During launching a startup you may be tormented by various thoughts. Of course, it’s hard to start doing something that you don’t know at all. Even if you are sure that the idea is good – it does not mean that you will not be subject to the most common fears.
What to do if you decide to open a completely new business for yourself? If you have been reading specialized literature and understand that, in theory, this should bring tremendous success, how can you make everything work out?
Fear of something new and unknown is unlikely to be able to quickly leave you, but determination and readiness must overcome doubts and become a driving force. After all, you can never know how successful your idea will be if you don’t try to bring it to life.
In this article, we decided to deal with the main types of fears of start-up entrepreneurs and ways to overcome them.
1. Fear of Not Coping with Your Main Task
The idea for a startup is a child of business. It needs growth and development, and also parents. It is impossible to grow a “strong child” alone. By analogy, embodying your idea for a startup, relying only on your own strength is irrational. The implementation of the project takes a lot of effort and energy. Therefore, you need to look for a team of like-minded people and from time to time to find compromises. By creating a team, you can work on a prototype of a future product or technology model.
If even after the formation of a command, the fear of failure does not leave you, remember that there are two scenarios: whether you can succeed or not. To see if you can fight to the end to make the idea successful, try writing the pros and cons. Already in the process, you yourself will be able to find answers to questions that do not give you peace of mind. By changing your thinking and rethinking your attitude towards failure, you can achieve remarkable results.
2. Fear of Not Getting Funding
Worried about not getting financing? In fact, this is just the result of your strong desire to find money and build a successful business. Remember that not only the method of financing but also the time for financing a start-up project must be correct. Thoughtless fundraising can lead you to dangerous situations.
One of the founders of The Word Point translation service, says:
Before you, as a new business owner, can raise capital for your startup, you must analyze various sources of funding, find the one that is most compatible with your needs, requirements and development stage of your project.
Funding for creating a product, launching it on the market can be obtained from business angels who are willing to invest their money at an early stage of development of a startup. As a rule, such funding does not last long.
There are other financing options when you can receive funds for the development of your business for long periods from the so-called financial institutions.
3. Fear of Not Meeting the Expectations of the Target Audience
In 1985, Coca-Cola tried to circumvent its rival Pepsi and released a “new cola”. The taste of the drink was very similar to Pepsi and the customers hated it.
Later, the company’s former operating director, Donald Keof, said:
Critics will say that Coca-Cola made a marketing mistake and cynics — that we all did it intentionally. But the truth is that we are not so stupid, and not so smart.
In just a few months, the company has completely closed the production of a new drink.
Think about what will happen if customers do not like your new product or if no one buys it? Do you have a backup plan? Answer these questions to yourself and develop replacement strategies.
4. Fear of Uncertainty
What will be tomorrow? Will there be customers? Will I be able to make the necessary payments and give my team members a salary?
When your inspiration and desire to create something worthy is stronger than your fears, then you are on the right track. You must immediately determine what you are afraid of and how you can compensate for your weaknesses. Try to get more knowledge and skills from more experienced entrepreneurs, ask them to suggest how best to act in difficult situations.
Your tomorrow is not planned today, but yesterday and what you plan can also be the future. You will not worry about customers if you build a clear and effective system to attract and retain them. Having built such a system, you will provide your product with uninterrupted demand, which means there will be sales and profits.
Therefore, if you want to build a successful business, stop “going with the flow.” For yourself, define specific goals for tomorrow, next week, and next month. Write them down on a piece of paper. Let your visual memory clearly fix them. Identify specific steps that will help you achieve them very soon. Start taking these steps, and putting the plan into action immediately.
5. Fear That a Startup Will Be Unprofitable
There are plenty of examples of startups whose creators do not know how to make money. There is a good comparison of the modern start-up market with the rock culture of the seventies: both of them chasing fame, not money, living their lives in rented apartments/garages and dressing in torn jeans.
In fact, most often this ignorance is in no way connected with your type of business, market or an insufficient number of functions in your product. It is only your business skills. You can easily succumb to the massive misconception of startups that “you will learn to earn later”. Many start-up companies start working with the maximum number of clients and offer them their services for free. This is the wrong approach because in the end the money will run out, and your customers will be sure that you should continue to work for free.
So do not make such an error. Seriously think why you do not earn and solve this problem.
6. Fear of Leaving the Comfort Zone
The development of a startup is the way out of this zone in its pure form. After all, you offer something new. Your task is to make your habit leave the comfort zone. Successful people do just that! Do something that scares you a little regularly. And this is not necessarily about global things. The main thing is that for this you need courage, even a little. For example, start a conversation with a stranger, speak to the public, go to a photo session or a dance workshop. With each such action, your faith in yourself will be strengthened.
7. Fear That Competitors Will Be More Successful
Returning to one of the preceding paragraphs, it is necessary to say that competition in business requires acceptance of uncertainty. We are not able to control everything. It is necessary to distinguish things that we are able to control and which we cannot control in principle.
You need to be prepared for the fact that the conditions of fierce competition will change. To make it less painful for you to adapt to changes, answer the following questions:
- What can’t your competitors copy?
- What idea could be truly unique?
- How to get rid of competitors thoroughly and get customers without fierce competition?
Instead of simply being afraid, concentrate on specific answers. They will help you stand out from the crowd of other startups in the very near future.
In business, no chance is lost. Simply, if you do not take your chance, it will be immediately used by your competitor. Therefore, the main secret is to know what others do not know. Do business that creates value.
Few Final Words
Consider these tips and you will notice how your level of fear begins to decline. Alternative help is meditation. This is included in the daily routine of the most successful businessmen in the world. This spiritual and bodily practice allows you to overcome all fears on the subconscious and physical levels: to calm the heartbeat, breathing, thoughts. As a result, a calm, balanced state allows you to successfully overcome failures and barriers, to change your perception of what is happening.