"the fear" how you deal with it?

[vincitore]

For the past few days, I have been reading a lot of questions about how to start a business or what is the best business... blah blah blah... but really, the question that raised my blood pulse and made me have sweaty palms is "HOW DO I FACE THE FEAR/UNCERTAINTY?"

I have just started reading books about entreprenuership a few months agp. Each and every single them help me understand how businesses work, also keep me excited about my future venture. At the same time I have this constant fear of uncertainty! which holds me back!

SO FELLOW ENTREPRENEURS, HOW DO YOU DEAL WITH THE FEAR?

[KirkKimberley]

You have to understand what your fear is based on.

I know that sounds deep. But what are you scared of?
People laughing at you for failing?
Loosing all of your money, and not being able to support your family?
Having responsibilities where people rely on you?
Not being able to 'dump' problems on to another person (ie a boss)
Just the thought of 'failing?' and choosing the wrong business?

Find out what you fear, and then we can work on things.

We all had these fears. I can suggest a few things to get over them, once you know which one suits you best.

I am not a doctor. I have just lived a lot of it.

Thanks,
Kirk

[experimentjon]

One method is to spread your risk. You can do this by getting one or more business partners. This will help you by:
1) Reducing your initial investment needed as your partner can provide some capital. This minimizes your risk of loss.
2) Having someone to turn to and who will help support you in your business while contributing their share to the development and growth.

Indeed, the fear and uncertainty is real, but business is about taking calculated risks. Because without taking risks, you can't make money above the "risk-free rate." Today, that rate is 0% to 0.25%, as measured by the T-bill. And you don't want that.

[Gary Barzel]

Feeling overwhelmed when starting a business is very normal, after all you are taking a huge step. However if you implement certain things before you you dive into the business it can help subdue the feeling somewhat.

I would recommend writing down the reasons you want to start the business, seeing it on paper can have a strong effect on you and help you push through some of the hardships in order to reach your goal.

Another important factor before starting your business is to do tremendous amounts of research into the industry you are going into. Knowledge is power, read up on how to keep your head afloat when so much is going on. There is lot's of information out there, because there are tons of people in the same boat as you. Nothing comes easy and with the right amount of perseverance you will succeed. Most importantly always believe in what you are doing, that'll give you tremendous amounts of strength.

Best of luck!

[Mike Hay]

Fear keeps you safe, its your friend. But it can be a paralyzing and controlling friend, so keep it in check and stay in control of it. Make sure your fear is rational and justified. So dont do something you have to be afraid of as well. Its like this, dont risk your families well being in order to chase a dream, and dont count any money you havent made. Almost any new business takes a little time to gather clients, and some of those will be great customers and some will be weak, and some will try to rip you off because your new. During this phase, your every waking moment will be an emotional roller coaster. One day you will feel like your the new donald trump, and the next day a totall wreck. This emotional trend often follows closely to your financial trend. During this first year of uncertainty, dont quit your day job. Make sure the new venture is going to be successful before dumping your families whole well being on it, and dont invest so much that you cant make the payment if you have a bad month. So heres a few scenarios for you to help minimize risk, thus reducing some of that fear. One, ensure your wifes income is strong enough to support you in a bad month. Committ to working you days evenings and your weekends untill things are financially stable. Get a job that is flexible with an understanding boss that will work with you during start-up. Or hire some workers to do the job while your at your old job. The last thing a guy wants to hear when starting his new business is, "get a job", hahah I know, but, it beats getting to be added to the statistics of 8 out of 10 businesses fail in their first year. There is a reason so many fail, and that stat is likely tied closely with your fear.