A recent discussion with a CEO highlighted an emotion often experienced by would be entrepreneurs. The CEO wanted to leave the current business and start a new one. The new business had the potential to obtain immediate contracts and be financially viable within the first two years. The CEO wanted to pull several employees from the current business but felt they would not leave. Rather than start the business, this CEO decided not to engage because of the concern that none of the employees would join him in the startup business.
Being all alone in a startup is nothing new. Many entrepreneurs learn that startups are not for everyone and that the need for a salary and benefits can trump the desire to be part of a startup. The feelings can cause entrepreneurs to believe the startup process is overly complicated and they fail to try further. Hence, they never realize their dream.
Many different emotions experienced by entrepreneurs inhibit the desire to start a business. Entrepreneurs that do engage in business startups have found a way to overcome these fears and move on, possibly turning the fear into a motivation. Concerns are natural and will always exist, but try turning the fear into a success driver or you will never start anything. The list below contains a few areas requiring an ability to master the emotion and turn it into a driver to succeed.
1. Social acceptance – The sense that others will not accept you or your business ideas generates a type of fear that some find difficult to live with. Everyone wants to be loved, but entrepreneurs learn to put this in perspective. They realize that the social acceptance is not as important in their lives as is their need to succeed in a business endeavor. The drive to succeed in an exciting business you start can help tame the fear of being alone.
2. Loss of income – Income is important to everyone’s’ day-to-day living. A stable job is important to many and they fear the loss of that income. Entrepreneurs fear the loss as well, but they see an upside to periods of no or low income. They are willing to take the risk because the drive to succeed overcomes their fear of short-term financial issues. They still worry but they work even harder to create a success. The more difficult part is managing the concerns the family may have during the low earning periods. Income reductions can have an impact on the entrepreneur and the family. Managing through the low earning periods is essential since there is no money in many startup companies for the first few years.
3. Business success – The degree of success a business experiences is dependent on many factors. People often worry that they will not see the success they desire and may fail to start a business. Fear of limited business activity and concerns of never reaching a booming success story is a great demotivator. Entrepreneurs learn that it is impossible to have a wildly successful business if they do not start the business and give it their full energy and attention. Success comes in many different forms and learning to enjoy the minor successes along the way to the big win is an important part of the process.
4. Complete Failure – One of the most difficult issues to resolve is the fear of complete failure. Failure is a process that most entrepreneurs will experience in their lifetime. Failures do generate many learning aspects as described in the article, “6 Considerations to remember about failure.” Failure happens and it is important to recognize it is not the end of the world. Many learn from failure and move on to great successes in their next ventures.
You can follow Taffy Williams on Twitter by @twilli2861 and you can email him with questions at email@example.com or contact him via company contact info in the website. More Startup information is contained in his personal blog.