Successful entrepreneurs are made up of some key components including persistence, determination, creative ability, decision making, excellent communication skills, and more. However, there are negative mindset components in there as well. Things such as fears, doubts, and anxieties, often get overlooked when it comes to learning about entrepreneurial mindsets. Fears, in particular, can make or break an entrepreneur’s chances of success. This is true at every level, and why it’s essential to understand what your fears are. Plus how to manage them.
In this article, I’m going to discuss some common fears that most entrepreneurs experience. Then explain how you can combat them whether you’re a beginner or an experienced entrepreneur.
Why Fears Affect Your Success
Whether conscious or not, fears play a massive role in our everyday lives. That’s why it’s so important to take time to find your fears and fix them. As with any mindset components, our fears determine our decisions and actions. Things like what business decisions we make, how to approach specific tasks and challenges, how ambitious we are, and more.
When you fear a particular thing, for example, failing your business. Your mind is completely focused on that. This will then lead you to much higher stress and anxiety during the setup and running of your business. This does not help you become more successful. When you’re focused on your fears, you’re more likely to take action that draws those fears closer. For example, if you’re always worried about not getting new clients, you’ll think and act in ways that are off-putting to new clients. You may also lack persistence and the drive to gain new clients as you’re so focused on the thought of not gaining any.
How to Find Your Fears
For most people, their fears may be quite obvious. For others, fears can be more deep-rooted and are harder to spot.
One of the best ways to find your fears is to evaluate yourself. Take time to sit down and really think about what actions you’re taking and whether they’re based on fear or not. It may take a while for you to put the pieces together, but usually, your fears are what you’re most anxious about during the day-to-day running of your business.
Once you find your fears, you must write them down. Spend some time looking at each fear and think about why this particular fear exists in your mindset and its root cause. Finding the root cause is crucial, as it will help you to start the process of clearing this fear from your mind. It may be useful to speak to a professional who can help you point out the root cause of specific anxiety much faster.
Common Entrepreneurial Fears
#1 Fear of failure
The fear of failure is so common amongst entrepreneurs. In my opinion, it mostly stems from an external locus of control — the belief that most things that happen, including your success and achievements, are determined by external forces and not your actions.
But failure shouldn’t be feared. It should be embraced as it teaches valuable lessons that will help you to make better decisions the next time.
#2 Fear of losing business
This fear can be present even when your business is running well. But the truth is, it can be a natural part of business, and it shouldn’t be feared.
There can be a positive aspect of having this fear, as it makes you continuously produce the best work possible for your clients. However, it’s important to manage this fear, so it doesn’t affect you long-term.
Superstition is one of the biggest causes of failure. Superstitious belief also feeds into the external locus of control — the belief that external forces determine your success.
Superstitions make you doubt your ability to achieve levels of success using your own actions — instead, it makes you think that random events need to happen for you to be successful.
One Way to Quickly Fix Your Fears
Once you’re determined what your fears are, it’s a matter of rethinking these fears into positives.
For example, by simply using inversion, you can switch the fear of failure to the love of success.
When you switch to the love of success, your mind only focuses on the idea of becoming successful. The fear of failure and love of success cannot co-exist — you either have one or the other.
You can use the same inversion process for all other fears — look at what the total opposite of your fear would look like and focus on that.
Managing Your Fears
Why waste your time focusing on failure? Why would a person who loves success ever fear failure?
It can take time to really work through your fears and changes the way you perceive certain situations. But it is crucial for long-term success — not just business, but in any aspect of life.
If you want more information on how you can improve your life as an entrepreneur, read some of the latest posts on the Intentionally Inspirational blog.
Written by Lewis James