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4 Common Fears of Small Business Owners and How to Overcome Them

Rahul Maingi

By admin, November 30, 2017

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Being an entrepreneur is a daunting task in itself. It requires skill, a bit of luck and a lot of risk-taking to start and run a business. It tests your patience and expertise.

It doesn’t matter whether you have just started your business or celebrating its 25th anniversary, entrepreneurs still have certain fears at the back of their minds. If you’re planning a start-up or already running a small business, then here are 4 common business fears that obstruct your success and how to overcome them.

1) The Fear of Failing

The biggest fear faced by almost all entrepreneurs is whether their business will succeed or fail. This dread of failing keeps many people from starting a business. But, how will you succeed without trying? Evaluate yourself and find out what were the flaws in your previous plan that it didn’t work. Learn from your mistakes and keep on trying with a positive approach. Failing is acceptable but never trying is not.

2) The Fear of Competition

The feeling of not being as good as others in the industry is something that haunts many business owners. It’s a tough market, but competition is necessary to keep you motivated and energised. Don’t try and be the industry expert or making the best product. Target what your customers want and your competitive distinctness. If your product or service is accepted by the customers, you’re here to stay.

3) The Fear of Running Out of Money

Many small business entrepreneurs fear becoming insolvent as it takes a lot of capital to start a business and keep it running. The sudden need for cash, the inability to pay off debts or continuous loss is enough to give jitters to even strongest of business owners. In the case of small business even banks feel skeptical in issuing loans and not all entrepreneurs have a great credit score to impress investors. To overcome this fear, plan your finances properly. Instead of touching your personal savings, go for other options. Cut unnecessary business expenses, clear your debts as much as possible and borrow money from your friends, family or use peer-to-peer loans.

4) The Fear of Being Judged

No matter what you do or become, people will have an opinion of you. Not everyone has the dreams, skills, vision and drive that you have. Don’t lose your motivation when being judged. Follow your instincts, have a well-thought plan and believe in yourself to get best results. However, understand the difference between constructive criticism and negativity.

Believe in yourself and overcome these fears with positively and enthusiasm. Be ready to confront these dreads at every step of your life to become a successful entrepreneur. Your business is your dream and you can make it work with effort and dedication. All the best!

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