In starting your own business it is very common to experience a mixture of emotions. The excitement of the independence that comes with the new business and the fear of failure are the two most prominent of these emotions. In particular it is the fears that seem to take control and become the most dominant feelings.
It is common to experience certain fears with any business start up and in fact it can be an asset to you. It can create a more acute alertness within you as you investigate and research various business ideas. On the other hand it can also create a certain paralysis that prevents you from ever actually starting a business and achieving the financial independence that comes with a successful business.
Your fears and hesitations are yours and for your own personal reasons. Some may be legitimate while others, if identified correctly, can be brushed aside as insignificant.
Here we’re going to explore 5 common fears that may hold people back, sometimes unnecessarily, from pursuing the dream of running a business of their own.
Fear of the Unknown
Most people suffering from the hesitancy of starting their own business do so mainly because it is their first experience with this type of thing. Some may have never even managed a business before therefore EVERYTHING is new and unfamiliar to them. This leads to a natural lack of self confidence. But always remember experience breeds familiarity and this leads to an increase in your self confidence.
Many businesses may require a sizable investment just to get started. Your decision as to your business selection will be influenced by the start up capital needed along with expected operating expenses. The internet on the other hand has opened the doors to many aspiring entrepreneurs who otherwise would not have the budget to start a business.
Lacking the Necessary Skill Sets
Another normal ‘fear’ is questioning if you can develop the required skill sets needed to be successful. In most cases people in general won’t even consider a business if they feel they can’t master the skills involved and are reluctant to hire somebody that can. This determination should be made early on when selecting a business type to pursue.
Ability to Manage
Many considering starting a business have little managerial experience to speak of and this is a factor to consider. You have to determine if you have the talent, patience and/or willingness to learn or develop the skills needed to run a business.
The basis of all of this will be your time management skills. Will you be able to properly address the needs of your business in the time allotted to it? Running a business and just living your life alone can put a tremendous strain on any time management skills you may possess.
This should be considered a core issue when considering starting a business. Is your personality suitable to the business you’re interested in? If you’re dealing with people and you’re naturally introverted will this make you uncomfortable or will you be able to adapt?
If you decide to bring on employees do you have the ability to work with others and communicate well?
One thing you can count on is that things will not always go according to plan. How well do you deal with stress? And speaking along these lines owning a business means often times bringing work home with you, will you deal with this well?
Obviously some serious soul searching will need to be done in this area to determine as to whether your personality will be an asset or liability to you or your business.
In considering starting your own business you need to be aware that certain fears are normal. With any new business the fear of failure is usually one of the first feelings you may experience and it is not a necessarily bad thing. Having your own business will require you taking precautions you may not take otherwise because of the personal stakes involved. Just remember to do your due diligence when researching any business ideas and closely consider the above factors before you consider starting a business.