Despite the fact that any business is inextricably linked with mistakes and failures, many entrepreneurs, especially at the initial stages, are afraid to act. They are afraid to change strategy, make decisions, and develop and scale projects. These fears and the attitudes associated with them may seem well-founded, but they can hinder the evolution of the company. One great thing to cope with fear is gambling. Test your luck at a slot machine and win your first jackpot.
Fear of Failure
The head of the company cannot but have healthy adventurism. Otherwise, he risks missing out on real opportunities for the development of the project. The appearance of fear that the idea will not work is often preceded by the failures of competitors, uncertainty about the product itself, or previous professional failures of the leader.
To overcome the barrier that hinders development, sometimes you just need to be able to take risks. But at the same time, you should do it wisely. One option is to contact more experienced colleagues and find out about their paths. Ask for advice or even a small recommendation regarding the project. It is better to contact several entrepreneurs at once. This will give a more complete picture and perception from different points of view.
Fear of Financial Losses
A problem that both start-ups and large companies often face is project financing. When a company already has a plan to scale, ideas to launch a new product, or enter new markets, the question arises of where to get the necessary funds for this. For the successful development and growth of a business, managers resort to various additional sources of financing, whether it be their own funds, bank loans, or attracting investors.
To cooperate with a bank or an investor, the manager must prepare a detailed business plan. Also, be able to correctly present the company, set goals, and indicate the period and amount of the return of funds. And continue to provide regular reports on expenditures and results achieved.
A competent approach to planning and spending the budget will help to overcome the fear of financial losses. It is better not to ignore financial planning, and to involve qualified specialists or a third-party financial consultant in the team.
Fear of Risk
Making unpopular decisions, taking unique paths, acting in unfamiliar circumstances, all this is a fear of risk. It is believed that entrepreneurs are much more loyal to uncertainty and risk than hired employees. But even risky entrepreneurs in turbulent times begin to act extremely cautiously and rationally, which is quite reasonable.
To overcome your fears, it is worth focusing on positive examples around. Recall some of the brightest success stories that inspire you. For example, James Dyson had to create over 5,000 bagless vacuum cleaner prototypes to get a quality product. It took about 15 years to create. At the same time, Dyson’s turnover reached $7.3 billion in 2019, and founder James Dyson became the richest man in the UK that year.