Being an entrepreneur is just like a blind leap forward – you don’t know what you might encounter. You have to learn to take risk after studying the risks involved. As an entrepreneur, one needs to grab all the opportunities floating within the space. But in this practice, they may have certain fears that stop them from moving ahead. Founders talk about traction, revenues, their journey, and product etc., but when asked about their fears – they are usually reluctant to speak up. The reason is that they feel if they tell their fears, the world would see a chink in their armour and look down on them. The question rising is that are these fears about having fears valid?
One Internet has listed some of the common things entrepreneurs are most scared of.
The fear of losing co-founders or the core team
One of the biggest fear as start up owner has is of losing the most talented bunch of people who were a part of the initial or commencing stage of the business and made the journey possible. It is also scary to think of not being able to find other new talent to take the business.
For any founder, it is a challenging task to hire the right bunch of people because it cannot be denied that team is the backbone of any business. It is the team which turns a founder’s vision into actual reality. Team is the most valuable asset. It is a must for start-ups to build up a good skeletal team.
The fear of losing the power to take decisions
You take all the basic and major decisions for company when you start it. But as an entrepreneur moves forward in the path of conducting the business, the decision making power gets diluted. It is divided between the investors and the core team on basis of the nature of the decision required. At this point, an entrepreneur get could get scared of losing the power of decision making.
The fear of not fulfilling Consumers’ Expectations
‘Customer is King’, for any and every business. If customers are not happy with the service or product sold to them, then the chances for failure automatically go high. Founders are well aware of this fact because ultimately they make the product or provide the services to the customers. This fact leads to the fear of not living up to the expectations of the customers. Startups should understand the customer’s and serve them with the right products.
The fear of shortage of time!
An entrepreneur has limited resources and funds to fulfil his vision at the start of his journey. There is a limited budget and everything has to be done within that.
Often, we try multi-tasking and take on the responsibility of several people simultaneously. The fear is that a leader should not bid to achieve the impossible, and that the core team does not burn out while trying to achive the set goals.
The fear of Competition
For startup founders, competition is the biggest fear, for obvious reasons. The competition will always be there and, hence, founders need to constantly improve on their ways of working. they need to keep making innovations to ensure they stay ahead of the game at all times.
Studying the competition before taking the plunge can give founders can collect a strong market research data by studying the competition in the market before taking the plunge.
The practical truth is, there is no room for fear for startups. The actual victory is in conquering the apprehensions and inhibitions much before taking the major step towards entrepreneurship.
So, founders, take a deep breath, acknowledge your fear, minimise it to best possibility and get the world.