Overcome The Fear of Failure and Start The Business You Always Wanted

"Start the business you always wanted." Those are words we can all get behind. But there is always that fear the business we want to start might not hit the ground running. 

That's precisely why many people lose hope before even trying. But it's the irrational fear holding you back, not your abilities as an entrepreneur. So ask yourself this, is anything certain in life? Are you guaranteed success? Of course not. But playing it safe does nothing good but keep you locked in your own bubble. 

This article is for every entrepreneur that has an irrational fear of failure. This article aims to help you overcome the fear of failure so you can start the business you always wanted. So with all that said, let's start.

Steps to Overcome Your Fear of Failure

Overcoming the fear of failure isn't simple. Fears and phobias remain part of your life until you decide to act. You must stop overthinking failure to get the chance to beat it. We can use this logic and apply it in the real world. We can certainly apply it when looking to start a business. 

So how do you overcome the fear of failure? Let's find out. 

Acknowledge That Fear Does Exist

Regardless of how much we try and ignore it, the fear of failure is real, and it even has a name - Atychiphobia. 

Moreover, it's completely normal to fear failure. After all, no one wants to throw their life savings into an idea that might not work. However, modern business tells us there can't be a reward if you don't take risks. 

But sometimes, acknowledging that fear does exist helps you overcome it. So the first thing prospective entrepreneurs should do is acknowledge the existence of failure. 

Don't Take the Leap of Faith

Another thing prospective entrepreneurs should do when fearing failure is taking baby steps. When looking to start a business, you should do all the things necessary to ensure your business has the biggest chance of success. 

This includes research and market analysis, among other things. You might think you have a great idea, but is it really good? Instead of investing your life savings into a product, you must take baby steps and review a checklist that will provide all the answers. Your product might or might not be the best thing since sliced bread. But you will only know that if you do your research.

So, instead of taking a giant leap of faith, do the rational things first and slowly. 

Focus on Achievable Goals

We all come up with ideas but quickly put them aside, thinking they're not great. For example, your idea might be to make a booking website. But do you even know how these websites work?  

This tip ties nicely with the previous one - that starting a business is a process. You need to research every part before funding your idea. 

To help you overcome failure, we suggest you create achievable goals. Let's take the booking website as an example:

1. Create a goal where you find out what booking websites do.
2. Find out how these websites work and what it takes for one to work.
3. Consider the businesses that will benefit from the website.

After you've covered these three, you can move on to other parts. The important thing is that these are all achievable goals. You don't need to fund anything to research how these websites work or who uses them. 

Compare Yourself to Others, But Don't Dishearthen Yourself

A crucial component for the success of your business is competitor analysis. Therefore, you will be doing plenty of research on potential competitors and will compare your product with theirs. 

However, competitor analysis can be a slippery slope. Your competitors are entities that've already established themselves. That means they already have a functioning product and are making money. Your initial idea might not be as great as your competitors. But don't dishearten yourself thinking you've come up with a poor product.

You mustn't fall for this trap. Instead, use your competitors to make a better product. 

Ask for Help

There is nothing noble about flying solo. You'd be amazed to find out how many successful people have relied on outside help to launch successful businesses. 

Consider Bill Gates, Larry Page, Sergey Brin, and Jeff Bezos. There are two things they have in common. One, they're all successful businessmen with multi-billion dollar companies, and two, they were all mentored by Bill Cambell. 

Speaking to various reporters and magazines, they all said they wouldn't make it without Bill. So why would you be afraid to ask for mentorship when starting your business? We come full circle to the idea of fear being a cornerstone of your identity. 

It's the fear holding you back and preventing you from asking for help. Lose the fear and ask for help if you need it. As a matter of fact, you should always consult with your loved ones and friends when brainstorming potential ideas. They could offer an outside perspective and become crucial parts of your business.

So lose the fear and start your business now.

Conclusion

That concludes this guide on the fear of failure and how it prevents you from starting the business you've always wanted. As you can see, nothing in life is guaranteed - that certainly applies to your potential business. But if you never try it, how can you ever know if your idea is worth pursuing? Doing as little as researching the idea could provide you with essential feedback.

What's important is to lose the fear of failure and take charge of your destiny.