Don’t Let the Fear of Failure Run Your Business
Updated: Apr 3, 2020
The following is an article “Don’t Let the Fear of Failure Run Your Business” by Marc Primo.
No business owner sets up his shop to fail and every venture is built on a great drive to succeed and a positive attitude to weather the occasional storm. However, fear is always a constant, no matter how established or obscure a company is. Be it a fear of going bankrupt or reaching a financial plateau that leads to a downward spiral, entrepreneurs can still attain success even if the shadow of fear is always behind them with a few simple steps.
In business, we learn of scary stories that run empires to the ground just as how an iceberg sank the Titanic. These failures usually come suddenly, so businessmen try their best to develop good foresight that prepares them for the worst. For some though, the preparation becomes too tedious that they lose focus on what other factors the company really needs—positivity, action, and consistency.
Keep your eye on the prize
Most successful NBA players take in a lot of losses and injuries in their careers but they always try their best to spring back onto the hardcourt. Why? The simple answer is the pursuit of glory in the form of an NBA championship ring. Most unfulfilled retired ballers in the league would say that not capturing a title is one of their biggest regrets in life. The same analogy should apply to any entrepreneur who wants to reach the pinnacle of success. You have to push hard if you want to thrive, even if it means taking high risks and suffering some losses.
The goal is to grow and be on the offensive to capture the win and not merely be on the defense. You can only grow tired of protecting your enterprise by limiting goals to a certain quota and this can only lead to a constant fear of failure. Overcoming fear in business requires an optimistic mindset to adopt a growth-oriented attitude. Upgrade equipment as necessary, invest in training for your employees, and embrace transformational change when the trends are going another direction. Taking risks while being well-aware of your limitations will get you more wins in business than you can imagine.
Act on your ideas
Have you ever come up with a unique idea for a business while in the shower but immediately dismissed it, then soon-- you discover that someone acted on your idea and it’s now the next big thing in business?
Being a businessman means turning your thoughts into concrete actions to get a step (or even a leap) closer to running a successful venture. Most startups today begin with a bright thought that they draft on paper and run through computers to make a working app or website. Some succeed and some fail but the important thing about the whole process is the attempt followed by experience.
Don’t fear failure because not only is it a good teacher that pivots you towards the right direction, but it polishes your weaknesses into strengths as well. Reinforce your ideas by searching for articles online which could help you mobilize your business plans and start implementing strategies. Online blogs from Foundr, Entrepreneur, and Inc. are good sites to visit and draw inspiration from if you think your ideas are too stale to act upon at the moment.
Consistency is key
Like a good couple, success and consistency go hand-in-hand in achieving entrepreneurial bliss. Many successful businessmen have shared how daily routines, constant practice, and regular knowledge-seeking methods have helped them develop great work ethics and attitude. Such regular practices as morning exercises, daily reading, meditation, and other such routines help entrepreneurs make better and sound decisions at the office.
Read up on how you can increase your own productivity and apply yourself to everyday situations. This will develop your consistency in performing these best practices, help you focus on your goals, and even develop your untapped skill sets for bigger success.