Monday, February 12, 2007
Entrepreneurship: Overcoming your fears
Entrepreneurship and the dream of owning your own business is a powerful concept. As a business owner, you are in charge of the decision making process, the direction of the company's products and services, and benefit from your own hard work at building the organization. At the same time, the same factors that drive entrepreneurship can be equally frightening for many potential self employed people. To get your own business going and growing, it's necessary to overcome your fears.
For most people, the thought of losing the steady pay packet that goes along with employment is the primary fear. Concern about income are legitimate. Independent business owners often experience lean times when sales are low and potential clients are not ringing the phones off the hooks. It's essential to plan for periods of slow business, and budget for them. By keeping some cash in reserve to tide the company over the slow times, this fear can be lowered in importance.
During times of lower business activity, the days can be used to prospect for customers and clients, and to step up marketing activities. Instead of working with clients, the entrepreneur can be creating a new client list by networking, developing a new marketing strategy, contacting potential customers, and developing new value added products and services. These tasks will enhance the company's customer list and go far to easing the financial problems that could be holding back your business growth.
Another fear that prevents people from taking the entrepreneurial step is concern about lack of available time. Instead of setting priorities, and creating ways to delegate or outsource routine activities, the lone business person feels overwhelmed by what appears to be an unlimited number of jobs.
While the budding business owner may indeed have to wear most of the busines hats during the startup phase of the company, the time for delegation of tasks soon appears. Routine office work can be contracted to a virtual assistant, production and distribution can be outsourced, and strategic alliances can be formed with other entrepreneurs.
A third fear is concern about a personal lack of knowledge. While not everyone is an expert in public relations, sales and marketing, accounting, law, production, and distribution, these skills can be learned or contracted. Books and courses are readily available that teach hands on practical skills. In fact, for the nominal price of many business books, entire step by step instructions are available. Lack of knowledge and information is only limited by your imagination. You may even discover that you know more about business than you had previously thought possible.
Finally, a fourth fear is one of a more personal nature. Surprisingly, many potentially successful businesses are derailed from the beginning from lack of support of family and friends. To overcome this problem, you must recognize that loved ones are concerned about you, and they want to see you succeed in business and in life. They don't want to see you fail.
As a result of their concerns, it's important to develop a strong, viable business plan that you can share with them. Demonstrate how you plan to operate the business as a profitable company. By sharing with friends and family, you will gain their support, and also their assistance and ideas to help you succeed.
Starting a business can be a scary concept. Instead of letting your fears prevent you from developing your own company, use these concerns as opportunities to discover new ideas and to learn more skills. By overcoming your worst fears, you can create an even more successful company.
Don't let the fear of striking out keep you from playing the game.
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Excellent post, Wayne. Fear just seems to go hand-in-hand with entrepreneurship. Whether it's the rush of the startup or sweating during the inevitable valleys, I see it in every venture I or clients are involved with.
I posted last week on turning that fear into an ally and learning to read how your own fears influence your decisions. Fear is a fascinating topic, especially when it comes to entrepreneurship.
I posted last week on turning that fear into an ally and learning to read how your own fears influence your decisions. Fear is a fascinating topic, especially when it comes to entrepreneurship.
Wyane this is a great post. It's nice to know that the fears I experience every day are normal for many more than just me. Yes, we do experience this fear but these are some good points to follow.
This is an excellent survey of reasons many people with great ideas don't want to take the leap and actually implement them.
I work for a crowdsourcing company called Cambrian House, which is developing a platform for any entrepreneur to crowdsource their idea, tapping into a community of programmers, artists, copywriters, marketers, salespeople, etc. (The platform should be ready within a month, our developers are running hard.)
By lowering the barriers to entry, and reducing the risk by reducing the investment, we're hoping to see people teetering on the brink of leaping into self-employment take the plunge.
Actually, your post reminds me of something we posted in our blog a while back, about "eating fear" and raising investment capital.
It would be great if you would consider joining our community, your expertise with marketing, business strategy and the entrepreneurial mentality would fit in nicely.
I work for a crowdsourcing company called Cambrian House, which is developing a platform for any entrepreneur to crowdsource their idea, tapping into a community of programmers, artists, copywriters, marketers, salespeople, etc. (The platform should be ready within a month, our developers are running hard.)
By lowering the barriers to entry, and reducing the risk by reducing the investment, we're hoping to see people teetering on the brink of leaping into self-employment take the plunge.
Actually, your post reminds me of something we posted in our blog a while back, about "eating fear" and raising investment capital.
It would be great if you would consider joining our community, your expertise with marketing, business strategy and the entrepreneurial mentality would fit in nicely.
Entrepreneurship is not for everyone. The litmus test is risk-taking capability. I agree with your point - there is a fear about loosing the steady pay packet. And the basic tenet of investment applies here too - high risk high return. An entrepreneur hopes to generate a greater return for the risk he/she is taking.
One point in your article caught my attention. You say during times of lower business activity; and i quote here "Instead of working with clients, the entrepreneur can be creating a new client list by networking, developing a new marketing strategy..." I disagree completely here. You don't craft strategies like that. Ideally, you should have formulated a strategy before starting a venture. During lean times, you ought to be implementing strategy - or taking stock what is working and what is not, etc.
Ah, the third item is time. I agree: such a scarce commodity. I wish there was more than 24 hours in a day. It is best if the entrepreneur takes up a few introductory courses on business topics before taking the plunge.
You can only learn so much by reading books. I have been working with small businessess close to eight years - and I find each small business is unqiue.
My suggestion to people considering this option is "Plan, plan and plan". You can never plan too much. I realize there is market timing and all - but the time spent planning upfront is well spent.
I do wish all the very best to those who take the plunge into the exciting world of entrepreneurship.
One point in your article caught my attention. You say during times of lower business activity; and i quote here "Instead of working with clients, the entrepreneur can be creating a new client list by networking, developing a new marketing strategy..." I disagree completely here. You don't craft strategies like that. Ideally, you should have formulated a strategy before starting a venture. During lean times, you ought to be implementing strategy - or taking stock what is working and what is not, etc.
Ah, the third item is time. I agree: such a scarce commodity. I wish there was more than 24 hours in a day. It is best if the entrepreneur takes up a few introductory courses on business topics before taking the plunge.
You can only learn so much by reading books. I have been working with small businessess close to eight years - and I find each small business is unqiue.
My suggestion to people considering this option is "Plan, plan and plan". You can never plan too much. I realize there is market timing and all - but the time spent planning upfront is well spent.
I do wish all the very best to those who take the plunge into the exciting world of entrepreneurship.
Good article. I've had my own business since 1979. I've overcome the always-present fear of not knowing enough by learning new things every single day. You just have to keep stepping out of your comfort level. I've overcome the inevitable cash crunches by putting aside 18% (at least) of every single check. After a while, the wolf is further and further from the door. The other "insurance" is talking to customers all the time. You can plan all you want, but customers don't follow your plans. They follow their own plans. Knowing what their plans are, and helping them meet them, is like money in the bank - for life.--Kristin Zhivago
Hi i have a question- how does entrepreneurship contributes to the implementation of strategies within an organization?
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