Conquering 3 Fears That Hold Entrepreneurs Back
Who doesn’t want to have financial freedom and flexibility of schedule that an entrepreneur enjoys? But most are scared to put in the incredible effort it takes to get started, grow and maintain that growth.
But some do get started with an idea. Few of them execute on them and fewer even actually generate revenue to the point of sustenance.
This process tends to be a rollercoaster ride. No doubt it’s a fearful journey. Fear of many kinds:
Fear Of Unknown
There are more ‘unknowns’ than ‘knowns’ in an entrepreneur’s journey. It’s the normal. This is the life you have chosen.
We make sense of chaos. We walk through dark tunnels not knowing if there is light at the end of it. We do what others choose to avoid. That’s why we lead and others follow.
But this journey doesn’t have to be a lonely one. It becomes a lot easier and fun when you have a cofounder to walk along with you.
When you get a mentor it becomes all the more interesting. They have walked through where you are about to traverse and they can tell you what to look out for and what to grab along the way. They tell you the shortcuts they missed that you can take advantage of.
Every major business or life decision I have made till date has always been under the able guidance of world class mentors that I have in my life. I have spiritual mentor, marketing mentor, investment mentor, hardware mentor, academic mentor, political mentor and the list goes on and on.
Fear Of Failure
Here is the deal. No business plan survives first contact with a customer. It’s not failure, it’s just normal. So just expect that.
The point is to test various iterations of your minimum viable product (MVP) with your target market. The concept of MVP allows you to fail cheap and fail fast. So you can learn what’s not working and test alternative solutions at an early stage with minimum resources wastes.
Learn what’s hot in your product/service and what’s not. Take this learning and incorporate it into your offering and test again. Keep building, testing and learning. This is how you stay in tune with the changing demands of a market. You stop adapting you die.
I love this quote:“Many people are not successful because they fail to fail enough number of times. They let fear hold them back.”
So you actually never fail unless you decide to stop trying. So perseverance is the key to go beyond the so called failures in order to witness success.
Fear Of Mediocrity
By default entrepreneurs are people who pride in being superlative. So mediocrity is almost never an option and it shouldn’t be.
But in the path towards excellence, mediocrity of lifestyle might be a phase that one has to go through. You see your friends and cousins buying their first cars, buying their dream houses and you might still be struggling in your friend’s couch.
People might say hurtful things to you or even choose to not recognize you exist when in social gatherings. It’s normal. That’s how people are.
But you know what? As soon as you get your first media coverage, your fifth award and a little bit of Facebook fan following, these same people wouldn’t mind bending over backwards for you.
Lastly don’t hope for success. Expect it, and take the necessary steps to get there.
Avelo Roy is the cofounder and CEO of Kiuqi, LLC (Chicago) and co-owner and managing director Kolkata Ventures (Kolkata).