The reasons for the decline in new businesses are many, yet one stands out among the others: would-be entrepreneurs are worried about starting a new business.
According to one survey:
Young people have less confidence, said Donna Kelley, a professor at Babson College. In an annual survey she oversees, more than 41% of 25-to–34-year-old Americans who saw an opportunity to start a business said fear of failure would keep them from doing so, up from 23.9% in 2001. “The fear of failure is the measure we should be most concerned about,” she said.
In this article, we’re going to talk about how to silence inner doubts and fears when starting a new business. These tips are helpful for new business owners, so, let’s discuss these fears and how to get past them:
I Don’t Know Where to Start
Many new business people, from freelancers to eCommerce to software developers and more, don’t know where to start. They’ve got the ideas, but they aren’t sure what to do with them.
One way to get past this inner doubt is to read about other startups and join groups of like-minded people. Reach out and ask for advice and information. The most important part is doing your research and taking the first step.
I Don’t Think I’m Good Enough
The fear of not being good enough can derail even the most viable product offering. You may worry that what you have to offer isn’t competitive or that others are doing it better than you.
This is one debilitating thought you can’t afford to have. Remember that most products and/or offerings don’t start out perfect. Many great businesses start with a great idea and move on to a great product.
You don’t always have to be perfect, but you do have to offer something of quality to succeed. When you offer your quality product or service, feel confident, as showing doubt might translate poorly to others.
I’m Probably Going to Fail
With that attitude the chances are good! Throw this thought right out the door. Perseverance and hard work often win the day. Sure, you might run into obstacles, but you might also succeed.
The key is to act as if. Act as if you are going to succeed. Don’t let inner doubts overtake you to such an extent that you reach a stalemate with yourself. Don’t let fear drive your decision-making and derail your forward motion.
I Don’t Know What’s Next
So, you fear the unknown. The unknown is impossible to prepare for, so it’s not a good use of brain power.
While we encourage you to have a business plan, you have to run your business one day at a time because it’s impossible to prepare for every eventuality.
Being a self-starter and entrepreneur requires someone who’s passionate about what they’re selling, a hard worker and a risk taker. You also have to believe in what you’re selling. If you are driven and determined to succeed and most importantly, believe in yourself, you can get through any obstacle.
I Won’t Find Customers
This is a more rational fear than some of the others, as this is indeed a risk. Starting a new business opens you up to success and failure. Most new businesses won’t have people in a buying frenzy at first, so patience is key to silencing this inner doubt.
Hard work, diligence, delivery of a quality product and solid business and marketing plans pay off in the long run. Continue to hone your skill and refine your product, and soon you might find yourself with more business than you can handle!
How Will I Support Myself?
Perhaps one of the biggest fears of new businesses is the fear that they won’t make enough money to survive.
According to dictionary.com, an entrepreneur organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
The key word here is “risk.”
Starting a new business is risky.
You’ll feel more comfortable if you have some savings and/or capital before you take the leap. We recommend you have money reserved to cover unexpected expenses and/or living expenses until you start earning a profit.
Don’t let inner doubts and fears paralyze you. These seemingly small fears can grow and grow until your progress is halted. Addressing the above-mentioned fears quickly helps you meet your goal of starting your new business and succeeding.
With MastermindJam, you connect with the right people to help you start and/or take your business to the next level. You meet people who’ve suffered from the same inner doubts and fears. You learn how they conquered them to get to the side of success. Interested in learning more? Visit our website to get started.
Image: Official GDC