Becoming an entrepreneur can be a scary thought for most. Where do I start? What if I fail?
But you’re not alone and it doesn’t need to be a scary thought! We recently asked you to share with us some of the fears holding you back from starting or running a business.
Here are some of the common responses:
- Fear of failing
- Accounting & taxes
- Not knowing where to start
- Feeling overwhelmed
- Not generating enough incomeand getting into debt
- Not feeling I have the right experience
- Fear of uncertainty
Sound familiar? See you're not alone and we don’t want any of these fears to stop you pursuing your dream of starting a side hustle, freelancing or starting a business. With the right preparation and support you can increase your chances of success.
Below are some tips that may help you overcome your fear of starting a business:
Have a business idea that you’re passionate about
If you want to start a business, the first thing you should do is identify a niche that you are passionate about. Passion is an important tool to help you overcome your fear of failure and keep you motivated when times get tough. Passion is what will drive you to keep going when others have given up. Passion is what will help you through the challenges of entrepreneurship and make failure less likely. Passion is what will help you pick yourself up after you fall down, dust yourself off, and get back out there again.
Network with other entrepreneurs and potential mentors
Network with other entrepreneurs and professionals in your industry at business seminars and conferences, or online through social media groups and forums.
Finding mentors or advisers also is a great way to help you overcome your fear of starting a business. Mentors are people who have already done what you’re trying to do. They’ll be able to give you advice on how to overcome challenges and succeed in your business. You can also network with friends and family members who you know have been successful in their careers. You can ask them for advice on how to overcome challenges and succeed in your business.
Our business adviser, Pete is a fantastic examples of a business adviser who can share real life experience of starting and running a business.
Set milestones to track your progress
When you are starting your own business, you’ll have to set milestones to track your progress. Setting milestones will help you keep track of your progress and show you what you have to do. It will help you stay on track and make the most of your time. You can set milestones for anything from setting a budget, to finding clients, to developing your product or service, and more.
This is a great way to help you overcome your fear of failing in your business and help you stay accountable for your progress.
But it's worth remembering this quote:
Write down the reasons why you’re starting your own business
This is a great way to help you overcome your fear of failure and stay motivated. When you start your own business, you will face challenges and overcome many obstacles along the way. Writing down the reasons why you’re starting your own business will help you stay motivated and keep going. You can read your reasons for starting your own business when you’re feeling down.
It’s common for entrepreneurs in all industries to hit a low point in their business. It happens to the best of us, but when it happens, you can look back at your reasons why and stay motivated. You can either keep your reasons private and in your journal, or you can read them out loud whenever you feel like you need some extra motivation.
Take care of your physical and mental wellbeing
Starting your own business can be overwhelming, especially if you don’t have the right support systems in place. It’s important to take care of your physical and mental wellbeing. This includes getting enough sleep, eating healthy, exercising, and spending time doing things you enjoy. It will also help you stay positive and motivated throughout the process.
At BRT we offer lifelong enterprise support to a community of Edinburgh Napier staff, students and alumni. We are here to de-risk the process of exploring entrepreneurship and provide the tools and support to help you succeed. Our BRT business advisers are here to provide mentorship, share insights, expertise and support you throughout your entrepreneurial journey. If you are looking for guidance, useful connections, or someone to bounce ideas with you can join our free membership, attend our events and book a 1:1 business advice appointment.