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It's all about facing your fears, weighing up risks and acting accordingly. Entrepreneurship isn't easy and your business will face risks from its very inception, throughout its growth until you sell up or close it down.While every business is unique, entrepreneurs must face several common fears to succeed. 6 Financial Challenges The Young Entrepreneurs Face. It's more than raising funds. There's also the added burden of self-doubt and fear that the naysayers will be right. Every entrepreneur. Here's a quick summary of the challenges that entrepreneurs face: Lack of funds; Relying on people; Time management; Dealing with stress; Technology advancement; Growing & scaling; Overcoming fears of failure; Making vital decisions; Overall, it's hard to become a successful entrepreneur. A lot rests on your shoulders, and you have to be okay with that. Fear you will be financially ruined. Financial insecurity is an understandable fear for the entrepreneur to have. It takes a lot of courage to put your savings and lifestyle on the line so that you can follow your dream. Love is the energy that pushes, heals and allows us to open up. Fear of the unknown, fear of failure, fear of rejection and fear of judgment often holds us back. But if you don't fight through that very same fear then you'll never know what exists on the other side of it. You'll never know what you are capable of.
According toForbes, 90% of all startups fail. The dramatic statistics scares off many potential entrepreneurs. Even if you make mistakes, there is still a chance to survive. At least, 10% of entrepreneurs who start their business know how to overcome their fears.
Below, you will find five most common challenges every young entrepreneur can face, and some suggestions that will help to make it through.
- Changes
Most people prefer living their routine lives in one place, doing the same things every day, meeting the same people, and so on. However, if you wish to do business, you must be ready for changes.
The change is what is going to hang out with each entrepreneur long before he or she goes all in the new venture. It is often difficult to evaluate how green the grass is on the other side. While one person feels fine making $50,000 per month, another business guru would prefer finding new ways to expand. It is hard to predict whether it would be safer to stay in your own shoes or discover another goldmine through taking risks.
The changes are mostly associated withpenetrating new markets and starting another product or service. From one side, they have a high-quality product beloved by the population. On the other side, it's our nature to think that no matter how good the current situation is, it still could be better.
In many cases, the entrepreneur can leave the existing business and try a new one thanks to the revenues he has already earned. However, a new business may require all attention and efforts, so people often sell their current businesses to try something new. That is when they face the fear of change.
Until you take the leap and try to adapt, you will be worrying every second. You canA/B test a new product or service, but you cannot do the same with your life. Thus, just give it a try!
- Money
Spending money is a reasonable fear, but sometimes it turns into aphobia. Okay, the person has been saving money for ages to launch the business of his dream. How come he should risk losing the game now? In case the person borrows large amounts of cash to launch the startup, it gets even worse.
Staff, office space, advertising… Those are things you cannot realize without investing into them. Often, entrepreneurs act as the tightwads when solving the problem with personnel. They would rather do several tasks at a time than hire as many people as required. Such enthusiasts often end up living in a hedgerow. No person is equally good in marketing, SEO, SMM, and development, for instance.
Some people decide to launch coaching services, but such type of activity requires buying a certificate. They usually cost $5,000 or more. The entrepreneur may ignore this claim. Later on, the fine he will have to pay may result in much more than $5,000! I am not calling to waste your money – instead, I urge you to plan your budget wisely!
- Criticism
Okay, you might say that every person fears being criticized, and that is so true! The young entrepreneurs all make one common mistake: they think about what others will say about their first steps to success instead of focusing on implementing their ideas. When the person loses their confidence, he becomes annoyed and bewildered. You don't want these two moods following your business.
Do not take the words or even critical reviews to heart. Remember that most of your haters are either your rivals (and it does not mean you cannot beat them in a fair game) or people living next door who do not have enough will and bravery to open their business. Such people may only criticize. On the other hand, if you receive objective feedback from experts, you should not ignore it! Just fix something about your business.
- Experience
While you might be an expert in one field (e.g., computer software & web development), you may have no idea how to promote the product using effective marketing channels. Experience is something you can always gain. Unless you want to hire many different specialists and divide the assignments equally among them, you should attend professional courses and gain a minimal knowledge of every field.
It is important to know at least the basics of other fields like SEO, Content,Customer Support, HR, and Marketing if you plan to launch a web development company.
The best way to overcome the fear of lack of experience is to outsource your services.
Ukraine is hard to ignore when it comes to outsourcing. Seven years ago, it crowded the top of the list of the best outsourcing countries for software development.
In fact, the fast growth of this industry is one of the major achievements of the country for the past few years. In spite of economic difficulties, the rapidly-growing outsourcing market keeps looking for new ways of international cooperation. Currently, Ukraine has established the position of the most popular outsourcing country for American and European businesses. And it looks like this segment is going to increase a potential for development in the years to come.
According to DOU, one of the most popular online tech journals in Ukraine, the biggest IT companies in the country specialize in outsourcing. There are the companies like Luxoft, Ciklum, GlobalLogic, SoftServe, and EPAM.
Statistics prepared by Ukranian Digital News shows that the leading importer of IT services produced in Ukraine is the US. They are buying more than 80% of Ukrainian tech exports. What is more, Ukraine has the largest IT labor supply in Europe. Let's see why cooperation with Ukrainian specialist is a wise decision.
Read more about outsourcing in Ukraine on our blog.
- Failure
All entrepreneurs fear to fail. There are many reasons, and each of them is listed above except for one. In addition to the risks associated with obtaining no return on investment, losing all savings, being criticized/laughed, and promoting useless product/service, the person who decides to open a business also fears to lose the respect of family members, friends, and other beloved people.
It makes sense that people who put everything at stake worry about failing their mission and making their families disappointed. However, if the person really loves you, he or she will support you no matter which obstacles appear on your way!
These are five words every young entrepreneur fears. Only by resisting your phobias, you will achieve success. No one is able to forecast a long-term market behavior. Marysville swim & diveboys home. Thus, if you are sure about the high demand for your product or service today, it is important to take the bull by the horns ASAP!
If you still have questions concerning the overcoming of entrepreneur fears, just contact us.
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It wouldn't be an adventure if it wasn't scary.
Deep Patel, Contributor
Fear is a fundamental part of human psychology. Our brains are wired to feel fear because it helps us avoid calamity; it keeps us safe. But fear can also hold us back — if we let it. Fear feeds on fear, meaning the more we try to avoid something we're afraid of, the bigger and deeper our anxiety grows. To overcome this, we must face our deep-seated misgivings and worries. We have to acknowledge our fears and find ways to move beyond them.
There are many common fears that entrepreneurs face. If we don't confront those challenges, the fears will ultimately consume us.Whatever your fears are now is the time to take them on and overcome what would otherwise keep you from succeeding.
Asteroidsgamerate. 1. Fear of change.
Change of any sort can be frightening. In fact, our brains are preprogrammed to avoid change. It's natural to seek a comfortable,secure existence. We resist change because it poses a threat to our status quo.But complacency can keep us from taking action and moving forward. Fear of change makes us anxious about the future, and this will certainly lead to a closed mindset in which we fail to make adjustments or anticipate what's coming next. You can't avoid change forever. No matter what stage you're at with your business, you'll have to find ways to embrace and harness innovation and advancement.
2. Fear offailure.
Failure often seems like the worst of all possibilities.When we think of failure, we think of unbearable embarrassment and the anguish of losing everything. But fear of failure is often rooted in pride.
If we fail, we believe that all those who doubted us will have been right. Instead, ask yourself these two things: 10 years from now,will you regret not taking this opportunity? And if you do fail, what will happen? Developing a plan B will give you the confidence to forge ahead. Reframe the possibility of failure as the opportunity to try something new. If it doesn't work out, it's a chance to try something else.
3. Fear that you don't know enough.
It may sound silly, but you don't know what you don't know. We all have gaps in our knowledge, or blind spots in our business acumen. Being aware of helps you take steps to mitigate those gaps. If you're worried you're missing areas of information or expertise, start working to rectify the situation. Don't be afraid to ask for help. Find mentors and resources to help fill in your blindspots. Seek feedback from others at each step of the way. But don't allow fear to cause you to constantly second-guess yourself. Have confidence in yourself and trust your gut instinct.
4. Fear of theunknown.
Until you take the leap and try to adapt, you will be worrying every second. You canA/B test a new product or service, but you cannot do the same with your life. Thus, just give it a try!
- Money
Spending money is a reasonable fear, but sometimes it turns into aphobia. Okay, the person has been saving money for ages to launch the business of his dream. How come he should risk losing the game now? In case the person borrows large amounts of cash to launch the startup, it gets even worse.
Staff, office space, advertising… Those are things you cannot realize without investing into them. Often, entrepreneurs act as the tightwads when solving the problem with personnel. They would rather do several tasks at a time than hire as many people as required. Such enthusiasts often end up living in a hedgerow. No person is equally good in marketing, SEO, SMM, and development, for instance.
Some people decide to launch coaching services, but such type of activity requires buying a certificate. They usually cost $5,000 or more. The entrepreneur may ignore this claim. Later on, the fine he will have to pay may result in much more than $5,000! I am not calling to waste your money – instead, I urge you to plan your budget wisely!
- Criticism
Okay, you might say that every person fears being criticized, and that is so true! The young entrepreneurs all make one common mistake: they think about what others will say about their first steps to success instead of focusing on implementing their ideas. When the person loses their confidence, he becomes annoyed and bewildered. You don't want these two moods following your business.
Do not take the words or even critical reviews to heart. Remember that most of your haters are either your rivals (and it does not mean you cannot beat them in a fair game) or people living next door who do not have enough will and bravery to open their business. Such people may only criticize. On the other hand, if you receive objective feedback from experts, you should not ignore it! Just fix something about your business.
- Experience
While you might be an expert in one field (e.g., computer software & web development), you may have no idea how to promote the product using effective marketing channels. Experience is something you can always gain. Unless you want to hire many different specialists and divide the assignments equally among them, you should attend professional courses and gain a minimal knowledge of every field.
It is important to know at least the basics of other fields like SEO, Content,Customer Support, HR, and Marketing if you plan to launch a web development company.
The best way to overcome the fear of lack of experience is to outsource your services.
Ukraine is hard to ignore when it comes to outsourcing. Seven years ago, it crowded the top of the list of the best outsourcing countries for software development.
In fact, the fast growth of this industry is one of the major achievements of the country for the past few years. In spite of economic difficulties, the rapidly-growing outsourcing market keeps looking for new ways of international cooperation. Currently, Ukraine has established the position of the most popular outsourcing country for American and European businesses. And it looks like this segment is going to increase a potential for development in the years to come.
According to DOU, one of the most popular online tech journals in Ukraine, the biggest IT companies in the country specialize in outsourcing. There are the companies like Luxoft, Ciklum, GlobalLogic, SoftServe, and EPAM.
Statistics prepared by Ukranian Digital News shows that the leading importer of IT services produced in Ukraine is the US. They are buying more than 80% of Ukrainian tech exports. What is more, Ukraine has the largest IT labor supply in Europe. Let's see why cooperation with Ukrainian specialist is a wise decision.
Read more about outsourcing in Ukraine on our blog.
- Failure
All entrepreneurs fear to fail. There are many reasons, and each of them is listed above except for one. In addition to the risks associated with obtaining no return on investment, losing all savings, being criticized/laughed, and promoting useless product/service, the person who decides to open a business also fears to lose the respect of family members, friends, and other beloved people.
It makes sense that people who put everything at stake worry about failing their mission and making their families disappointed. However, if the person really loves you, he or she will support you no matter which obstacles appear on your way!
These are five words every young entrepreneur fears. Only by resisting your phobias, you will achieve success. No one is able to forecast a long-term market behavior. Marysville swim & diveboys home. Thus, if you are sure about the high demand for your product or service today, it is important to take the bull by the horns ASAP!
If you still have questions concerning the overcoming of entrepreneur fears, just contact us.
WOW24-7:
Facebook
LinkedIn
Twitter
Quora
Medium
Reddit
It wouldn't be an adventure if it wasn't scary.
Deep Patel, Contributor
Fear is a fundamental part of human psychology. Our brains are wired to feel fear because it helps us avoid calamity; it keeps us safe. But fear can also hold us back — if we let it. Fear feeds on fear, meaning the more we try to avoid something we're afraid of, the bigger and deeper our anxiety grows. To overcome this, we must face our deep-seated misgivings and worries. We have to acknowledge our fears and find ways to move beyond them.
There are many common fears that entrepreneurs face. If we don't confront those challenges, the fears will ultimately consume us.Whatever your fears are now is the time to take them on and overcome what would otherwise keep you from succeeding.
Asteroidsgamerate. 1. Fear of change.
Change of any sort can be frightening. In fact, our brains are preprogrammed to avoid change. It's natural to seek a comfortable,secure existence. We resist change because it poses a threat to our status quo.But complacency can keep us from taking action and moving forward. Fear of change makes us anxious about the future, and this will certainly lead to a closed mindset in which we fail to make adjustments or anticipate what's coming next. You can't avoid change forever. No matter what stage you're at with your business, you'll have to find ways to embrace and harness innovation and advancement.
2. Fear offailure.
Failure often seems like the worst of all possibilities.When we think of failure, we think of unbearable embarrassment and the anguish of losing everything. But fear of failure is often rooted in pride.
If we fail, we believe that all those who doubted us will have been right. Instead, ask yourself these two things: 10 years from now,will you regret not taking this opportunity? And if you do fail, what will happen? Developing a plan B will give you the confidence to forge ahead. Reframe the possibility of failure as the opportunity to try something new. If it doesn't work out, it's a chance to try something else.
3. Fear that you don't know enough.
It may sound silly, but you don't know what you don't know. We all have gaps in our knowledge, or blind spots in our business acumen. Being aware of helps you take steps to mitigate those gaps. If you're worried you're missing areas of information or expertise, start working to rectify the situation. Don't be afraid to ask for help. Find mentors and resources to help fill in your blindspots. Seek feedback from others at each step of the way. But don't allow fear to cause you to constantly second-guess yourself. Have confidence in yourself and trust your gut instinct.
4. Fear of theunknown.
5 Fears Every Entrepreneur Must Facets
Uncertainty registers in our brain like a blaring alarm. We often avoid the unknown because we fear change. We're afraid of losing control and being unable to manage potential outcomes. Allowing ourselves to take a massive leap into the unknown is terrifying because we have no guarantees of how things will turn out. The unknown will certainly lead to change of some kind. It might lead to success,but could just as easily lead to failure. When you understand what drives success in your business and you feel confident in your business model and prepwork, you'll feel more assured when you step into unknown territory.
5. Fear of committing to business expenses.
It is one thing to dream big, develop a business plan and set goals and objectives. It's another to put your finances or savings on the line and incur large business expenses. But here's the thing: there's almost no way you can move your business forward without putting money into it. Even a low-overhead,low-cost business will eventually need an infusion of funds so you can market yourself, develop a professional-looking website or invest in office equipment such as a new computer. Yes, committing to expenses is a risk (see below) but unless you're willing to invest in your dream, your business will quickly plateau.
6. Fear of taking risks.
Every time we take a risk on something, we're putting ourselves, our business and our reputation on the line. A risk can pay off with amazing success, or it can lead to a downward spiral and failure. But there is an important difference between dangerous, unmitigated risk and thoughtful, calculated risk. Dangerous risk takers are like gamblers, betting it all on something that isn't proven. With a calculated risk, you have strategized each step of the way. You move incrementally toward your goal, carefully assessing your level of investment and overhead until you're assured your business will support more. Calculated risks are key to every success.
7. Fear of disappointing others.
No one wants to let their people down. Who doesn't want to impress their friends,colleagues or loved ones? We want to live up to expectations and make sure we've met everyone's requests. But as an entrepreneur, you're going to have to carve your own path. You have to focus your time and energy on the things that matter to you. If you don't go after your dreams, pursue your goals and build a life you are passionate about, you're letting yourself down. Decide what your purpose is and go after it. Don't push aside your own ambitions in a quest to keep everyone else happy.
8. Fear of being pushed into uncomfortable situations.
Many people fear public speaking more than death. Just the thought of it puts us on edge and makes us anxious — because public speaking can be incredibly nerve-racking. With practice, however, we can become comfortable pushing ourselves outside our comfort zones. But it won't happen without getting into the right mindset and prepping to take on this challenge. Just like climbing a mountain or going skydiving, you wouldn't do it without working yourself up to it. You can start by taking small steps and doing things just outside of your comfort zone. Allow yourself to become familiar with discomfort, and before long you'll be able to embrace new situations without dread and distress.
9. Fear of being wrong.
Most entrepreneurs are competitive by nature, so it makes sense that many of us would fear making mistakes or seeming less than perfect. Overcoming this fear requires you to tackle your ingrained sense of perfectionism and learn to be comfortable with the fact that everyone, even you, will get it wrong sometimes.It's important to recognize that mistakes happen because we did something, we took action, and we made a leap. Maybe it was a misstep, but making a mistake is better than doing nothing at all — that only leads to indecision and stagnation. So don't beat yourself up when you make a mistake. Recalculate and keep pressing on.
5 Fears Every Entrepreneur Must Face Mask
10. Fear that you're not good enough.
Self-doubt can be a mountain to overcome. We know our flaws and our shortcomings better than anyone. Sometimes a dark fear lingers in the back of our minds: 'What if I'm not good enough?' For some people, this becomes a deeply embedded fear that they're not as competent as everyone else believes they are, and they feel that no matter how hard they work, they'll always be inadequate. This is called the imposter syndrome. This hot mess of harmful anxiety can set up a vicious cycle of questioning your abilities and constantly striving for unattainable levels of perfectionism. Take steps to move past these feelings. Don't let the internal fears hold you back from pursuing your goals.
11. Fear of saying no.
5 Fears Every Entrepreneur Must Face To Face
It's tempting to take every project and every job, and pursue every lead that comes your way. And when you're just getting your business off the ground, any amount of income is a good thing. But there comes a time when you're going to need to say no to some things. If you continue to stretch yourself too thin and take on too much, you won't do any of it well. As an entrepreneur, make sure the work you're taking on is helping you build something bigger. Are you taking on projects that are in keeping with your core mission and your larger goals? Or are you accepting a lot of one-off projects that aren't really helping your reputation? It's OK to say no to some things, so you can say yes to the right things.
Source: Entrepreneur
