Is Fear of Failure Holding Back Your Business? Snap Out of It!

Lyndon Wood
Mon, 25 Jul 2016 12:55:09 +0000

Making that first entrepreneurial move and starting a business is one thing, but where do you go from there? So many people start a business, and it’s ticking along...but that’s it. They don’t seem to go any further--perhaps due to fear of failure--or simply do not know how to take it further.

Don’t you wish your one-man band could become something much bigger? Don’t you have the drive to push your microbusiness towards bigger and better things? Many small business owners dream of more for their businesses but do nothing about it, and this is often because of an innate fear of risk.

The current economic climate and the fallout of Brexit has left many small business owners feeling scared when, in reality, they should be taking advantage of everything that the current situation has brought them. There is no perfect time to make that next business move, and using the economy as an excuse or a lack of budget or anything at all will just result in their businesses stagnating and many missed opportunities.

It is easy to give up, blame the wider economic situation and anyone else but yourself for lack of growth in your business. But, in reality, the only person who can make a change and grow your business is you. Create your own universe, adapt, and grow.

Mind-set is everything

To succeed in business, you need to be set up to do so. There is no such thing as just "getting lucky." However, as much as you might think that all those billionaire entrepreneurs got where they are today by simple luck, it genuinely is not the case. You are the only person who can make your business succeed, and it is up to you to push your business forward and make sure people know about it, because no one is just going to come to you.

Anyone can have an idea and become an entrepreneur if they work for it. From creating a unique app to turning an original vision into a successful and popular product which generates thousands of hits a month, there are many different ways to go into business.

However when you start a business, it's up to you to be committed to your goals, create fantastic propositions, and most importantly, make sure you get noticed. So many small businesses wonder why they aren’t achieving worldwide fame, and when it comes down to it, they are not working to get themselves known.

Embrace risk for real success

For some business people risk is like the bogeyman. However, the idea of doing something that could potentially damage their business when there is another option to stay "safe" is unthinkable for other some business people. Fear of failure is not going to grow your business. Playing it safe is not entrepreneurial; playing it safe does not accelerate business growth.

To have an edge over others in your market and be a true pioneer, you need to consider risk as your partner and not the enemy; fear of failure cannot come into the equation. Risk comes hand-in-hand with opportunity, and almost no opportunities will come your way in business without at least some degree of risk. With the right mind-set and having a level head that's ready to accept that not every business idea may be a success, you are positioned perfectly to take business risks, and grow and learn from them.

For some, the idea of risk is tied into a genuine fear of failure, but surely isn't it worse to not even try? Stepping outside of the comfortable zone you have built around your business is key to taking it to the next level. Remaining a small one-person business may be something you’ve convinced yourself is fine, but, in reality, who doesn’t want more for themselves?

Alongside embracing risk comes finding and accepting your business rituals and superstitions. Many of the world’s most famous and successful entrepreneurs are highly superstitious, and being superstitious actually helps them focus on pushing their businesses more successfully. Japanese inventor Yoshiro Nakamatsu believes too much oxygen is bad for the brain and is said to submerge himself in water until the very last second to come up with each of his original inventions.

Similarly, although a little less out there, Mark Zuckerberg claims to have worn the same T-shirt every day to avoid wasting time on deciding what to wear. This kind of attitude shows true entrepreneurial spirit: the focus is wholly on business and not less essential daily necessities. (Although it is definitely worth washing and maintaining personal hygiene to help freshen you up!)

What is stopping your business from growing?

Why are you still at the startup stage three years in? Businesses can drag their heels for five years or more, still fitting the startup mold when they should be much further advanced. Why is this the case? So many entrepreneurs seem to be paralysed by fear of failure and limited by an avoidance of risk, but your business growth might also be halted due to:

It was flawed from the start. If there have been issues with your business plan from day one or with your expectations, then it may be hard for your business to grow in the way you had hoped. Maybe your original business plan needs to be dumped, and you need to start again and reassess where your business is going and where you’d actually like it to go.

Lack of legwork. Are you actually doing enough to see your business succeed? Many CEOs dream of the day they can kick back and relax whilst their businesses run themselves. But this isn’t something that comes easily, and most successful entrepreneurs thrive on working hard everyday of their lives. Are you only looking for the easy life? Maybe you need to look elsewhere.

Sloppy sales strategy. If you have a great product or service, that’s one thing, but how are you marketing it? How do you expect it to sell? Any entrepreneur who is serious about growing their business while generating leads must focus on effective sales strategies such as good landing pages and investing in advertising.

You're winging it. There is a belief amongst some entrepreneurs that you can simply "wing it"’ and everything will come together. Entrepreneurs often launch startups in a blaze of activity and forget some of the finer necessities to deliver success. Expecting everything to "work itself out" is not an effective business strategy, and you will not see the growth you desire.

Fight the fear of failure for future success

There will always be difficult decisions to make in business, whatever stage you’re at, and attempting to avoid making these decisions will either see your business flatline or completely fail. There is no bad decision other than no decision.

Fear of failure is a mind-set. No one wants to be in charge of a sinking ship, so you have to be upbeat, ready to tackle challenges head on, and more than anything else, prepared to take the risks necessary to move your business forward. Sitting back and waiting for success to come your way simply won’t deliver results.

Good fortune to you, and thanks for reading. I hope I have assisted you with your mind-set and approach to business and life.