In principle, when we feel fear, this emotion is very useful when it comes to escaping from dangers or potential risks. However, we must not forget that it is also a barrier that blocks us emotionally and prevents us (on many occasions) from meeting our goals. Like, for example, to undertake and achieve our goals in an unimaginable way.
Taking this paradigm into account, I present different fears that entrepreneurs experience and some tips to solve them:
1. Fear of Failure
Sometimes people limit themselves by creating barriers that become impossible to break down. The fact of having a family to support or simply not having the proper studies are some aspects by which people back down.
Based on my professional experience, on many occasions, this fear is experienced by not wanting to leave the “comfort zone”. Therefore, throughout the process, it will be essential to rely on loved ones and keep in mind that in the transition from employee to entrepreneur there will be times when there are financial limitations, but you always have to try to hold your head up high, have a positive attitude, and continue to go ahead to achieve your desired success.
2. Fear of Competition
When we are faced with the possibility of undertaking in a sector that is already positioned, it is the stigmas of not being able to bring anything new to the market that limits us to taking the next step. And this is where most of the entrepreneurial suitors stop because they do not find the differentiator of their brand before the others.
We are in one of the largest and most volatile markets in the world and we must take advantage of it. In this part, I recommend thinking “outside the box”, being innovative, looking for a competitive advantage (that the competition does not have) and offering unique added values.
3. Fear of Not Having Enough Resources
The fact of not having enough contacts, clients or capital can be presented as a great obstacle, however, this problem can be only temporary if the entrepreneur proposes it.
Any business can start without capital if it chooses to go down the path of equity funds or bridging loans. In addition, it is more important to have customers (and treat them with kindness) than capital, since these will help spread the word in the short term and help us grow the business quickly.
4. Fear of Rejection
On many occasions, people fear the entrepreneur because the rest of the market is of a different sex or age. But this should not be an impediment, if not a “plus” and an advantage over the competition.
In this part, we must know the story of the founder of KFC, Colonel Sanders, who after experiencing various business failures, at the age of 65 traveled all over the United States by car introducing his famous chicken and received a penny for each product sold. . After receiving negative responses from more than 2,000 restaurants, Harland Sanders made the decision not to give up and that’s how he started Kentucky Fried Chicken. At the age of 74, KFC already had 600 stores with its product in the United States and Canada.
One issue that I have always been asked is what it takes to be an entrepreneur and I always answer to get rid of fear. The only limitation to undertake is oneself, there is no success without failure. Do not be afraid to leave your comfort zone, I have always told my friends: ‘do it and if you are afraid, do it with fear’.