Entrepreneurship and the dream of owning your own business is a powerful concept. As a business owner, you are in charge of the decision making process, the direction of the company's products and services, and benefit from your own hard work at building the organization. At the same time, the same factors that drive entrepreneurship can be equally frightening for many potential self employed people. To get your own business going and growing, it's necessary to overcome your fears.
For most people, the thought of losing the steady pay packet that goes along with employment is the primary fear. Concern about income are legitimate. Independent business owners often experience lean times when sales are low and potential clients are not ringing the phones off the hooks. It's essential to plan for periods of slow business, and budget for them. By keeping some cash in reserve to tide the company over the slow times, this fear can be lowered in importance.
During times of lower business activity, the days can be used to prospect for customers and clients, and to step up marketing activities. Instead of working with clients, the entrepreneur can be creating a new client list by networking, developing a new marketing strategy, contacting potential customers, and developing new value added products and services. These tasks will enhance the company's customer list and go far to easing the financial problems that could be holding back your business growth.
Another fear that prevents people from taking the entrepreneurial step is concern about lack of available time. Instead of setting priorities, and creating ways to delegate or outsource routine activities, the lone business person feels overwhelmed by what appears to be an unlimited number of jobs.
While the budding business owner may indeed have to wear most of the busines hats during the startup phase of the company, the time for delegation of tasks soon appears. Routine office work can be contracted to a virtual assistant, production and distribution can be outsourced, and strategic alliances can be formed with other entrepreneurs.
A third fear is concern about a personal lack of knowledge. While not everyone is an expert in public relations, sales and marketing, accounting, law, production, and distribution, these skills can be learned or contracted. Books and courses are readily available that teach hands on practical skills. In fact, for the nominal price of many business books, entire step by step instructions are available. Lack of knowledge and information is only limited by your imagination. You may even discover that you know more about business than you had previously thought possible.
Finally, a fourth fear is one of a more personal nature. Surprisingly, many potentially successful businesses are derailed from the beginning from lack of support of family and friends. To overcome this problem, you must recognize that loved ones are concerned about you, and they want to see you succeed in business and in life. They don't want to see you fail.
As a result of their concerns, it's important to develop a strong, viable business plan that you can share with them. Demonstrate how you plan to operate the business as a profitable company. By sharing with friends and family, you will gain their support, and also their assistance and ideas to help you succeed.
Starting a business can be a scary concept. Instead of letting your fears prevent you from developing your own company, use these concerns as opportunities to discover new ideas and to learn more skills. By overcoming your worst fears, you can create an even more successful company.
Don't let the fear of striking out keep you from playing the game.
