Expert Q&A: How Do You Overcome Your Fears of Failing & Become an Entrepreneur? by Jeff Krasno
Q: "I really want to become an entrepreneur, but I'm afraid I'll fail. So much is at stake, especially my finances. How can I get past this fear and prepare to take the leap?"
A. Fear is an emotion that arises in consciousness. It can have negative consequences when it prevents you from taking action or thinking rationally. However, fear can also be useful when it’s understood as respect for something powerful. You should respect your financial well-being and take it seriously.
Fear is often linked to uncertainty about the future. And while it is important to be able to find equipoise with uncertainty, one can reduce ambiguity as it pertains specifically to financial matters.
Before embarking on a new business, you should engage in a financial risk assessment. If you don’t have a big nest egg or third-party investors, then you probably want to build your business slowly. Your business might start as a side hustle. This can often be beneficial to the health of a business because you’re only spending on the essentials. If you’re a creative, solicit the guidance of a seasoned financial advisor to help you assess your financial situation before jumping in and manage cash carefully going forward.
Almost every entrepreneur experiences some failure. Failure begets experience. And experience begets wisdom. So don’t be afraid of failure. See it as a growth opportunity. Failure is negative only if you don’t learn from it and repeat the same mistakes. Oftentimes, fear of failure is actually fear of being judged. If you want to become an entrepreneur (or just a happier person), you must divorce your self-worth from the opinions of others.
Remember, you’re in the arena. Critics are in the stands.
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