Sunday, September 22, 2013

Fear of Starting Your Own Company

FEAR !!!

By far the single biggest factor stopping people from starting their own companies is FEAR. In teach and talk about fear in many lectures that I give at the University, and when I talk about starting companies with budding entrepreneur.

SO, the key question is -- What are you TRULY afraid of?

The most common answers I get from Entrepreneurs are:

*  #1 (always) Fear of Failure
*  Fear of Success (interesting) meaning that if you're successful, a lot will be expected of you such as:
  - Future success
  - You'll be the boss, which means that sometimes you have to be the "bad guy"
*  Fear of what your Parents, friends, and others may think of you (especially if you fail)
*  Fear of not having the right skills
  (though the only real way to learn how to be an entrepreneur is to, well, become an entrepreneur, or work for one)
*  Fear of having a bad idea
   (though I'd rather have good entrepreneurs with an OK idea than OK entrepreneurs with a great idea)
*  Fear of losing money (well, you gotta take the risk at some point)
*  Fear of ridicule or being laughed at by friends, peers, family, etc.

Now, there are some definite truths about Fears:
1. Fears are real. Whether they're BIG Giant fears, or psychological ones, even imagined ones. They're still real.
2. You have to face your fears head on.
3. Yes, you can logically get over your fears, and address them with things like education, etc.
4. HOWEVER -- the only real answer to fears is -- Just Do It !!! Like with fears of roller coasters or flying. You just gotta get onto the plane.
I've read about this. Talked to people about this. Even asked my students. And the answer always comes out the same -- you just gotta face your fears.

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