Fear of Failure

Fear of Failure

Entrepreneurship is a very long journey and the biggest hurdle is Fear of Failure and most of the budding entrepreneurs fall victim of this hurdle.

We as an individual are the best judges of what we think constitute our success or failure. As a start-up we define failure as not getting that result which was projected while setting up the business. However the fact is, in any business you are probably not going to get it exactly right for the first time.

Remember the fact that as per statistics, start ups are more likely to fail than anyone else in business world. Accept this fact. If it scares you, the chances are you are not fit to be a successful entrepreneur.

In any business failures happens on regular bases. As a startup you should be able to brush it away and get used to it without feeling demotivated and keep working towards your ultimate goal.

Keep in mind that an entrepreneur should:

  1. Continue to take action – Being an entrepreneur means to be someone who steps out of the comfort zone and continues to take action. With every step the comfort zone expands. Things starts looking familiar and the fear subsides eventually.
  2. Start smallAt inception of business focus only on small segment of market with small number of products. It will not only require smaller investment but has very high chances of positive result. This momentum is what helps to create larger success later.
  3. Entrepreneurs can’t play safe – Every business has to keep taking risks and keep gambling. Playing safe all the time means losing money in long run as business would not be able to get enough customers.

It is important that start-ups should be well-aware of the potential for failure. However they should know that a fear of failure is very normal but their desire to be successful has to be bigger.

 

Shweta Jain
A Chartered Accountant having a great passion to elevate the deserving startups of India. Working closely with Budding Entrepreneurs to give them complete knowledge and knowhow about Startup World.