The 3 Biggest Obstacles to Entrepreneurial Success You have the power to transform your future by giving up on these three biggest impediments to reaching your goals.

By Paige Brown

Opinions expressed by Entrepreneur contributors are their own.

While many people dream of starting their own business, not everyone takes the plunge. Meanwhile, among those who do embark on an entrepreneurial pursuit, many face the difficult reality that 50 percent of new businesses will fail within five years.

Sometimes, success or failure depends less on external factors and more so on an entrepreneur's mindset. Indeed, as economists have noted dating back to the 1930s, psychological factors have major impacts on economic behavior.

Here are the three biggest psychological impediments to entrepreneurial success and how to overcome them:

1. Perfectionism

For entrepreneurs, practice doesn't make perfect; action does. You simply cannot wait until you are 100 percent ready before you take action.

Related: The Difference Between Successful and Very Successful People

I remember thinking that I needed to write out 25-page business plans before I could do anything. After all, that's what I was taught in school. In reality, by the time your "perfect" business plan is out of the printer, it's already dated.

We always want to think things all the way through, but sometimes you need to just go for it, foregoing your perfect business plan and winging it with a five-page deck instead. The hardest part of giving up on perfectionism is to "own" your decision. While it is never going to be easy, if you let go of perfectionism, you will achieve better results.

2. Fear

Entrepreneurs' resolve is tested from the very first step of starting a business. In fact, one of my entrepreneurship professors compared starting a business to jumping off a cliff and assembling your parachute on the way down. While it is that scary, if you succumb to your fear and never take the plunge, you have zero chance of succeeding.

Related: To Achieve Your Best Results, Put on Blinders

In addition, entrepreneurs must overcome the fear of rejection. Here's one exercise: Send out applications for awards, incubators and programs for which you are afraid you might not be qualified. It worked for me. I took a chance and applied for the NYSE Big StartUpSM competition in 2012 and soon found myself standing on the podium ringing the Closing Bell.

Not giving in to fear of failure or rejection was the secret to my success.

3. Worry

As an entrepreneur, worry comes with the territory. In fact, over a third of entrepreneurs told Gallup they worried a lot about yesterday. While worry is a quotidian experience, it is not productive. You have to make peace with the things that concern you, and not let them stop you from taking action and pursuing your dreams.

To achieve success as an entrepreneur, you must embrace action and let go of perfectionism, fear and worry. You have the power to transform your future by giving up on these three biggest impediments to reaching your goals.

Related: 5 Tips for Entrepreneurs to Keep Moving Forward

Wavy Line
Paige Brown

Co-Founder and CEO Dashbell

Paige Brown is the co-founder and CEO of Dashbell, an online booking solution for independent hotels. Prior to Dashbell, Paige co-founded BookingMarkets and founded Tripeezy, a social travel planning website that was one of the first participants in the Start-Up Chile program. 

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
Lock
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
Lock
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One

Related Topics

Business News

'Just Say You Are Going Broke': Starbucks Slammed For Price Increase On Popular Item

The chain will start charging $1 extra for customization on its popular Refresher beverages.

Business News

'The Last Straw': Customers Furious as Netflix Begins Charging Accounts for Password Sharing

The announcement is long-anticipated — Netflix has been threatening a crackdown since last year.

Business News

The Virgin Islands Want to Serve Elon Musk a Subpoena, But They Can't Find Him

Government officials would like to talk to Tesla's owner as part of an investigation into the Jeffrey Epstein case.

Business News

'Iconic': Woman Defies Wedding Food Budget by Ordering Chili's for Guests

TikToker Madison Mulkey is going viral for her savvy spending decision.

Growing a Business

My Startup Scored a Multimillion-Dollar Contract With a Fortune 100 Client in Just 3 Years. Here's What We Learned.

There's no perfect litmus test to gauge if you're ready to go after big business or not — but if you don't take the risk, you'll never realize the reward.

Marketing

5 Questions to Ask a PR Pro Before Hiring Them

You probably haven't considered asking these questions, but they're a great way to find the right PR firm for your business.