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Face Your Fears: Make Your Business Prosper

Face Your Fears: Make Your Business Prosper

Entrepreneurship

UnionBank Publication

UnionBank Publication

12 Oct 2018, 10:00 — 4 min read

Studying and reading about it is one thing, but actually starting a new business comes with its own challenges. Taking on new things is always going to be scary -- the uncertainty of trying out something you have never done before, finding the courage to take that first step. Fear is a valid emotion to have, but it should not stop you from achieving what you have set out to do. Here are some common fears that any budding business owner can have in the beginning, and how you can help yourself overcome them.

 

How to Conquer Your Fears of Starting a New Business

There are certain fears that entrepreneurs all fear at some point. Read on:

 

Fear of Misdirection

Having a business idea is step one, but what are you going to do next? Getting from Point A to Point B is a problem budding entrepreneurs often encounter. Fueled up by the excitement of starting something new, many fail to consider the logistics of their plans. While this idealism helps make for a strong business, you would most likely run out of steam if you only have lofty ideals. Take the time to list down attainable goals, and don’t be afraid to ask questions from experts along the way if you’re feeling lost.

 

Fear of Failure

There is a lot of investments that go into making a business. Time, effort, manpower, and even financial resources are all spent trying to make the business work. With the passage of time though, it takes a toll on you -- physically, mentally, emotionally. Nobody likes failure, or not getting back what they have invested on.

 

This is an all too common feeling.

It is only natural to feel this fear, and no one can really predict how a business will fare initially. It is not easy to see your dreams materialize, yet no one’s there to give you a pat on the back. Remember though that you already took so much risks. You’ve taken all the necessary  steps. Keep working, plan for contingencies, and deal with problems as they come. Remember to take a step back from time to time to reflect on how far you’ve come, and how far you can still achieve.

 

Fear of Sudden Financial Crisis

No matter how much you plan ahead or think about every possibility, there will come a time where you will be faced by unforeseen expenses. Banks may be critical of your credit score, especially as a starting business entrepreneur. It may be hard to access reasonably priced financing.

 

Rather than turning to shady loan sharks, find other ways to manage your finances. Review your business expenses (e.g. look for ways to reduce your utility bills, among others) to see if you can funnel your funds elsewhere. Clear any outstanding debts as best and as fast as you can to build up good credit score, and seek peer-to-peer and crowdfunding loans to help manage sudden cash needs.

 

Read more business and entrepreneur origin stories at the UnionBank GlobalLinker site: https://unionbank.globallinker.com/

 

Download the UnionBank GlobalLinker App, available in both Android and iOS.

 

Sources:
https://www.entrepreneur.com/article/240592

https://www.entrepreneur.com/article/302154

http://time.com/5312483/how-to-deal-with-impostor-syndrome/

https://www.entrepreneur.com/article/239473

https://www.business.com/articles/five-common-fears-small-business-owners-must-conquer/

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