Fear will always be part of owning a business, whether it’s being scared of losing customers, losing team members, or going out of business. These are all legitimate concerns. It’s how you handle these fears that spells the difference between success and failure.
A business owner should never ignore the potential consequences of their decisions. At the same time, you should never allow the spirit of fear to control you. So, how can you conquer your fear of failing?
Realize you’re not perfect
You’re going to mess up at some point, and that’s okay. Realize that you’re likely to stumble many times before you achieve success.
Henry Ford, Bill Gates, and even Thomas Edison all screwed up numerous times before they hit it big. As Eleanor Roosevelt said, “You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face.” This is so true!
Consider the worst-case scenario
When considering anything new for your company, always imagine a worst-case scenario. Would your company be able to survive if your new idea falls apart? Will you be able to survive if a new project or product doesn’t work out? When the answers are yes, the decision isn’t so scary anymore.
Talk to someone
Remember how it was always better to have a friend by your side when you faced something scary as a kid? The same holds true for adults. A business mentor who has been through tough times can be a valuable ally for every entrepreneur.
Find one, open up, and discuss your biggest business fears and concerns with them. Once those issues are out in the open, you’ll find they are much more manageable.
Finally, have options
Options give you power and remove fear. Having several options is one of the easiest ways to rid yourself of fear.
Use a number of vendors, for example, so you are not relying on just one. Then, if something goes wrong, you already have a back-up plan!