How Entrepreneurs Can Push Through Fear of Failure and Reach Success
Did you know that 62% of US billionaires are self-made? The idea that most billionaires have reached that status because they inherited it is a common misconception. According to a study performed by the Office of Advocacy with data collected from 2004 to 2014, 22.5% of small businesses fail in the first year. So, what does this tell you? There are many people out there who have decided to run the risk of executing their business ideas, and it paid off, and some others that have tried and failed —although this doesn't mean they can't try again and succeed.
Statistics like these can influence people in one of two ways: they can either give potential entrepreneurs that last push they need to make things happen, or those potential business owners could opt out of their ideas due to fear of failure.
In some cases, fear of failure keeps people motivated to do things to prevent their anxiety from becoming a reality. Or —this is quite possibly the most frequent reaction— it can paralyze you and keep you from doing the things you want to do. If you can relate to that last option, here are some tips that can help you overcome the fear of failure to achieve success.
Take Time to Research
Uncertainty can aggravate the fear of failure. One of the best ways to minimize risk is by doing research and getting all your ducks in a row. While it is unlikely you can get every piece of data necessary to answer every single one of your questions; you can collect enough to make you feel empowered and help minimize those voices in your head that say you can't do it. Of course, be mindful of the sources of information you are selecting, keep it in perspective and never forget what the purpose of your research is.
Define an Action Plan
Starting a business without a clear business plan is not a good idea. First, you will need to define your goals. Once that is in place, take your time to design and document a roadmap that can help you navigate your way to success as you achieve your business goals.
Always Have a Backup Plan
Sometimes, things won't come out right in the first attempt, and that's ok. In business, you will always have risks. Some will be more likely to materialize than others. Identify those risks and design a backup plan that will help keep on you on track to reach your goal, even if you're taking an alternate road.
Remember That Staying Stagnant Is Not a Good Option
Allowing fear to keep you from taking action is a costly decision. Rather than not living out your dream because of fear, take small steps toward your ultimate goal. Even the tiniest step forward is better than no movement at all.