Other ways to harness the power of fear
Change Your Mindset
Have you considered that your fears are as a result of dreaming big and trying to exceed your limits?
If you were within your comfort zone, there would be no fear. There will always be fear when you want to set out on new territories; higher ground.
When you think of starting or growing a business, fear of failure will be the most natural response. In order to move forward, think about what you would be giving up if you decide not to take action.
If you try you might fail or you might succeed, but if you don’t try at all, you’ve ultimately failed.
Even if you don’t succeed, your efforts won’t be considered fruitless because you have gained experience. You will have better odds when you try again. It may sound like a cliché, but that’s the fact.
[READ MORE: How to overcome your fears and finally take action as an entrepreneur or business person (1)
Embrace Discomfort
If you currently hold a stable and well-paying job that probably gives you nice bonuses at the end of the year, chances are that the thought of leaving such a position to take on your business fulltime will scare the senses out of you.
You are probably an expert in your line of work. Your employment has conditioned you to stay within certain limits. A business of your own would mean diving into unpredictable waters where you must continuously make crucial decisions. Some of these decisions require certain knowledge and skills that you might not possess.
Therefore, try getting comfortable with learning new things and taking risks.
However, what you need to realize is that you mustn’t be an expert at everything before you can become a successful business owner. That is exactly why it is essential to find the right people to work with. They will be knowledgeable in those areas where you are lacking.
Be Open to Learning New Things
Seeking information and gaining knowledge is a sure way of overcoming your fears. Learning is a strong antidote to the fear of failure. What better way to gain more confidence in your field than through research and networking with people who have more experience than you do.
The most successful entrepreneurs and business owners never stop learning. It should be a lifelong process. Get used to reading as many books as you possibly can every month and watch your knowledge and confidence grow.
Interesting fact: Did you know? The average person spends a total of 5 years and 4 months on social media throughout their lifetime. Imagine what you can accomplish with all that time if you use it to learn a skill or read a book that will help you achieve your lifelong goals.
READ ALSO: NSE launches ‘X-Academy e-learning’ to provide capital market classes
Solve Problems
Having doubts about your business idea often results in fear. As an entrepreneur, you can channel your fear positively by taking the time to figure out all the flaws that exist or might exist in the venture you want to undertake. You will gain more confidence by improving the flaws that exist in your plans or business idea.
However, be careful not to fall into the trap of perfectionism. Waiting till you cross all your T’s and dot your I’s may eventually cripple your motivation to take action.
Seek Comfort in Your Mentors and Loved Ones
Discussing your fears and doubts with someone who is willing to lend you a listening ear can help broaden your perspectives and enable you to put things into focus. Such outside the box thinking is a good way to know whether what you are about to venture into holds water.
Conclusion
While entrepreneurs and business people face the fear of failure on a regular basis, learning to control and channel that energy is a vital skill that must be learned.
The suggestions presented in this piece can help you turn your fear of failure into a powerful driving force. The formula for success can be summarized as follows:
Try + Learn + Adjust + Try again.
You may even succeed in your first attempt. Who knows?
Fear of failure can negatively or positively affect your health, motivation, behaviour, and decision-making skills. The path you choose is entirely up to you.