Top 10 Entrepreneurial Fears

Written by Allison Way on . Posted in Be An Entrepreneur

"I am afraid of the unknown." "I might choose the wrong business." "I'm scared of failing." Have you ever had these thoughts cross your mind? The truth of the matter is, entrepreneurship is scary. It's hard to ignore these feelings. So what's the best way to deal with your entrepreneurial fears? First of all, you must recognize your fear. Here are the top 10 fears that entrepreneurs tend to face.

1. "I'll choose the wrong business."
Many potential entrepreneurs who are looking to leave the corporate world face this fear. They do not believe that their business in particular is "work" because it may be so enjoyable. Therefore, they may fear that they are choosing the wrong business. A rule of thumb when nailing down your business idea: choose something you're passionate about. If you are dedicated to your business and love what you do), you will have a greater chance of success.

2. "Being self-employed is unpredictable and scary."
When entering the world of entrepreneurship, you may be afraid of becoming your own boss. It's a bit uncomfortable at first because you do not know what to expect—even from yourself. When acting as "boss", you have to keep tabs on your company, the people surrounding you, and yourself. You must be able to motivate yourself throughout each workday to see that all necessary tasks are completed and that all employees, strategic partners, and clients are happy.

3."I'm afraid of the unknown."
When you enter the world of entrepreneurship, you also enter the world of the unknown. There is a lot of ambiguity that comes with owning your own business. Just remember: ambiguity is temporary. More established businesses tend to produce more predictable results. Be patient.

4. "It's not the right time."
Entrepreneur states that people tend to act as if the universe is comprised of two time periods—the right time to start a business and the time the would-be entrepreneur is currently living in. Just because it doesn't seem like the "right" time to start a business doesn't mean that you shouldn't. Some entrepreneurs fear the economic uncertainty of starting their own businesses, which often ties in with the economic downturn that the US is currently facing.

5. "I don't know anything about the startup world."
You don't know what you don't know. That is one of the scariest parts of entrepreneurship. The startup world may seem like an intimidating place to be. The reality is that many people in the world are rooting for startup businesses. The startup world will welcome you with open arms. You can embrace this by getting involved with other startups in your community; make partnerships, follow other startups on Twitter and attend other launch parties.

6. "I won't be able to raise enough money."
Many entrepreneurs fear the burden of raising capital while others stress out about having the money to stay in business. Having enough money for establish a startup is one thing—staying afloat is another. You will need money to start up, operate, and grow your business. To ensure that you have enough money to develop a successful startup, seek capital from a venture capitalist, angel investor, and the like.

7. "My business will consume my life."
It's true: entrepreneurs can spend up to 72 hours a week on their businesses. In order to overcome this fear, be sure that you have your work-life balance in place before your business even starts up. Prioritize what is most important to you.

8. "The competitors are so much better than me."
Entrepreneurs always live in fear that someone else out there may be smarter than they are and therefore, develop a better product or service, consequently, blowing theirs out of the water. It's best to use the competition (article- START A BIZ - 10 ways to find your competitors) as a driving force for your company to become a better, more successful one instead.

9. "People will think I'm crazy!"
Do not feel self-conscious about your business idea. Although some ideas are better than others, most ideas are good ideas. If they do not produce a viable business, maybe they can be repurposed in a more effective way. When it comes to entrepreneurship, you have to take a leap of faith. Don't worry about what your friends or family will say—go for it.

10. "I will fail."
Without a doubt, the biggest fear for entrepreneurs is business failure. When 50% of new businesses fail within the first five years, it's difficult to overcome the fear of failure. Instead of letting this fear define who you are and where your company is going, use the fear to push yourself beyond what you thought you could do. Prove yourself (and the statistics) wrong—do not let failure be an option.

It's time to overcome your fears of entrepreneurship. Take a leap of faith and do not let your fears get in your way of chasing your dreams.