Fear of failure is one of the top five reasons why so many people do not make the transition from having a business idea to actually starting a business.
Looking back at my own entrepreneurial journey, I know that my initial response to the notion of starting my business was a mixture of excitement and fear.
Fear that I wasn’t smart enough. Fear of taking a risk. Fear that the timing wasn’t right… The list of my fears was endless, but mostly I was afraid of failing.
Now I realise that even after more than a decade of running my own business, there are still times when I experience failure. But I am no longer afraid of failing in the same way that I used to be. Because having experienced failures, I have learnt some great strategies that have helped me to move beyond my fears, to succeed despite the odds.
What have I learnt?
I have learnt that no matter where your business is in the #CorporateLifecycle your success depends on how you deal with failure.
Here are some of the sure-fire strategies that I have used for overcoming failure:
- when you fail, as we all will at times, you cannot give up, do not be discouraged and do not wallow in the failure
- treat failure as learning opportunity
Henry Ford said so eloquently:
“Fear is simply the opportunity to begin again, this time more intelligently. There is no disgrace in honest failure; there is disgrace in fearing to fail”
Of course this is easier said than done, so there is a third strategy:
- make sure that you surround yourself with people who are excited about and committed to your success. It is these people who will support, reassure, guide and be there for you when you do fail.
If fact, I would urge you to have a coach or mentor who understands you and your business, and who will both support and challenge you.
There are no guarantees
No-one can guarantee that you won’t fail, no matter how good your risk analysis and mitigation plans are. And when you do fail, it will upset and distress you, but if you apply these three strategies, I can assure you that you will bounce back.
So don’t let fear of failure crush, curtail or choke your dreams of starting or growing your business and who knows you may succeed spectacularly.
If you would like help and support to start, grow or develop your business contact us for a complimentary consultation or join us for our #conference, 16 March 2016 at Accra Beach Hotel, Barbados.
Conference in partnership with NISE and sponsored by ACE Project Solutions