Overcoming Fear of Failure
Yes - we're going there this week!
Every entrepreneur has to deal with the fear of failure. It's a natural reaction in the face of trying to pave a new, uncharted way. Hear how I have dealt with fear of failure on my entrepreneurial journey and some recommendations on what you can do for your journey.
Written Summary
Every entrepreneur faces the fear of failure at some point in time. It comes with the territory of starting a new business. I've faced them myself. We face daunting questions such as:
Can I make enough money with this new business?
Will a business failure damage my reputation?
What if my business doesn't "turn it around" in time?
These questions and self-doubt are normal for an entrepreneur. It's OK to acknowledge this fear of failure, but let's figure out how to overcome it. I recommend the following strategies.
First, write down your fears in a list. Identify the worst case scenarios. Listing them down on paper helps you articulate and acknowledge them. Without that, it's hard to properly overcome them.
Second, consider the opportunity costs if you give up. How much of your initial investment would you lose? Does that mean you have to go back to working a 9-5 job for someone else? Think through and acknowledge the opportunity costs as there would be costs to weigh whether your keep going or give up with your business.
Third, identify some of your recent failures. They could be big (such as a prior failed business) or small (such as a poor client meeting). Then, identify lessons learned from each of these failures and how you could do it differently next time. Failure is hard, but it can be a great teacher if you're open to it!
Lastly, talk with some trusted people about your fear of failure and how to overcome them. This could be a business mentor, former boss, friend, or a coach. Whether it's me or someone else, having a trusted relationship to talk through your fears and ways to overcome them is a valuable resource to help you determine the best path forward.
If you could use a listening ear from an experienced entrepreneur, then don't hesitate to contact me. I'm always happy to help! - Hunter Carroll
