Business fears often became a hindrance to success. Fears can hold you back and prevent you from growing and reaching your business goals.
Edgar “Injap” Sia II, founder of grilled chicken franchise Mang Inasal and co-founder of real estate firm DoubleDragon Properties shared on Entrepreneur.com that he believes in dealing with issues from the very beginning so he could properly plan his course of action. This enables him to put aside any self-doubt or fear about the business moving forward.
Below are some common business fears that may prevent small organizations from growing.
1. Fear of failure – Have you ever been so afraid of failing at something that you thought it best not to try at all?
Many business owners are afraid of facing a business downfall. Their fears make them overly cautious and prevent them from attaining their objectives.
Progress becomes a blur when you resist moving forward because of fear of failure. Fear is one of the top business drawbacks. It can paralyze you by making you do nothing. Undermining your efforts to avoid the possibility of failure robs you of many great opportunities. It makes you reluctant to try new things. This kind of fear can have a negative impact on self-esteem.
How to deal with fear of failure? People may have different perspectives about failure. Some individuals may not realize that failure is a part of life. It’s just a matter of how you choose to view failure. You can either think of it as an end or a learning experience.
Sometimes people are afraid because they don’t know what lies ahead. Combat this fear by being proactive. Consider all possible outcomes when you make a certain decision. Determine how to solve problems even before they arise.
Turn small failures into learning experiences. Whenever you fail, use that as an opportunity to improve and do better next time. Perseverance is one of the keys to success.
2. Fear of success - Some business owners are afraid of failure while others are scared of success. The latter seems like a ridiculous concern but some people are frightened of success because of the expectations that come with it. They are intimated by the additional demands that success may put on their lives.
For instance, a business owner may be afraid that success will lessen his personal time and deprive him of spending quality moments with his family. Another business owner may be worried that success will force him to invest a large amount of money in order to expand the business. One may think that success entails learning new procedures or changing flow of operations.
These kinds of circumstances can discourage a business owner from developing their company, putting up new branches, getting new clients, accepting new projects, and so on.
How to deal with fear of success? Concentrate on the positive side of business growth instead of dwelling on the negative. Familiarize yourself with new concepts and methods. Put your fears at rest by arming yourself with knowledge.
3. Fear of change – Change may come in different forms. Take prices for example. The way you set your prices can have different effects on your business. Small organizations often use price to penetrate the market. The price that you set for your products and/or services affects your profit margin. It is essential to come up with right prices. Charging too high or too low can have detrimental effects on your business.
Trying to match or get an advantage over competitors by lowering the prices of your goods and/or services may not always be a wise decision. Fear of raising prices can substantially decrease your profit per unit and later on prevent you from being able to meet your overhead costs.
Another example is changes in procedures, policies and rules. Sometimes it’s necessary to make some modifications in order to improve products and/or services and operations.
How to deal with fear of changes? Implementing changes in business can bring out fears because it challenges existing paradigms. Think of change as an opportunity to master new skills and broaden your experience. Change also promotes innovative ways of thinking.
Instead of avoiding change, it’s better to analyze the changes and its possible impacts; both positive and negative. Find ways to align these changes with your business goals to promote success.
4. Fear of technology – Technology is constantly improving from smart phones, laptops, to handheld gadgets. The younger generation embraces technological advances but the older generation is not too keen about it.
People who are not techie may find it challenging to learn how to operate gizmos and gadgets. Understanding complex devices can be quite overwhelming.
Fear of technology stops you from taking advantage of new tools and methods to propel the business forward. Competitors who are using the latest technology can capture the market and leave you far behind.
How to deal with fear of technology? Think of the benefits of using technology to help your business develop and grow. Determine what possible technologies you could incorporate in your business.
Technology can help you attract more clients, systematize procedures, increase production efficiency, and lower down operation costs. For instance, putting up an online store and setting up online payment system allow you to reach more clients (local and international).
5. Fear of leadership – Being a leader means being responsible for the business and the people who work for you. Assuming leadership of an organization may seem scary.
It is difficult to focus on your goals when you doubt yourself. When fear stops you from making vital decisions, your business may suffer. Lack of self-confidence prevents you from attaining your objectives.
How to deal with fear of leadership? You need to overcome your fears in order to be an effective leader. Begin by trusting yourself. Use your skills, knowledge and experience to lead your team.
Enhance what you already know by taking supplemental classes or enrolling in related seminars. Collaborate with people who can help you strengthen your leadership skills.
Make it a point to get to know the members of your team. Learn how to adjust to various working styles and attitudes. Create a positive a working environment by establishing policies and regulations.
Photo from Pixabay. Public domain.
Rachel Yapchiongco, also known as Rach to her friends, is a Psychology and Marketing Management graduate of De La Salle University. Rachel is a mom to a charming boy and married to an entrepreneur who has a passion for cooking. She shares parenting experiences and slices of everyday life on her personal blog called Heart of Rachel.