As you prepare to embark on the journey of starting your own business, it’s completely natural to experience feelings of anxiety, hesitation, or even fear. Rest assured, you’re not alone in these emotions. Please know that these emotions are not only valid but also shared by many who have walked this path before you.
The prospect of launching a new business can be quite overwhelming, particularly if you, like myself, have primarily worked in a corporate setting without prior experience in running a business. However, in this article, my intention is to address five common fears that often arise when transitioning from being an employee to becoming an entrepreneur. Moreover, I will provide you with valuable tips on how to effectively deal with and overcome these fears, so that you can move forward with confidence.
The 5 Most Common Fears New Entrepreneurs Face
- Fear of the Unknown
- Fear of Financial Insecurity
- Fear of Criticism
- Fear of Failure
- Fear of Success
- The One Solution I Found For Overcoming All These Fears
- Summary
Read on to find out what fears I faced & how I overcome them to start my own online business.
1. Fear of the Unknown
It’s only natural to feel uncertain when faced with the unknown. Starting a new business brings about a multitude of unfamiliar challenges and experiences. However, please remember that countless entrepreneurs have embarked on this very journey, and they too began with uncertainties. By taking proactive steps such as conducting thorough research, seeking guidance from experts, and embracing a mindset of continuous learning, you can gradually navigate through the unknown and gain the knowledge and confidence you need.
You may be thinking things like:
“I don’t know anything about running a business, what if I make a mistake?”
“I don’t know where to start, there are so many things I need to figure out.”
“I don’t know if I have what it takes to be an entrepreneur.”
“There are so many things that could go wrong, what if I can’t handle it?”
“I don’t have anything to sell.”
“I don’t know if people will want to buy what I’m selling.”
“What if I don’t have enough time or resources to make this work?”
“I don’t know how to market my business and attract customers.”
“I don’t know how to manage my finances and keep my business profitable.”
“What if I can’t handle the stress and pressure of running a business?”
If you’re anything like me, you might find yourself caught in a whirlpool of unanswerable questions that swirl around in your mind, tying you in knots. It’s in this place of overwhelming exhaustion that many people give up on their dreams before they even begin. But I encourage you, please don’t let yourself fall into that category.
Understand that this thought pattern is simply your ego’s way of trying to shield you from harm. It wants to keep you safely nestled within your Comfort Zone, even if you recognize that it’s not where you truly desire to be. One common strategy people try to conquer this fear is to endlessly seek answers through research. However, the belief that you must have everything figured out before taking action is another way of the ego to maintain your sense of security.
While it may feel like progress as you engage in research, absorb knowledge, and dive into the subject matter, the truth is that you’re only postponing. And you’re procrastinating. Eventually, there comes a point when you must summon the courage to take the leap.
Remember the profound words of Thomas Jefferson, “If you want something you’ve never had before, you have to do something you’ve never done before.” The key to overcoming the fear of the unknown lies in taking action.
Therefore, don’t allow fear and uncertainty to hold you back. Approach yourself and your aspirations with compassion, acknowledging that it’s normal to have doubts and fears. Trust in your own resilience and capacity to adapt as you navigate uncharted waters. Embrace the unknown with kindness, understanding that it is an integral part of the journey. Remember, success begins with that courageous step forward into the realm of the unfamiliar.
2. Fear of Financial Insecurity
I understand that financial risk is a significant source of anxiety when it comes to starting a business. As an entrepreneur, you have to invest your time and money into an idea, with no guarantee of making a return on that investment. There’s uncertainty about how long it will take and how much it will cost to get your business up and running, let alone generating the level of income you desire consistently.
You may resonate with thoughts like:
“I don’t have the financial means to start a business. It feels too risky.”
“I simply don’t have enough money to invest in a business.”
“I believe I should save up more funds before embarking on a business endeavor.”
“The fear of losing everything is preventing me from taking any financial risks.”
“I require a stable income to meet my basic needs. Starting a business feels too uncertain.”
“I lack confidence in managing money. I’m afraid I’ll lose everything.”
“I think money is too valuable to gamble on a business. I need to play it safe.”
Know that these concerns are valid, and I want to offer some practical suggestions to help reduce your anxiety:
Planning and budgeting: Firstly, let’s talk about planning and budgeting. Creating a budget for your business and developing a realistic plan for allocating your funds over time is crucial. It’s important to recognize that building a profitable business takes time, and it may not happen overnight. By having a well-thought-out financial plan, you can minimize the chances of getting swayed by enticing but distracting opportunities or falling for quick-rich schemes.
Educate yourself: Education is key. Take the time to educate yourself extensively about the specific type of business you want to pursue. This means understanding the risks and rewards involved, as well as the costs and potential returns. Learn from the successes and failures of others who have ventured down a similar path. The more knowledge you gather, the more confident you’ll feel about investing your resources wisely.
Don’t reinvent the wheel: Consider starting with a tried-and-tested business model. There’s no need to reinvent the wheel. By following a proven and established path that has delivered legitimate and verified financial returns for others, you can focus on honing your skills without the added pressure of introducing an untested concept at the early stages of your journey.
Take small steps: Taking small steps is essential. It’s important not to overwhelm yourself by taking on too much too soon. Instead, celebrate the small victories along the way. Gradually building your confidence will not only help you gain momentum but also give you a sense of accomplishment and reassurance.
Find a coach or mentor: Finally, seek the guidance of a coach or mentor. Having someone who has already walked the path you’re embarking on can provide invaluable support and advice. A mentor’s wisdom and experience can reassure you that you’re on the right track and help you navigate common pitfalls. Their insights will accelerate your journey to success, giving you the confidence and knowledge to overcome financial insecurities.
Remember, it’s natural to feel concerned about financial security when starting a business. By implementing these strategies, you can mitigate some of the anxiety and increase your chances of building a successful venture. With careful planning, education, and support, you can navigate the path to entrepreneurship with greater confidence and peace of mind.
3. Fear of Criticism
You may be thinking:
“What if people judge me for taking a risk and starting my own business?”
“What if my family and friends don’t support me and criticize my decision to start a business?”
“What if people think I’m not qualified or experienced enough to run this business?”
“What if people don’t like my product or service?”
“What if I receive negative reviews or feedback and it damages my reputation?”
If you find yourself worried about criticism, I want you to know that your feelings are valid. Here are some thoughts to consider:
It’s natural to wonder what others will think when you take a risk and start your own business. You might even worry about the lack of support or criticism from family and friends. Additionally, concerns about being perceived as unqualified or inexperienced can add to your anxiety. And there’s the fear of people disliking your product or service, or receiving negative reviews that could potentially harm your reputation.
In times like these, it’s essential to remember that not everyone shares the same desires or goals as you do. People who don’t share your entrepreneurial spirit might struggle to understand your decision to start a business. Moreover, not everyone will agree with the specific business you choose to create, the products you promote, or the markets you serve. And that’s perfectly okay. Your choices are yours alone, and you have the right to pursue them.
When you embark on your entrepreneurial journey, it’s crucial to accept the following:
First, lets clear the air… Not everyone will like you or what you offer, and that’s okay. You can’t please everyone all the time, and that’s a reality we all face.
And People will judge you anyway, it’s a part of human nature. Remember that these judgments are often influenced by their own perspectives, experiences, and biases. It’s not always about you.
Lastly, the most important thing is your clarity in knowing why you’re pursuing this path and being at peace with your choices and decisions.
Please remember that you are not alone in facing the fear of criticism. Many successful entrepreneurs have encountered skepticism and judgment along the way. Trust in your passion, believe in your abilities, and surround yourself with a supportive network of individuals who understand and share your vision.
Stay true to yourself, embrace your uniqueness, and let your passion guide you. Your journey is yours to define, and your path to success may look different from others. Keep moving forward with courage and determination, knowing that your passion and resilience will help you overcome any criticism that comes your way.
4. Fear of Failure
I want you to know that the fear of failure is incredibly common, and it has the power to hold many people back from even starting on their entrepreneurial journey.
I’ve had those thoughts too, and they can be overwhelming.
I remember thinking like:
“What if I make a mistake and lose all my money?”
“What if I can’t handle the pressure and responsibilities of running a business?”
“What if I fail and everyone around me thinks less of me?”
“What if I’m not cut out for entrepreneurship and I end up regretting my decision?”
“What if I put in all this effort and the business still fails?”
“What if I disappoint my family and friends?”
“What if I’m not knowledgeable or skilled enough to make this work?”
“What if I don’t have the right personality traits or characteristics to be a successful entrepreneur?”
I understand that these thoughts can be paralyzing, but I want to share an important perspective:
Failure is an integral part of the entrepreneurial journey. It’s not as catastrophic as we often imagine, and in fact, it can be a valuable teacher.
Consider the words of Thomas Edison, who faced numerous “failures” before inventing the lightbulb:
“I have not failed, not once. I’ve discovered ten thousand ways that don’t work.”
Thomas Edison
Failure is how we learn and improve. It’s not a reflection of our worth as individuals but an opportunity to gain insights and grow.
If we can shift our mindset and view failure as a stepping stone on the path to success, rather than a personal defeat, we can transform our perspective. Embracing failure as a natural part of building something new allows us to extract valuable lessons from each experience and move closer to achieving our goals.
Remember, the only true failure lies in giving up. As long as you keep going, learning, and adapting, you cannot fail.
Ask yourself, which is worse: trying and failing or never trying at all? Lucille Ball wisely said
“I’d rather regret the things I’ve done than the things I haven’t.”
Lucille Ball
I urge you not to let the fear of failure hinder you from pursuing your dreams and living the fulfilling life you deserve. It’s natural to feel apprehensive, but please don’t let it hold you back. Take a leap of faith, learn from both successes and setbacks, and keep moving forward. You have the strength and resilience within you to overcome any challenges that come your way.
So, please, don’t let the fear of failure stop you. Embrace the journey, learn from each experience, and remember that even the most successful entrepreneurs have encountered failures along their path. You have what it takes, and I believe in you. Now go chase your dreams, with a cherry on top!
5. Fear of Success
It’s completely normal to experience fear even when you have achieved success.
This could be you if you’ve thought about it:
“What if I can’t handle the added responsibility and pressure that comes with success?”
“What if people start treating me differently and I don’t like it?”
“What if I become too busy or overwhelmed and don’t have time for the things I enjoy?”
“What if I become too successful and it becomes harder to maintain relationships with friends and family?”
To help overcome the fear of success, consider the following strategies:
Identify the root of the fear: Take the time to understand where your fear of success is coming from. Is it the fear of increased responsibility or the concern of potential changes in your lifestyle or relationships? Once you pinpoint the root cause, it becomes easier to address and navigate.
Visualize success: Dedicate some moments to envision what success would look like for you and your business. By visualizing positive outcomes, you can shift your mindset and focus on the rewards and fulfillment that come with success.
Set realistic goals: Break down your larger goals into smaller, achievable ones. This approach helps alleviate the fear of success by providing a clear roadmap to follow. Celebrate each milestone along the way, recognizing your progress and growth.
Surround yourself with positive influences: Surround yourself with individuals who support and uplift you. Seek out mentors or business coaches who have experience overcoming the fear of success. Their guidance and encouragement can help you navigate challenges and keep moving forward.
Practice self-compassion: Remember that making mistakes and experiencing setbacks are part of the journey to success. Treat yourself with kindness and understanding. Allow yourself the room to learn from mistakes and use them as opportunities for growth.
Take action: Overcoming the fear of success requires taking action. Start by taking small steps towards your goals, gradually building momentum and confidence. Each action you take brings you closer to success and reinforces your belief in your ability to achieve it.
Remember, you are not alone in battling this fear. Embrace the journey, knowing that growth and success come with their own set of challenges. With self-compassion and determination, you can navigate the fear of success and continue to reach new heights in your business and personal life.
The One Solution I Found For Overcoming All These Fears
When I was starting out and faced these fears, I discovered a game-changing solution that transformed my journey. It involved joining Launch You’s online business training program and embraced their comprehensive online business blueprint. Allow me to shed light on how this solution addressed each fear:
Step-by-Step Training Program:
Being a novice in business, having a structured training program alleviated my fear of the unknown. I had a clear plan to follow and could track my progress through the training modules. This provided me with reassurance, certainty, and the motivation to keep moving forward.
Proven Business Model:
Seeing numerous success stories from people of diverse backgrounds who achieved remarkable results by following Launch You’s online business blueprint diminished my fear of the unknown. I realized I wasn’t starting from scratch, and I could visualize my path to success. All I needed to do was adapt the model to suit my unique circumstances.
Earn as You Learn Approach:
Implementing what I learned in the training modules in real-time, such as building a website, growing an email list, and developing a sales funnel, allowed me to consolidate my learning while establishing the foundations of a tangible business. This differed greatly from traditional education, where theory often remained disconnected from the real world. This approach eased my fear of financial insecurity and the unknown, as I simultaneously learned and took concrete steps towards building my business.
Supportive Community:
Within Launch You’s community, I found thousands of like-minded individuals who were also undergoing the same training. Witnessing their struggles and successes reassured me that I wasn’t alone in my fears and doubts. The support and inspiration I received from this community strengthened my belief in the effectiveness of the Launch You system and its relevance in today’s world. This support system mitigated my fear of criticism, knowing that these fellow entrepreneurs would be there to back me up in the face of external challenges.
Coaching:
By investing in group coaching from Launch You’s experts, it provided invaluable guidance and reassurance. Their mentorship ensured I stayed on the right track and helped me cultivate confidence and self-belief. This support minimized my fear of failure by helping me avoid rookie mistakes, and my fear of the unknown by addressing any questions or concerns I had.
Transferable Skills:
Focusing on filling the gaps in my skill set, such as marketing, influence, and digital marketing, complemented the existing skills I had acquired from my corporate career. These enhanced skills empowered me to run any business, online or otherwise, in the future. By acquiring the core abilities to find clients and persuade them to purchase, I overcame my fear of financial insecurity. I realized that these transferable skills would enable me to generate income independently, regardless of the market or economic climate
An Incubator for New Entrepreneurs:
Launch You’s program attracts individuals with backgrounds in employment. With their expertise and experience assisting thousands of employees turned entrepreneurs over the span of 13 years, Launch You precisely knew how to facilitate the transition from an “employee” to an “entrepreneurial” mindset. They provided the necessary support, guidance, and insights for personal transformation alongside professional growth. Thanks to their assistance, I effectively reduced my fear of financial insecurity by embracing calculated risks, developing a comfort level with investing in myself, and adopting practices to manage and overcome fears as they arose, including the fear of judgment and fear of success.
Authority Marketing:
Launch You’s emphasis on “Authority Marketing,” based on the Law of Attraction, revolutionized the approach to marketing. By conveying the right message, I magnetically attracted individuals who were genuinely interested in what I had to offer, while naturally repelling those who weren’t
Summary
In summary, my heartfelt advice for those anyone who dreams of starting a business or starting a side hustle, is to embrace the unknown with courage, knowing that it holds countless treasures for you. Along this journey, you will inevitably face fears and challenges, but have faith that by following your passion and wholeheartedly believing in your decision, you will discover the resources and solutions you need along the way.
Remember, you don’t have to navigate this path alone. Don’t hesitate to reach out for support and assistance. Although you may be in business for yourself, you don’t have to be in business by yourself.
Choosing to start my own business has been one of the most rewarding decisions I’ve ever made in my life. And I dedicate a significant part of my journey to the invaluable training I received from Launch You. Investing in their program was the second best decision I made on this journey.
Author: Joe Catania
Hello,
I am Joe Catania, the founder of www.thedigitalcoastline.com, and I am honored to be an ambassador of Launch You. My mission is to assist individuals in transforming their lives, and as an ambassador, I am dedicated to empowering, educating, and supporting you on your path to success. By following a proven online business blueprint, your success in life and business will be an inevitable outcome.
There is no greater reward than witnessing people’s lives change through a modern online business education tailored to today’s digital landscape. My vision for you is to create your own reality, and designing a life where you experience a state of flow and purpose. You will not only make a living through your endeavors but also make a positive impact on the lives of others. Preparing you to embark on this journey and build a life and business that brings you joy and fulfillment.