When we are afraid, the hypothalamus in the brain releases a series of chemicals to the sympathetic nervous system and the adrenal cortical system. The sympathetic nervous system receives signals to release ‘stress hormones’ like adrenaline. These kick the body into a higher gear, so it becomes tense and alert.
At the same time, the adrenal cortical system releases hormones to other parts of the body, which creates a series of significant changes to occur instantly. Heart rate and blood pressure go up.
Fear is a normal phenomenon in our bodies. But with regards to starting a business, what are the common fears that come to anyone’s mind?
1. Lack of business knowledge & experience
Most people are afraid to start a business they don’t have a business background or unfamiliar with financial terms. But you can always learn a lot in the form of education, experience or advice from others. Remember that most people who start businesses don’t have prior knowledge. And it takes them multiple iterations of failure after failure to understand what works and what doesn’t.
2. Fear of uncertainty
Most people who are already employed and have a secure job are accustomed to the regular secure payments at the end of every month. They will find it challenging to start a business. But if you have to remember one thing. Just like you planned your career moves, starting a business is similar. You need to have a business plan and confidence that you will be able to build something big. So you have to keep faith in yourself, your ideas, and your plans to launch your business gradually.
3. Availability of similar companies
This is another reason why many people fail to even start their own business. They often think that their business will be another company similar to others in the market. So how can they convince customers to buy from them?
No two businesses are the same, although the product or service offered may be similar. You have to differentiate your business from others in some way and need to study the market in depth.
4. Not being the first mover for the product/service
Sometimes, you may feel that your idea is not unique and there is already a similar business in the market. The fear of not being the first mover of such a product also intimidates people. But remember that most successful companies were not first movers. Significant examples include Google and Facebook. You don’t have to be the first. You have to be different and better.
5. Am I too old or young?
A lot of studies have been done to find out the ideal age for starting a business. Well, there isn’t any. However, the general advice is that you should have at least a few years of experience working for others so that you know the kind of challenges founders deal with and potential solutions to some of these problems. Mark Zuckerberg started Facebook, dropping out of college. But you also have people like Colonel Sanders who started KFC at 65.
6. Fear of losing a stable life
This is probably the most common reason why salary earners don’t start a business. To not get a paid every month is not something many can accept, especially if they have to take of their family members. Starting a business is a significant step to take and whatever business you start, there is a 70% chance of failing. It is only ‘you who can make the right choice.
How to deal with your fears?
We’ve looked at why people fear to start businesses. Now let’s look at ways to overcome the fear.
1. Positive attitude
To do something greater in life, we need to face our fears. To deal with fear, try to take things positively. If you think of all the negative results of any new initiative or change in life, you will never achieve anything. Consider the positive outcomes, believe in yourself, and then see the results.
One of the main reasons for anxiety is a lack of knowledge or expertise. Knowledge is the one thing you have to invest your time and money into. To deal with fear, learning is essential. Once learning comes through the door, fear goes away.
3. Better surrounding
Be a part of a community that is active in the thing which you want to do. You are an average of 5 people you surround yourself with. Change the people you are interacting with daily. Try to spend time with people with a positive mindset who also believe in doing something similar to your goal.
Meditation can help you to face your fear in a positive way. It will reduce your anxiety and help you keep calm. Try to make yourself available at least 5-10 minutes every day to meditate. Do daily meditation and see the changes within you.
If you enjoyed this post, do check out our other startup and business-related posts here.