If you are contemplating starting your new business but the fear of failing is holding you back, then this is what you need to know about the fear of failing. Firstly, this fear is normal and highly common amongst aspiring entrepreneurs, since more than 30 % of them have experienced this at some point.
Successful entrepreneurs such as Bill Gates, Walt Disney, Elon Musk, Oprah Winfrey, Steve Jobs, Brian Chesky, and Edison have experienced failure in the pursuit of becoming an entrepreneur.
Currently the world’s wealthiest person, Elon Musk believes failure is necessary on the path of success.
“When you first start a company, there’s lots of optimism and things are great. Happiness, at first, is high. Then, you encounter all sorts of issues and happiness will steadily decline and you’ll go through a whole world of hurt.” But, if you take your medicine and learn from your failures, there’s an upside. “Eventually, if you succeed … you will finally get back to happiness,” Elon Musk believes that most entrepreneurs will inevitably experience failure. You Should Be Failing. “If Things Are Not Failing, You Are Not Innovating Enough.”
Be prepared for failure and more importantly learn from your failures. Failure is an opportunity to learn and grow. What failure teaches you is the ability to identify potential issues earlier and mitigate the pain.
To support the idea that failure moves you in the positive direction, remember this:
Studies show that failing in the past makes entrepreneurs more than twice as likely to succeed in the future.
According to The Warwick Business school the following are the most common fears experienced by entrepreneurs:
- Financial security
- Ability to fund the venture
- Personal ability/self-esteem
- Potential of the idea
- Threats to social esteem
- The venture’s ability to execute
- Opportunity costs
The Business school recommend these ways to overcome the fear. To overcome the fear reach out to a mentor or other social support systems. Another way to overcome the feelings of fear was through learning and information seeking. Actively seeking out flaws and weaknesses and doing something about them is a powerful means of reducing the fear of failure. Don’t let the fear of failure inhibit you from starting your business.
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