Many people want to be autonomous and want to start their business, but only 5% of people can make up to the expectations they have made from them. That 5% of the people achieve success through their business because they have overcome their fear and turned that fear into fuel that can boosts up their startup and can lead them to become a renowned businessman or a businesswoman. So here we will be discussing some common fear every person face before starting their own business and which also be turned into fuel (strength) for the business.
Fear of not having a proper plan
Only a few people can make a proper plan in one go, but most of them try and fail and then achieve heights. If you have ever heard about any story of any mountaineer’s journey to a hill peak, you can never identify a point where he did not fall. After every failed attempt he kept on climbing until he reached his final destination. Similarly, a proper plan does not exist till the time we do not make short-term plans to implement them and get failures. Every failed attempt to improvises those short plans again and again and in the end, the entrepreneurs end up having a proper long-term plan.
Fear of the economy
Fear of the economy generally arises in two situations when an economy is facing loss and when the economy is doing so well that the market competition has reached up to its peak.
- In the first case when an economy is facing loss entrepreneurs fears starting their business because most of the people will not buy the products and services because of economic crises. And many other things happen like a lack of resources and the availability of funds for the startups. In this digital era and in this century of LPG, people can access anything at any time. There are many digital startup investment platforms that help in raising funds through the internet. You can trade the expensive products outside and also purchase the raw materials from different nations and actually contribute to the GDP of the nation. This can help the economy of your nation to bloom and you can also expand the business worldwide.
- In the second case due to high market competition, people fear to enter the market. But the market demands products and services that would be out of the blue. Competition occurs in the same kind of products, but if you launch something new in the market then the entire market will follow that trend and you will be the leader of the competition. Every successful businessman has thought out of the blue to reach the height where they are in.
Fear of lack of funding
Developing countries like India are doing very well and making people amazed at how startups in India get benefits? This is happening because of the fact that there are many online fundraising sites that include investors from all over the globe who have the full potential and will to raise the funds of the startups. If you are worried about funds then you should definitely visit these sites where you will get enormous investors who will understand your potential and the intensity of your startup and will help you by raising the funds. Apart from this, you can also get introduced to the concept called crowdfunding on these sites. Here you can approach multiple investors and get funds from multiple sources.
Lack of Guidance
Do not fear if you do not have proper guidance. Be your own guide and create your own theories on basis of your experiences. The worth of the word experience is only worthful when it includes both failures and success. Excluding this fact if you still want away, there are multiple ways and multiple investors who can help you to achieve your goals. For example, many online fundraising sites create an opportunity to approach angel investors. Angel Investors are the investors who help in raising the funds and also helps in providing the right guidance with all their experience.
Fear of Failing in Achieving the Expected Customer base
Because of the High market competition and day by day launching of different and unique products the expectations of the customers have become higher. To meet all the needs of the customer is not easy. The key to becoming successful in this process is to offer the customers that they have never received from the market before, which highly valuable and unique in the market. This will help you gain the maximum number of worldwide. Do not afraid of not being able to satisfy the customers but give all your attention in planning about that special product or services. And always remember that the customers are the best salesman for any company. If you will satisfy one customer that means your business is spread among 100 customers.
Lack of confidence about not earning enough to meet all the investments.
In every business the entrepreneur has to take financial risk otherwise everyone could have opened their own businesses. If you are investing in your startup do not expect and immediate revenue generation. In the game of business, patience is key. Do not fear but be patient. If you fear and shut the business then maybe we’re at the second last stair to success but because you have quiet the business you the entire game and also lost all your invested money. But if you show some patience then even if you are at the second stair you soon reach your final destination maybe with a little more investment.
If fear you will definitely quiet but if you make that fear your strength then you can definitely establish your business. Once a business is established fulfilling all the expectations you made then you never need to look back and fear again. Starting from 0-1 is difficult but reaching from 1-10 is way easier than the former. If you show all your strength and efforts at the initial phase then at stage two or three your business will show its strength and make you achieve the heights of success.