5 Strategies for Conquering the Fear of Becoming a Business Owner

Fear is one of the most formidable obstacles that aspiring entrepreneurs face as they take the leap toward becoming business owners. When leaving the security of a salaried job for the risk of entrepreneurship, it is normal to be afraid of failure, the responsibility of managing employees, having to make pivotal decisions, and various other aspects of owning a business. While some trepidation is to be expected, overcoming your greatest fears and doubts is essential to success. This is because fear has several consequences that could hold you back as an entrepreneur: it may stifle innovation, obscure your ability to think clearly and find solutions, and prevent you from pursuing your dreams.Do you believe that business ownership is right for you, but find yourself wrestling with fear? Here are five strategies for conquering your fears and embarking on a successful entrepreneurial journey:

  1. Focus on your “why.” As you face the uncertainties of business ownership, it is crucial to remember your reasons for taking the inherent risks. Whether your motivation is to enjoy greater freedom and flexibility in your work schedule, maximize your potential without being constrained by a corporate hierarchy, or experience the satisfaction of steering a business venture to success, focusing on your passion rather than your fears will help you move forward as an entrepreneur. Consider writing down your goals and values to serve as visual reminders from which you can draw strength when the stress of becoming a business owner feels overwhelming.
  2. Connect with other small business owners. Sharing experiences and advice with similar entrepreneurs will help you remember that fear is a normal—but controllable—part of the process and will encourage you to proceed in spite of it. Try to build a reliable support system of friends and mentors who understand your goals and can inspire you to continue when you encounter challenges.
  3. Reflect on times in the past when you overcame obstacles and achieved your objectives. Focusing on previous accomplishments will remind you of your strength, boost your confidence, and help you visualize success as you transition into the role of business owner.
  4. Recognize that owning a business is a learning process. Many would-be entrepreneurs believe that success requires them to be experts in their industries. In reality, most business owners are constantly acquiring new skills and knowledge. By avoiding the traps of perfectionism and committing yourself to continuous improvement, you can conquer the fear of not being “good enough.”
  5. Accept some degree of fear as a natural response to new challenges—and one that may even help contribute to your success. Humans have evolved to feel fear when facing unknown circumstances, and this common reaction can help to mitigate your risk-taking impulses and compel you to take the time to thoroughly consider options before making a decision. However, it is crucial to differentiate between constructive apprehension and crippling, irrational fears. Successful entrepreneurs acknowledge their fears and act in spite of them.

While risk is an inevitable part of owning any business, franchise ownership offers entrepreneurs the benefits of participating in a proven business model. The support structure that comes with a franchise can help to alleviate the common fears that entrepreneurs face. At Franchise Logic, we specialize in matching aspiring business owners with the franchise opportunities best suited to their unique goals, strengths, and tolerance for risk.

Ready to start your journey of learning how to be your own boss? Contact us today to schedule a free, no obligation consultation!

(Sources: https://www.entrepreneur.com/article/240592, https://www.entrepreneur.com/article/233252, http://www.nbcchicago.com/blogs/inc-well/How-to-Overcome-Entrepreneurial-Fear-Doubt-and-Procrastination-218346831.html).