The only way out is through. You may be dreaming about launching a
startup; you’re armed with an innovative idea, passion and drive, but
lingering self-doubt keeps you from taking the first step. As humans, we
naturally try to avoid our fears and anxieties. But embracing your
fears is actually the best way to conquer them.
How? By
identifying your fears, and using them to motivate you. Let’s take a
look at what entrepreneurs fear most and how to turn each into a
motivational mantra.
Use Your Fear To Motivate You To Achieve Greatness
Fear of failure
Motivational mantra: “Mistakes are the portals of discovery.”
–James Joyce
It’s
easy to believe that the entrepreneurs we admire most are somehow
immune to the fear of failure. But that’s simply not true. Billionaire
Richard Branson and Harry Potter author J.K. Rowling credit their
failures as key shapers of their success.
By default, smart
entrepreneurs accept their losses as part of the game. Identify the
areas in which this fear is most prevalent: financial, social, personal
or professional. Think about the worst thing that could happen in any of
these areas, and how you could remediate it.
The fear of failure
can either paralyze you or fuel your motivation and shape your
successes. Accept that some failures are inevitable and look at them as
learning experiences. Here are some tips for addressing your fears:
- Be
humble and set lower expectations. Setting low expectations makes it
easier to surpass them and takes the pressure of socially, personally
and professionally.
- Expose yourself to failure by
learning a new skill (painting or a musical instrument). Each time you
fail, you become more comfortable with failure, and more motivated to
improve.
- Take action. Taking the first step may be the
most difficult, but it is also the most important. Break down your
overall goals into smaller, manageable ones that you can accomplish
without feeling overwhelmed. Get your business plan out of your head and
onto paper.
- Challenge negative self-talk and maintain a positive mindset with some inspirational quotes.
Fear of Money
Motivational mantra: “Wealth is the ability to fully experience life.” –
Henry David Thoreau
To
truly succeed as an entrepreneur, you must believe in your idea and
love what you do. Still, you’ve got to make a living, right? The fear of
not making a consistent income also has practical implications. And
then there’s the anxiety that you won’t be able to pay your employees,
or attract potential investors. Tips for dealing with the fear of money:
- Prepare
yourself for struggles with money so when they come, and they will,
you’ll be ready. Accept that you may have a limited income for 1-2
years.
- Be more with less. Pay off outstanding debt and
embrace a minimalist attitude — downsize your house, sell your
comfortable car, pass on the vacation, new clothes etc.
- Plan your financial goals, challenges and approaches to funding.
Fear of quitting your day job
Motivational mantra: “It is so hard to leave—until you leave. And then it is the easiest goddamned thing in the world.” ―
John Green, Paper Towns
Often
we find that once we’ve built a career and settled into a comfortable
position, we feel stifled, or as if we are in a cage. Even so, most
budding entrepreneurs are too afraid to leave a well-paying job to
pursue their dreams. Often this fear is replete with excuses: “I can’t
afford it”, “I don’t know where to begin,” etc. But if you’re ready –
the best time to quit your job is now. Here are a few tips:
- The
best way to conquer the fear of leaving your job is to start planning
your departure. Tell friends and family when you do for some extrinsic
motivation.
- Figure out how much you’re actually
spending on necessities only (minus what you put into savings and
extras). That’s how much you’ll need to quit.
- Stay at your job just long enough to start shopping around your idea or product on the side. Once you build some momentum, quit.
- Realize
that your time is valuable. A full-time job requires a considerable
investment of your time, and if you are not receiving significant
returns, whether tangible or intangible, it’s time to quit.
Fear of Success
Motivational mantra: “The secret of success in life is for a man to be ready for his opportunity when it comes.”
– Benjamin Disraeli
Sometimes
the fear of succeeding can keep you from acting on your dreams as much
or more than the fear of failure. People fear that being in the
limelight will alienate them from their peers, or that they won’t be
able to handle the demands of running a successful business. What if
your idea is actually as good as you think it is? What if your
customers, investors, and the media line up to meet you? The fear of
success often shows up as self-doubt. Here are some tips for dealing
with it:
- Practice self-compassion, realize that imperfection is part of being human and trust in your own value system.
- Stop
asking for validation. Seeking out feedback and advice is helpful, but
only up to a certain point. Trust your own instincts when it’s time to
make decisions.
- Keep your goals to yourself. Research
show that the more we talk about our goals, the less likely we are to do
the work necessary to achieve them.
- “Start shipping!” This is the advice of American entrepreneur and author Seth Godin
who advises entrepreneurs to “stop stalling and go make something
happen.” Holding back because you are afraid of being vulnerable or
believe your work must be perfect is counterproductive. If you’ve
created a new product, share it with the world and risk exposing
yourself to criticism, or even failure.
Lacking Expertise
Motivational mantra: “You cannot create experience. You must undergo it.” –
Albert Camus
Many
entrepreneurs fear they lack the experience and education to be taken
seriously, or the technical skills to realize their ideas. But you
likely know everything about your product or service to answer questions
and solve problems. Continuous learning is part of the process, and
there’s no shame in seeking help, advice and knowledge.
There are
plenty of young, successful entrepreneurs who had little to no
experience when they started their businesses, and many more who had no
financial backing: Andrew Carnegie, Thomas Edison, Russell Simmons, Coco
Chanel, Steve Madden and Rachael Ray, to name a few. Tackle your fears
about being under qualified by:
- Calling yourself an expert and committing yourself to excellence, regardless of your experience.
- Highlighting your soft skills such as your ability to communicate effectively, work in a team or think critically.
- Dedicating an hour each day to your professional growth.
Remember
to ask yourself, “What’s the worst thing that could happen?” Once you
have that scenario in mind, and you can live with it, your fears no
longer have power over you. On a psychological level, confronting your
fears, rather than trying to avoid them, will leave you with a sense of
accomplishment. Each time you expose yourself to fearful thoughts and
situations, you gain power, and your fears lose strength.
The
short-term discomfort of identifying and exposing yourself to your
biggest fear is a small price to pay for the long-term benefit of
freeing yourself from anxiety and acting on your dreams. Turning your
fears into motivational mantras will reframe them to your advantage.
“Success means having the courage, the determination, and the will to become the person you believe you were meant to be.” –
George Sheehan
What is your biggest startup fear? How can you turn it into a motivator?
By Gareth Simpson
