7 Things Business Owners Fear
The day I got married was the scariest day of my life. I walked up to the altar shaking like a leaf. At 31, I would have thought that I was too old to be afraid of getting married, but I was scared. Each month I talk to a business owner who expresses their fears to me. There is nothing wrong with a healthy dose of fear at the right time. Here are some of the fears that many business owners face on a regular basis.
Fear of Failure
Failing in our business after putting in so much time, energy, and money can make us lose face. We have probably been putting on a brave face, all the while knowing that things are not always going well. We are afraid of failing our family who have believed in us, and not being able to “bring home the bread.” We might be afraid to fail because we will disappoint our employees and even our customers. I even worked with a business owner who was afraid to fail because she would let down the previous owner that sold her the business, for too high of a price I might add!
Fear of Losing Control
Business owners do not want to lose control, and as a result end up micromanaging their
businesses. “No one can do it as well as I can” is often heard in the small business environment. However, it is exactly this fear of losing control that holds business owners back. Only once you overcome this fear and start delegating tasks can you move your business forward. Successful owners hire people that are better than them and let these people do the job they were hired for.
Fear of Not Knowing What to Do Next
We own a business and we think we should know everything; however this is impossible. Often business owners are great at the technical aspects of the business and end up faking the other stuff. Don’t be afraid of getting help in areas where you don’t have the expertise. In order to know what to do next often we need to slow down, not rush our decisions but at the same time refuse to be conquered by inaction. Feeling overwhelmed is often the symptom of not having plans in place and following those plans.
Fear of Success
Some business owners I know don't believe that they can be successful and have a fear of success. Sometimes this relates to upbringing and being discouraged or doubted by others. Sometimes owners do not recognize that they are successful and managed to get to where they are but are doubtful of taking the business to the next level. By celebrating successes and recognizing what you have done well along with having goals that are achievable you can overcome this fear.
Fear of Being Thought of as Crazy
You are stepping out on a limb by taking on a business venture and some people will think that the risk is incredible and that you are crazy for doing it. Pay no heed to the naysayers unless they have experience in what you are doing, but listen closely to good advice. Avoid those with little else left to do than bring down those leaders like yourself who have a vision! It's the big dreamers like you who turn those dreams into action who make change in the world!
Fear of Thinking Big!
This can be related to some of the other fears, which all can be related to our upbringing or our life's history, however thinking big can be scary but necessary for small business owners. Unless you can think out of the box and try new things you will be stuck forever with small profits and a struggling business. Think and dream big regularly and move your business forward with incremental steps until it grows as big as your dreams! Don’t limit your business, make it so you and your business are opportunity seekers!
Lack of Business Knowledge
As a business coach I work with business owners on a regular basis that have not reached their full potential because of self-limiting factors. Sometimes it is simply the lack of knowledge on how to grow their businesses, how to increase sales or more importantly how to make their business profitable. Oftentimes the business owners do not have sales systems, good marketing practices, or financial systems in place that enable them to be successful. It is hard to measure what you don’t understand. If this is holding your business back, take some courses or get someone to help you with this area of your business so that you can become more successful. The fact that you are reading this right now proves that you are committed to increasing your knowledge of business which will lead to your success.
In order to truly be successful, business owners like you and I need to determine what is causing us fear and determine whether that fear is holding us back or pushing us forward. By understanding the drivers and the psychological barriers we might have to our success and working on those we can truly achieve things thought impossible by others. I am glad I got married and really had nothing to fear.
Dave Fuller is an Award Winning Certified Professional Business coach and the author of the books Pivotal Performance and Profit Yourself Healthy. Do not be afraid to email firstname.lastname@example.org