Fear of business failure
Fear of failure: Surveys
Setting up your own business has never been easy. It takes a lot of coincidence and not everyone has it. Fear of failure isn’t anything nice and some people cannot deal with it. It brings up questions like: ‘What am I doing? Why am I doing it? Isn’t it too risky?’ Because of these questions, people sometimes give up their business ideas even before taking the first step.
If you are concerned as well, don’t worry! You are not alone. Businessrevieweurope.eu informs that new research by the global financial service provider reveals that 57 percent of those questioned admitted to delaying important business decisions for fear of making the wrong choice. Bytestart.co.uk reports that younger business owners are less affected by the fear of failure as they seem to have different fear-factors. They are not as concerned about the current economic environment as their older counterparts, but are more concerned about the future of the Eurozone.
Fear of failure: How to avoid it?
1. Gathering important information
Of course, you cannot analyze the whole market you are going to face and compete against. But making a small research wouldn’t do any harm, right? Try to find out as much about the competition as you can. No matter if you are planning to open up a café or set up an online shop. According to Brad Sugars, the bestselling author and a business coach, you should be able to answer most of the following questions, when setting up a business: Is the market saturated? Does the market want what you are offering? What’s the competition doing? Can you reach your target audience? If you want to know more about making a research, click here.
2. Solid business plan
Having a solid business plan is essential. You know your idea might be successful, but have you thought it through properly? What are your goals that you think are possible to reach? What about your costs? Have you considered all of it? In this article, Alan Gleeson, the managing director of Palo Alto Software Inc., explains the importance of having a proper business plan. ‘The document itself is not important – it is the business-planning process that really matters,’ he underlined.
3. Failure can be beneficial
Ralph Waldo Emerson, American poet and essayist, said: “All life is an experiment. The more experiments you make the better.”
You should stop thinking that failure is something wrong and embarrassing. Be a positivist. In business, like in life, there are valuable lessons to be learned in each failure. Getting new experience from having failed can make up the loss you had suffered. Be courageous! Of course, you shouldn’t lose your mind and keep down-to-Earth.
Story of many failures
One of the most famous stories of failures is the one about Steve Jobs. Nick Schultz writes in his article Steve Jobs: America’s greatest failure: “Jobs failed better than anyone else in Silicon Valley, maybe better than anyone in corporate America. By that I mean Jobs did what only the greatest entrepreneurs can do: learn from their failures. I don’t mean learn from their mistakes. I mean learn from their abject, humiliating, bonehead, epic fails.” Also Walter Isaacson traces in his book the Apple co-founder’s career in Silicon Valley – from its soaring heights to its crushing lows.
So here you are – if you learn from each failure, it cannot be considered a failure anymore, right?