Fear is a very powerful emotion and can have a strong effect on our body and mind. It’s a natural response to negative events that could cause us harm and when feel out of control. All humans are born with two basic fears: the fear of falling, and the fear of loud noises. All other fears are learned through experience, therefore overcoming them will take some time and practice.
Almost all business owners have the same fears and the biggest one is that they don’t want to fail. This fear can hold them back from truly conquering their business, and limiting their impact in the world. But with a little knowledge and some understanding, you can overcome those fears and learn to succeed in business.
Below, we outline 5 of the most common fears of business owners, and what steps you can take to start to overcome them.
Money. As business owners, money is always top of mind. Do I have enough? Will I lose what I have? What about the future? For many, this fear of money stems from lack of financial education. That’s why it’s important to have a great accountant and/or bookkeeper to guide you. At PTP we pride ourselves on equipping our clients with financial knowledge that assists them to feel more comfortable with money in their businesses, and how to deal with it.
Lack of Knowledge. If we waited until we knew everything, we’d have never gotten around to starting our businesses in the first place. Fear of not being a good enough business owner can lead to missing out on opportunities to grow our business. One of the most important things to invest in as a business owner is your education. Figure out what it is that would make you feel more confident if you knew it, and seek out a course or mentor who can help you get there. Another great way to continue your education is to attend networking events, and chat to other business owners. You might be surprised to discover they share your same fears.
Losing Control. Fear of letting go of control can be overwhelming. You’re used to doing it all, and maybe you fear that you’re the only one who knows how to do it “properly” – but as business owners, there is simply not enough time in the day to do it all, and do it well. A business cannot grow if you cannot let go of control and trust the people in your business. Start small when delegating, and trust your team to do the job well – after all, you hired them for a reason!
The Economy. We cannot control the economy. While being informed is important, obsessing over the economy and what it may or may not do feeds our fear and does not help our business grow. Chat to your accountant about how to use your business reporting to help you feel prepared for unexpected future events. Understanding your business cashflow ensures you always have a plan of action.
The Competition. Will my customers leave me for my competitors? You will always have competitors, some of which may not even exist yet. It’s important to be aware of them, but obsessing over what they are doing, and maybe attempting to copy them, does not do our business any good. Focus on being the unique business that you are, and being the best that you can be, instead of what your competitors are doing.
Fears and insecurities can often hold us back from reaching our full potential. They are most often learned through years of hard knocks in business and bad experiences that can easily lead to limiting beliefs. But they are also the cause of our greatest learning and personal growth, which is why we need to embrace them, not run from them!