Being scared of the unknown or the unprecedented is a natural feeling. Entrepreneurs encounter the same emotions when they plan to take a considerable risk or begin moving up the ladder of success. The fear of failure starts looming large over their heads and makes them apprehensive and anxious about the outcome of their endeavours.
Sometimes, it restricts them from taking a risk and realising the true potential of their venture. While some people allow the negativity to get the best of them and stay where they are, others show the courage of moving beyond their fears. Such people are no different from us.
The only advantage they have is that they have identified the reservations in their mind and have overcome them to become successful. If you are a budding entrepreneur planning to purchase a business for sale in the United States, then you must know about these doubts that can stop you from hitting the jackpot. So here is a list of the seven biggest fears that might be holding you back.
1. The Doubt of Failure
It is the most common worry that fills the minds of entrepreneurs as they have a lot at stake if they make a mistake. However, we must not forget that it is only human to slip-up, and the best brains in the world have muddled up things. A case in point is Walt Disney, who was fired from his job for lack of imagination.
If he had given up after the snub at work, we would have never experienced the delightful world of Disney and the iconic cartoon character of Mickey Mouse. Although the thought of failing brings along the discomfort of losing money, reputation and standing in the market, it also closes the doors of opportunities that have the capability of becoming big.
To overcome the fear of losing everything, you must prepare a backup plan in the form of emergency funds so that you can get back into the business even after facing an obstacle.
2. Reservations about Incompetence
Some entrepreneurs lack self-confidence and are unsure about managing things on their own if they expand. They think that they might not be capable of accomplishing long-term goals. However, it is imperative to understand that no one is perfect or has all the knowledge in the world.
Everybody needs to keep learning to keep improving and innovating. If you think you don’t have the expertise, then start getting trained in the processes and hire people who can support you on the same. Identify senior people in your circle who can guide you and ask for advice from other experienced team members.
3. Scared of Being Too Successful
It may seem a bit bizarre, but many people are afraid of becoming a market leader as they think that they will have to sacrifice their happiness to gain professionally. The fear stems from the stereotypical notions about tycoons who are considered workaholics and materialistic and have no time to enjoy the good things in life.
However, this is not true. Business owners have the freedom to shape their life since they have the authority to decide their work hours. They can maintain the perfect work/life balance by utilising their time effectively.
4. Worried about Being Judged
When something goes wrong with a business, the owner is the first person to be blamed. Being the face of the company, entrepreneurs have to bear the brunt of the ridicule and allegations directed at them after a debacle. This is the reason why most of them are worried about becoming a laughing stock and not trying hard enough to raise the bar.
The best way to get over this fear is to learn to laugh at your own self. Take things in your stride and don’t think about the perception of others. In most cases, people are too involved in their own mess to take note of your shortcomings. Stay focused on your goals and look for positivity in everything. You don’t need the approval of others to move forward.
5. Not Comfortable With Change
Those who are not comfortable with change often get buried in history without a trace of their existence. Change is an inevitable and integral part of the lifecycle of a business. Constant evolution is the only way to grow and become valuable to your customers. If you don’t change according to the developing scenarios, you will become obsolete.
So coming out of your comfort zone is vital in making things work. Looking at things from a fresh perspective can help you expand and transform. Amazon started as an online bookstore and now is one of the biggest tech companies in the world.
Apple started with personal computers and is now a leading seller of smartphones. You can keep the fear of change at bay by taking things slow while evolving, instead of going all out in one step. Also, you must be equipped to adopt disruptive changes by improving your organisation’s capabilities.
6. Fear of Losing Money
Besides all the other anxieties, the fear of losing money or going bankrupt can restrict the dreams of people. When you think about taking a risk or growing your business, you have to put money into the project. There are no two ways about it. If it doesn’t work, you will lose the amount, but you will not regret missing out on the golden opportunity for the rest of your life.
It is good to learn from your mistakes so that you never repat them. To avoid being bogged down by the fear of losing money, you must take calculated risks. Involve your financial advisor or accountant in the business decisions and evaluate the viability of the investment opportunities before taking the plunge. Create a foolproof plan which cannot be sabotaged by any apparent reasons.
7. The Pressure of Disappointing Your Loved Ones
We may not say it upfront, but deep down, we are all concerned about the opinions and well-being of our families. You do not want to lose the love and respect of your friends, children, partner, parents, etc. However, as an entrepreneur, you cannot let your emotions control you.
A leader needs to think practically and keep moving towards the goals despite the disapproval of others. If you are feeling the heat in a relationship, then you need to make yourself understand that you cannot keep everyone happy. Ask your loved ones to support your endeavours and make it work.
In a nutshell, all these fears are a part of our subconscious mind and can be conquered by staying focussed on our goals. If you are looking for business opportunities in the United States, then you must work upon rising above these concerns to achieve both personal and professional success.