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6 Fears almost every startup owner faces
Startup entrepreneurs may experience rational as well as irrational fears, which is definitely more than normal for the human beings. Our experience has shown that such fears are among main factors holding their development back. But luckily there are certain ways out of this situation. First of all, let’s look through the most irrational or partially rational fears and their solutions that might come in handy for a startup.
1. Fear of the unknown
When you first get started with a business idea, gather your dream team, and start looking for the investor, you have no idea what to expect in your first days, months and years. It’s thrilling but not less terrifying.
“The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown.” – H. P. Lovecraft
When you have decided on being an entrepreneur, you should accept the need of taking risks, working hard and desperately believe in your idea. Moreover, with the advanced technologies like for example machine learning supported by big data analytics, your journey to the unknown will become more predicted and rational.
2. Quitting a full-time job
Being self-employed is unpredictable so it’s quite logical, that the scariest moment for young entrepreneur is quitting a constant job. Developing your own business is about taking responsibility and being master of your own fate. Just feel the difference between wondering how it would have become if you had given your dream a try or doing tremendously good living out your dream.
3. Being afraid to kickstart
It’s not the right time, we should wait a little bit, may be after this or that world crisis – excuses one can often hear from the founders having all they need to start off successfully. Right time is just one of the factors having positive impact on the record of your business. Going step-by-step to your goal, take all the necessary actions to make it finally work and the only thing here you should be afraid of is procrastination.
4. Fear of a business failure
It’s not a shame to try and fail, but to fail to try. Wise business owners say fail is inevitable on your way to success. It’s just the matter of time when you’ll hit that brilliant idea and get it right. But still there are ways to avoid business fail, and in most cases it’s the fails of others that might help you. Always learn from mistakes, and keep on trying no matter what.
5. Being afraid of the exposure
Staying in incognito mode for too long can really cost you almost everything. In some cases founders have a bright vision of their product but feel so insecure about the way market would respond to it. In other way, they think they’re too early for marketing. There are different sizes and shapes of marketing, so we are convinced that almost any startup can find the correct marketing person to assist them with developing and implementing a relevant marketing roadmap.
6. Fear of losing money or getting ripped off
Business is fairly considered to be 90% about money, so getting funding or making a business lucrative is often among the biggest concerns most entrepreneurs have. Taking care of your savings and being on the friendly terms with investors and their money, not to jeopardize all you’ve been working for should be item number one in your business plan. Easier said than done of course. But there are a lot of strategies and business laws you should consider when just planning your startup. Moreover, you can consider numerous accelerators, integrators, incubators and so on and so forth that might help your ideas to take off. This is one of the biggest rational fears every startup is suppose to have, but work with it and you’ll find a solution, don’t let it freeze all your intention out.
So, what should startup founders do to conquer monsters in their head?
In conclusion we will give you one piece of advice to start following just from the Halloween night – go out, face your fears, and scare yourself. As Ralph Waldo Emerson told us, “Always do what you are afraid to do.” In such a way you will develop courage, confidence, and validate your ideas. Challenge not only yourself but the entire business environment you are going to work in, and we are sure that your success is just around the corner. For the rest of fears and technological challenges which by the way might be quite rational, just find a trustworthy CTO consulting company or technology partner. Check out how our wide array of services can help get your business off the ground.
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