In this day and age, many people are intimidated by the idea of starting a business. Entrepreneurship is indeed tricky, given the risks to take, the sacrifices to make, and the pressure to succeed. This intimidating reality should not discourage you from doing business. Here are some tips for overcoming the fear and finally embracing the life of an entrepreneur:
Establish realistic goals
When you look at the totality of doing business, trying out a business idea, (securing funds, getting legal documents in place, and more), you will be overwhelmed by everything. It is good to have a long-range perspective of doing business, but you can always focus on taking baby steps first. Have a general “roadmap” of your business, and then set realistic goals for each phase in the process.
This exercise does two things for you: you are able to plot your “homework,” and you get to see what you have accomplished. The latter is essential, as this is often what starting entrepreneurs overlook. When there is no cash flow, it is hard to quantify efforts. However, if you have a document that lets you keep track of your accomplishments, you can rest assured that you are doing something and moving forward.
Build your community
Entrepreneurship is not a lone ranger’s journey. You will easily be gobbled up by your anxieties or fears when you are alone, so surround yourself with people who share the same passion and believe in what you want for your business. Look for partners, investors, and loyal employees. For example, look for mentors. You will need people who can give you unsolicited business advice, help you navigate an industry that is unfamiliar to you, and encourage you when things get tough.
Some starting entrepreneurs find a business community where they can belong to when they go into franchising. Those in the fashion industry, for instance, can stretch their professional network when they consider boutique or clothing franchise opportunities. You might want to try that for yourself as well. The idea is to know a lot of professionals in your field so that you can seek advice or financial help.
Hold on to your passion
Passion is the main driving force of doing business. However, sometimes, fear grows bigger than passion, so people end up not doing anything. What you should do then is to grow your passion in such a way that the fear will not matter anymore. The anxiety will not be erased entirely, but because you are convinced that you should do what you love, the anxiety will not be as debilitating. Thus, be clear about why you are going into business. Write that down in your journal. When you feel like you want to abandon your efforts, revisit that entry to get some needed re-energizing.
In the end, the road to starting a business is indeed overwhelming, but that should not stop you from getting into this rewarding endeavor. You should remember these tips as you embrace the business life.