Entrepreneurship: Fear is the foe

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Bikky Khosla | 12 Feb, 2013
"I would like to start a small business, but . . . ." On my Facebook page I often come across these words.

Many people want to start their own business, but fear holds them back. It's no wonder that we all experience fear at one time or another. It's a natural instinct, and also an invaluable one in the sense that it helps us avoid threatening situations. But for some of us, fear can become an overriding force in life, preventing us from trying something new and taking necessary risks. In entrepreneurship, this is not less than a curse.

Fear of failure is probably the strongest force that holds would-be-entrepreneurs back. When I get the chance to ask entrepreneurs what is the biggest mental block they have to overcome before starting their businesses, all too often the answer is: fear of failure. Could I survive on my own? Would enough people be interested in buying products from my business? What if I end up in debt? Fear cripples their minds.

Not only before starting, fear can also keep you away from taking the next big step in your business. Many small businesses, which are doing OK, know they can do better, but they're scared to go ahead. Fear clouds their reasoning. They question their own abilities and skill; they worry about adopting new technologies; they fear to risk what they already have for what they could have; they find themselves paralyzed by fear of rejection, and so on.

What can help us overcome these fears? I think we must realize that whatever we do, there is a chance that something will go wrong. No one can ever be 100 percent 'ready' to start a business or foresee every challenge before taking the next move. When we admit this fact, we are less likely to be get threatened by situations that we shouldn't fear at all. Being rational is the first step to overcome irrational fears.

While taking a decision, try to assess all possible important aspects, consider all potential outcomes, and decide the course of action accordingly. Such analysis will help you separate yourself from your fear. Fear is merely an emotion and the analysis will help you find out when you should not fear at all, where having a 'Plan B' in place is more than enough, or why sometimes it's perfectly rational to fear.

Failure is a matter of perception -- we can decide how to look at it: whether as "the end of the world", or as a learning experience. In our entrepreneurial journey, we all have to face it sometimes. We will meet setbacks and obstacles. In such moments, every entrepreneur should always take failures as a feedback calling for evaluation of the plan, learn from it, and bounce back.

Look fear in the eye. Don't let it be your boss.