Seven tips for overcoming the fear of starting a business

Starting a business is a big decision that can be intimidating given the list of challenges and concerns, from finances to public speaking. On the occasion of Global Entrepreneurship Day, which is celebrated on April 16, and to overcome fears, Manuel Alonso, Commercial Director and Director of OVB Spain, has analyzed some of the reasons why you should not embark on an entrepreneurial adventure and put together a list of tips to overcome them.

Fear of doing?

These are the seven most common fears an entrepreneur has and tips for overcoming them:

1. fear of failure. Undoubtedly, this is the most common fear caused by uncertainty and “dizziness” when starting a business. To combat this fear, it is advisable to remember and analyze things that went well in the past in order to repeat this success in the future. Moreover, failure is part of the process and you can learn from each fall. And we should not forget that most successful entrepreneurs have failed many times before achieving this.
2. Fear of economic losses. Every project, business or project requires an investment of resources. To overcome this fear, it is necessary to prepare a well-detailed financial plan that realistically includes all possible expenses, projects, and benefits. It is always possible for there to be some kind of loss, but you can protect yourself from the unexpected with a savings plan and with the help of experts in financial advice.
3. Fear of market changes. Having information that allows us to be on the alert and not be surprised, coupled with a flexible business structure and strategies that can quickly adapt to potential changes will help us get out of any situation. It is also positive to surround yourself with professionals who know the markets and can add value to your business strategy.
4. Fear of bureaucratic hurdles. The key to overcoming this fear is to know well the characteristics of the sector you are going into and anticipate any hesitation or managerial hurdle. There are many companies that specialize in providing advice on this type of bureaucratic procedure, and getting the help of a manager with experience in starting a business will expedite the procedures and anticipate possible future problems.
5. Fear of responsibility. As an entrepreneur, you become responsible for your own livelihood and the livelihood of your employees, which can be a source of anxiety. Therefore, good and careful business planning is advised, with an exact plan around the growth of the venture, setting short-term income goals and making necessary adjustments to maintain the desired roadmap.
6. Fear of burnout (multitasking). When you start a business, you are responsible for sales, marketing, production, financing, leasing, and an endless list. To prevent the situation from getting too engrossing, it is necessary to identify those tasks that we can tackle with solvency (through knowledge, training and experience), and to identify those tasks in which we do not have the necessary technical knowledge or in which we lack experience. Once identified, we must seek the resources to manage it with guarantees. Additionally, consider the potential added cost of said task and consider the possibility of having an additional resource (internal or external) to manage it.
7. Fear of success Once the fear of failure has been overcome, the fear of success may also need to be overcome. A successful business can take on a life of its own, and you might worry that it could become something bigger, so you need to rely on the ability to stretch to grow the business intelligently and sustainably. Thinking ahead and investing profits to make it grow and ensure an economic cushion when the good times don’t come is an important factor.