Ever wondered what is the single biggest thing that curbs entrepreneurial spirit? The fear of failure. Most would-be entrepreneurs are unnerved by the thought of experiencing failure. A botch up in a business endeavour not only means loss of income and opportunity but also damage to reputation in the entrepreneurial world.
Sure, some amount of worrying is natural but an obsessive fear of failure is counter-productive. It inhibits creativity, innovation and zaps the energy levels of young entrepreneurs. It stops them from taking big risks and begin searching for ways that will offer them coverage when things fail. All traits of a mediocre entrepreneur.
In contrast, when you transcend fear and embrace liberation, you have nothing to lose. At its worst, the venture will go wrong. When we accept the fact that our ship can sink, it prepares us to push the boundaries. The uncertainties of a commercial adventure make us more efficient, inventive and creative with a determination to win. If we encounter failure, despite pitting all our wits, we have the consolation of having tried our very best. Flopping at something spectacular is far better than executing programs half-heartedly.
Here are a few reasons why the ability to overcome fears can make successful businessmen.
Fear of failure is paralyzing. Without apprehensions creeping into the consciousness, entrepreneurs can go ahead with a business project regardless of how things can go wrong. Apparently, the consequences of making no effort are far scarier than the prospect of failing due to some irrational fear.
When entrepreneurs manage to block out vague fears they are likely to become more intuitive and creative. Fear of failure is daunting and unnerving and hampers productivity.
Without fear of failure blocking the path, business people tend to step out of their comfort zone and make and extra effort to enhance the odds of success. It may be trivial things like sending out e-mails, setting deadlines, coming up with incredible ideas, tweaking marketing plans, social networking etc. Taking calculated risks is the first step towards growth.
Success follows failure
Positive approach triggers positive results. People who embrace failure as a part of growth, learning and emancipation are more likely to learn from mistakes and accomplish something constructive from the opportunity at hand. Apparently, it is better to face failure and learn from it than harbour a regret of not having tried.
Entrepreneurs who do not dwell on their fear of failure are ready to accept challenges and press forward. They are not scared of re-evaluating options, opening new avenues, exploiting opportunities that can make things work.
Business magnates who look fear in the eye are free to spread their wings and take on the worst possible scenario head on. Their strong belief that the outcome is not likely to be bad gives them a greater perspective to achieve what they desire.
No fear of disappointment
Business persons who successfully curb anxious thoughts of failure do not worry about disappointing others or themselves. They do not mull over questions like: What will people think of me? Will they label me a loser? Fear of causing embarrassment or humiliation doesn’t stop them from experimenting nor does it deter them from realizing their set goals.
Entrepreneurs’ who are able to contend with their fears believe in the mantra that mistakes are a natural process of the corporate world and nothing to be mortified about. Blunders and slip–ups in business ventures can cause pain but should be treated as an experience that will eventually lead to success. The fact of the matter is even if things go horribly wrong, life moves on.