Fear of failure in entrepreneurship: How to deal with it?

What is the fear of failure?

Is the fear of failure preventing you from implementing new ideas and growing your dream business? Well, you’re not alone; even the most successful entrepreneurs have been there at some point. And the best example of an entrepreneur who has had to overcome the most is Jack Ma.

Ma’s job application for a KFC job after finishing campus was the only one rejected. He later applied to become the police and was the only one who failed.

You might have let self-doubt and fear make you doubt your decision-making capability. Or you may have even sabotaged yourself by procrastinating some of your roles as an entrepreneur.

Well, fear of failure is letting the possibility of a negative outcome stop you from going after your dreams. This fear can kill your new venture within a short period of time; therefore, you should find out the cause of this problem. Some of the factors that cause fear of failure include:

Fear of Rejection

It’s natural for you to want your idea to be accepted by everyone, but in business, you should be ready for personal attacks. The fear of rejection has made us fear the idea of starting a venture or making certain decisions in life.

But do you know that Colonel Sanders’ recipe was rejected over 1000 times? In fact, his persistence in life paid off for the 1010th time, and because of that, we have the KFC franchise. So rejection doesn’t mean your new venture is wrong, or you won’t achieve your goal.

Fear of The Unknown

Another fear that can cause this problem is fearing the unknown in life. Basically, this can prevent you from taking risks even with great ideas. In fact, you may end up negatively talking yourself out of starting a great venture because you don’t want to look like a fool.

Remember, with the correct information, a risk can earn entrepreneurs a considerable ROI.

How to deal with the fear of failure as entrepreneurs?

Start by Acknowledging Your Fears

We all have fears that are hindering us from reaching our goals as entrepreneurs. Remember, anything can go wrong, which can be overwhelming. So we must accept that fear is natural and part of our life.

Therefore, we need to start the business irrespective of fear.

You should start by dealing with the other forms of fear in your lives. The more you face your other shortcomings, the more you’ll learn and be comfortable handling disappointments. Accepting that failing and success are learning processes that will make you stronger and ready for any form of stress.

Take Small, but Calculated Moves

Make a plan with the exact dates of when you will do every task. You can even split them into small tasks.

Remember, small wins can give you more confidence with time while leaving you in control.

Make Decisions Based on the Numbers

Generally, the numbers will tell you how the venture or the entire industry is doing. For instance, if you have some personal issues with one of your sales managers or other people, and you’re not sure if you’ll keep them or not. You should look at their numbers and find out if they’re bringing in money or not.

Numbers can also tell you if your new investment can handle an expansion. They can show you when to venture into other markets and who to include in the expansion project.

Never Delay Decisions

Delaying decision-making can damage your credibility and affect your venture. As such, you should never delay decisions and hope things will improve. When it’s not working, entrepreneurs always pull the plug.

As an entrepreneur, you’ll have to make tough decisions without being overwhelmed.

Plus, delays can result in huge losses.

Be Determined

If you’re determined, and you work hard toward your goal, you will eventually get what you deserve. So an entrepreneur should overcome their fear and pick themselves up whenever they fail. Remember, entrepreneurs like Colonel Sanders had to do it over 1000 times before getting there.

Never let failing in certain things stop you. You should focus on your objectives. But most importantly, never compare yourself with other people.

Be Ready to Ask for Advice and Support

Never make decisions alone; instead, you should talk with other entrepreneurs. You can get a mentor or read plenty of books while listening to podcasts from other like-minded people.