Becoming an entrepreneur is a huge step from paid employment. You will have to overcome challenges, learn new skills and change the way you think about your work. From bringing on your first client to taking your new business through the initial growth phase, you will need to address your fears pro-actively.
Whilst every entrepreneur is unique in their outlook and no two business ideas are the same, there are 5 common fears you will need to face from the very outset:
1. Running out of money
As an entrepreneur, you will have to think very carefully about how much you can invest in your new business. In most cases, entrepreneurs raise finance from their own savings, or from investors. You have to consider your initial start-up cost and then ensure you have enough money to keep you going until you start generating business.
With so many opportunities out there, it makes sense to start a business that has a low start-up cost. Also, having a sound business plan
is crucial and can make the difference between success and failure. You should also have complete faith in your business model. If you don’t, you should not go into business.
2. Not believing in yourself or your business
Lacking belief in yourself as an entrepreneur or that your product is not good enough, can stop you in your tracks before you start. You should be confident that you have a viable product that is in huge demand in a growing market sector.
As an entrepreneur, you have to believe in yourself. You make all the decisions and it may be wise to gain advice from others who have been out there and built their own businesses. Finding a mentor
in the early stages can really help you stay motivated and on track.
3. Fear of failing
Fear of failing is more often a state of mind than reality. It can get the better of any of us from time to time. As your new business develops, you will be faced with rejections along the way and instead of brushing this off, it is easy to start questioning yourself and if you are cut out for this.
Failures can temporarily set you back. With the right outlook, you can see these setbacks in a journey towards building a successful business. Having a decent support structure
around you can make a huge difference and give you the confidence you need to learn and move on.
4. Being overwhelmed
People don’t start their own business because it is easy. They choose to do this because of the challenge and financial freedom it can offer. Get rich quick schemes don’t exist and if you are in it to take short cuts, you should think again.
On the flip side, running your own bushiness can be extremely rewarding
. There will be times when you feel overwhelmed, and you have to recognise this as the natural course of entrepreneurship. The good news is that you are in full control and you can delegate tasks to employees or service providers.
5. The unknown
Have you ever heard of the saying ‘Life begins at the end of your comfort zone’? Starting your own business will challenge you and you will have to be prepared. It can very exciting and as much as you imagine what your first year will be like, chances are that you will have to learn how to adapt.
Running your own business is as much of a lifestyle choice as it is a financial. You will need to be passionate, work hard, believe in your idea and take calculated risks where necessary. An outlook like this can help you conquer any obstacle that gets in your way.
Starting a new business takes a lot of time, energy and focus. When you are out there on your own, it can be even more daunting. You need to have a positive outlook and learn from your mistakes.
Eazi-Apps partners have the benefit of working with an experienced team who can help every step of the way. If you are looking to take control of your life, and have the ambition and desire to build your own successful business, take the first step and contact us today.