Business

Overcoming the fear of starting a business

Rose Muthoni @rosemuthoniN

A recent study by Wakefield Research shows that majority of would-be entrepreneurs would rather jump out of a plane than start a business. To a certain degree, the fear is understandable, after all, you have responsibilities that would suffer were your business to fail. You, your family, friends and even fellow employers are looking to see whether the risk you are taking will pay off. But there are ways out of the entrepreneurial fear.

Ignore your inner perfectionist

Where do I even begin? This is the one question every entrepreneur asks. Sometimes, it is as simple as setting your new venture’s objective and taking small steps towards achieving this. These small steps will make the venture more manageable and it won’t seem as daunting. Realistic goals are of outmost importance if you are setting up your business as a side hustle. Ditch the need to be a perfectionist. It is fine to release your product to the market even if it does not conform to your idea of perfect. There is always room and time for improvement. Give yourself the freedom to market a business that is still at its incubation stage. After all, you are going to need customers when the business is up and running.

Focus on support base

Passion is good but it can only take you so far. What you need is finances to realise your dream. Without money, your business will stall and eventually die down. It is, therefore, important to focus on your potential investors, partners and loyal customers. Once these people are locked, business longevity is guaranteed.

Work-life balance question

A new business and work-life balance cannot be used in the same sentence. When starting a business, most of your time will be spent on it. Your personal life will have to suffer at first. One of the biggest fears, especially with female entrepreneurs, is that they will take time away from their family because of their new venture only for it to fail. A strong support system, however, will guarantee that your loved ones do not play second fiddle to your business.

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