Entrepreneurship is a journey and not a destination. Many wannabe entrepreneurs started strong but fizzled along the way because of the challenges they encountered whether perceived or real. According to Scott Belsky, the co-founder of Behance, “It’s not about ideas. It’s about making ideas happen.” The implementation of the entrepreneurship ideas takes a bold and adventurous spirit which for some reason is not the preserve of many people. Statistics gleaned from Forbes indicate that 70 percent of new firms survive the first 2 years, about 50 percent see their 5th birthday, and slightly over 30 percent survive the first 10 years while only 25 percent make it past the 15th year mark.
Among the reasons barring millions of wannabe entrepreneurs from setting sail is fear. These fears arise irrespective of the number of times these potential entrepreneurs read their affirmations. However, the good news is these fears can be overcome paving way for you to be the entrepreneur you have always dreamt of becoming.
Inadequacy of Expertise
An entrepreneur creates a product and presents it to potential customers who must find value for them to invest in the product. Many entrepreneurs feel inadequate at various levels of product development with others feeling inferior when pitching their business ideas to investors or customers. The truth is not everyone has all the skills needed to pursue a certain entrepreneurship call. This fear is therefore surmountable as long as you are willing to learn in the process. Continuous learning is necessary for growth.
Fear of Dissenting Voices
If there is an aspect you must get used to as an entrepreneur is dissenting voices. Not everyone will approve of what you do and some people may even think you are crazy starting a new business. In actual sense they are right because risk taking is considered crazy to those who have a conservative approach. You must learn how to think independently and sieve the opinions of others so that you can only pick what is helpful and discard the rest. Learn how to convert negative opinions into positive criticism.
Inability to Secure Funding
Every business idea requires a financial support if it is to see the light of day. At least, every budding entrepreneur has this notion concerning business financing. The fear of starting up and fizzling due to inadequate finances can cripple your otherwise brilliant ideas. To solve this, you must understand that believing in your product or idea is the best way to get angel investors and other financiers on board. Have a business plan that outlines the growth path and the projected returns for potential investors. Networking will also connect you to potential business partners.
Waiting until everything is right for you to venture into entrepreneurship can undermine your chances of starting up. The perfect moment is non-existent and this explains why most business ideas never see the light of day. As an entrepreneur-to-be, you must learn how to make the best with what you have instead of waiting for the right weather. You can always upgrade and make changes with time.
Fear of Competition
It can be terrifying taking a risk only to be met by cutthroat competition in the market. Customers will certainly go for the best deals especially in an environment where trade is liberalized and barriers eliminated. Despite this, you can create your own niche depending on how you approach the market. If you consistently deliver on your promises and bank on quality, you will get repeat business because people are willing to pay a premium for outstanding products and services.
If you have been hiding in the closet of fear, you can get out and make it big. You only need to overcome your feeling of inadequacy, dissenting voices, inability to get funding, and head to the deep end even if it is competitive and the conditions are not right.
Looking at the world’s biggest entrepreneurs, they battled the same fears or even worse but they triumphed and today they can tell of their success. be resilient and always embrace the future with optimism.