Fear of failure is one of the very most common phobias, especially among new and aspiring entrepreneurs. In fact, 33% of Americans admit that the fear of failure holds them back from starting a business. But despite how terribly final it may feel, failure isn’t the opposite of success.
What do entrepreneurs fear the most?
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. … It’s important to recognize that mistakes happen because we did something, we took action, we made a leap.
What do entrepreneurs worry about?
Fear of financial woes. Whether you’re just starting out or trying to move to the next level, juggling finances is always going to be a challenge and concern — a fear that arises that can make you apprehensive about the key decisions you have to make as an entrepreneur.
What causes entrepreneurial fear?
Not all fears are created equal. The source of the fear is important. Our research found that worries concerning opportunity costs, personal financial security, or ability to obtain funding for the venture were all positively associated with an entrepreneur’s persistence in pursuing their goals.
What is the main risk for an entrepreneur?
Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan.
Do entrepreneurs fear failure?
In fact, Statista reports that as many as 35.2 percent of U.S. entrepreneurs experience the fear of failure. As you can imagine, this fear of failing prevents many entrepreneurs from following their dreams. Few things are scarier than starting your own business.
How do entrepreneurs deal with fear?
Here are five steps to overcome your fear of rejection and claim your own power, mastery and success — all at the same time.
- Name your fears. Acknowledge what’s really going on inside. …
- Face your fears and welcome rejection. …
- Get uncomfortable — every single day. …
- Celebrate. …
- Let fear guide you, not drive you.
Can you fail as an entrepreneur?
Failure is often considered the other “F” word in the startup and entrepreneur sector, but it shouldn’t be. Failure isn’t an all-out loss — you can use failure to your advantage. Entrepreneurs aren’t the only ones to fail, either. Forty percent of all businesses will fail in the first three years they’re open.
What fears do you think most entrepreneurs face when starting a new business venture?
When people think of starting a business the most natural fear is fear of failure. Instead of thinking about how you might fail, the key question to ask yourself is, “what am I giving up by not trying?” Look at billionaire Sara Blakely, founder of Spanx.