Is it the right time for me to start a business? What if my business fails? I don’t have enough experience to start my own business? Should I risk my boring office employment to venture into the unknown? Well, these are some of the worries that stop many people from starting their own businesses. In fact, many will have the right plan, but taking the first bold step is always the hardest.
The following are tips on how to overcome the fear of starting a business.
Failure Is Part-and-Parcel Of Business
When asked why they are yet to start their business even though they drafted a business plan five years ago, the majority of the people will say they fear failing. If I fail, how will I sustain my family? Won’t failure put me in a much worse financial position? It is true that most businesses fail within their first three years. However, it is also true that even the most successful businesses failed not once, not twice…. but many times before they actually broke even.
There Is No Perfect Plan
I am waiting for the perfect plan before I venture into business. My plan still has a few grey areas and will not work. The truth is that there is no perfect plan. Unfortunately, many people spend lots of time going over the same plan or procrastinating. Business is a journey and not a destination. And the only way to become successful is learning from the mistakes. The earlier a person accepts that there is no perfect plan or perfect timing, the easier it will be to start a business.
Look For A Mentor
Just like a child starts crawling before walking, business is the same. No matter how skilled and informed you are, starting a business will come with its challenges. One of the common worries is lack of confidence or proper guidance. Such predicaments can be overcome by searching for a business mentor. A good mentor will have hands-on-experience in a similar kind of business. He will guide you and minimize mistakes.
For as long as we can remember, starting a business has always been a major challenge. The main reason for not venturing into business has always been due to fear of failure. This probably explains why two-thirds of Americans are employed. The above tips on how to overcome the fear of starting a business will come in handy for any ambitious business owner. The winning formula is not thinking about how to do it but actually doing it.