For most entrepreneurs, starting their own business is the main aim. But quickly, business start-up anxiety and self-doubt can set in and stop them from acting and putting plans in place.
Entrepreneurial fear can hinder those wanting to achieve their goals and reach their full potential. Facing anxiety head-on and finding new coping methods will turn dreams into reality. Let’s look at how you can overcome start-up anxiety and gain the confidence to be your own boss.
How to Tackle Business Start-up Anxiety
Understanding Fear
If you’re fresh-faced or already a business owner, you’re likely to have experienced setbacks. Apprehending failure early on and battling imposter syndrome can be overwhelming. The fear of the unknown and worry about financial loss can be enough to stop you in your tracks. They hide in the background and slowly dim your entrepreneurial spark.
With 1 in 5 new businesses in the UK destined to fail, the hesitancy is understandable. The stakes are high when opting to go it alone. Your reputation, financial stability, and even your sense of self could be at risk. It’s no wonder our brains go straight to the worst possible outcome – they’re wired to avoid risks. It’s in this struggle between playing it safe and aiming high that we see a chance to grow.
The effect of entrepreneurial fear isn’t just personal. It can spread through a business, holding back innovation and hindering growth. It’s why you must create a space where fear’s recognised and understood, but it doesn’t take over.
Mindfulness & Managing Stress
Mindfulness isn’t some trendy term saved for the spiritual; it’s a tool that can change how we look at our problems and reduce stress. Practises like meditation and breathing exercises or trying cognitive behavioural therapy (CBT) can help ground you. Working toward actionable steps shifts your focus from theoretical disasters.
Physical activity is also great for the brain. When you exercise, your body releases endorphins, the body’s natural positivity boosters. It helps to get rid of the extra adrenaline that can make us feel nervous and overburdened.
Seeking Mentorship & Networking Support
The entrepreneurial community is a great place to go for wisdom and know-how. Finding mentors who’ve faced the same challenges can help us when our minds start racing.
The importance of networking and getting support from fellow entrepreneurs is huge. Having a support system that understands can help ease your concerns. In a community, things will often seem less daunting when shared with others.
Setting Goals & Celebrating Success
Ambition fuels entrepreneurship, but if left unchecked, it can burn out quickly. It will leave you feeling drained and falling short of expectations. Setting goals that are both inspiring and achievable allows for steady progress. This is something often overlooked in the big picture.
Take time to celebrate the small wins, because there will be many ups that’ll outweigh the downs. Taking pride in any achievement is key to keeping spirits high and gaining perspective.
How to Start Your Own Business
Entrepreneurship starts with courage, but then you must act. Here are eight steps to starting your enterprise and taming the fear.
1. Define Your Business Idea & Outcomes
Start by clearly defining what your business does and what problem it solves. This step isn’t just for your potential customers but for you. It’s your first line of defence against self-doubt and indecision.
2. Do Market Research
Fear often hides in the unknown. Market research opens your eyes to reality, preparing you for issues ahead of time. Understanding your market builds confidence and certainty.
3. Craft A Business Plan
A business plan is your blueprint and your security blanket in times of uncertainty. It shows you the financial and operational paths to keep your dreams alive.
4. Secure Funding
Money worries are a real and valid fear for many entrepreneurs. Securing funding (through loans, investors, or personal savings) will strengthen your financial foundations.
5. Register Your Business
Make it official. Registering your business is a physical manifestation of your commitment to your enterprise. This act of ownership can overrule your fears.
6. Understand Legal Requirements
Understanding laws and regulations can be a minefield, but it’s better to face them early on. Legal compliance offers a shield against the unknown.
7. Set Up Your Workspace
Create a workspace that inspires you. Business start-up anxiety can be impacted by your surroundings, so work in a place that makes you feel comfortable. It doesn’t have to be a corporate office setting, but it should be a creative area where you can relax but feel focused.
8. Develop Your Brand
There’s more to your brand than a fancy logo or catchy tagline, it’s a persona that represents your business’s values and identity. A strong brand can cut through competition and be a huge reason for success.
By accepting our fears and coming up with ways to handle them, we can turn dread into motivation. Nothing in life worth achieving is easy and straightforward, and fear is just part of the parcel.
In building a business, fear will show up time and time again. How you deal with it – as a roadblock or as a challenge to conquer – that’s up to you. With the right tools and attitude, you can move ahead and succeed. Good luck, fellow entrepreneur.
Holly Dodd is a freelance writer and blogger – Visit her website here.