Becoming An Entrepreneur: Don’t Let Fear Win
You want to start a business. Whether you have $20 in startup capital or $20 million, embarking on a new venture will inevitably bring fear. If it doesn’t, you aren’t being rational. But, you need to harness that fear into a powerful tool that helps you build your business into the best it can be. Your fear should not keep you waiting at the starting gate while others nearly finish the race.
Let’s be honest: there is good reason to have a healthy fear of striking out on your own. For example, you may be used to having a corporation with deep pockets paying your salary and wonder what happens without that safety net. I’ve been there for a long time, so I get it.
Fear #1: Past Failures
I’ve started at least five unsuccessful businesses. They varied and tapped into different interests I held. My first venture, an IT service business, failed for three reasons. One, I didn’t know that rejection happens far more often than wins in sales. Two, I needed to learn how to manage unrealistic client expectations. Finally, I had the false notion that money should immediately start pouring in just because I started the business.
In hindsight, those were misguided reasons to shutter a business with every chance to succeed. But I was young and inexperienced. Now, I know what not to do. What did Edison say about thousands of ways not to make a lightbulb? It’s the same idea here. I learned several things not to do, and I will never make those same mistakes again.
Fear #2: It’s Not the Right Time
Let’s be blunt: there is never a perfect time to start a business. It’s a lot like having a child. If you wait for the ideal circumstances, you will never begin. There will always be something that makes the situation less than ideal. If you have something compelling to bring to the world, get moving. You will never have the perfect money, relationship, or job situation to make it happen without bumps. So don’t wait.
I’m not advocating recklessness. You should absolutely look before you leap and take the time to build a solid plan. Also, know that the plan won’t work in the exact way you put it together. It took five long years to put MakerBuild Group together, and the path was bumpy.
Fear #3: I Don’t Have the Skills
Here’s a simple truth: unless you are a serial entrepreneur, you likely don’t have all the skills necessary to run your own operation. Even with an excellent business school education, there is no substitute for what you learn when the rubber meets the road in your business.
Embrace that truth. Commit to learning whatever you need to make your business work. Follow experienced entrepreneurs on LinkedIn. Learn from everyone willing to share their knowledge, and then make your dream come true.
Final Thoughts
Fear, like any tool, is only useful when it serves the right purpose. Just as you wouldn’t use a hammer to fix a computer, fear is not meant to keep you from taking risks. Starting your own business is a risk. Mitigate the risk, but don’t let fear stop you from pursuing it.
What is the best weapon to unleash against your fear? Education. Learn, learn, and when you’re done, learn more. You’ll find that while it’s hard, the rewards are great, and you’ll likely discover resilience and strength you didn’t know you had.
At MakerBuild Group, we are all about sharing the lessons we’ve learned from successes and failures. Join our community on Skool to get more insights to help you on your journey!
Stay frosty out there.
David R.
