Fear, uncertainty, doubt—these three emotions are experienced by any person who is willing to start something new. Young entrepreneurs who despite having exceptionally amazing money-making ideas choose not to pursue because of the fear of failure. Truth be told, the idea of starting a startup is scary. No doubt about that. But it is the passion and determination of entrepreneurs that overcome it and help them achieve success.
According to a survey conducted by Global Entrepreneurship Summit, “61% of Indian students consider entrepreneurship as being a good prospect to earn a livelihood in the country. However, around 71% of the young people in India fear failure as a stumbling block in their entrepreneurial journey”.
So, what are the common triggers for failure? And how can you overcome it to build a successful small startup business? Here are some of the best ways that will help you to overcome some of the biggest mental roadblocks that as an entrepreneur you might face:
1. Set Attainable Goals
If there is one trait that is common in entrepreneurs they can set goals. And setting practical goals is very crucial. Start by identifying what is the mission of your company and build attainable tasks. Having small goals serve as stepping stones to reaching your organization's mission. They appear less intimidating and the company`s mission more digestible.
Everything does not have to be perfect, says Dr. Vivek Bindra- one of the world`s best motivational speakers in India. So do not worry about the details and set realistic goals that will give you a good indication of where to begin.
2. Focus on Passionate Community
Passion, determination, and hunger for success can only take you so far in business. Financial stability in the business is what will keep you afloat or else your bills will pile up. So, it is essential to identify and recognize your community. If you haven`t one, you should start building one that includes investors, passionate customers, and partners. These members will aid in your financial success. You can also get professional help by hiring a business motivational speaker who will help you grow your network.
3. Be Ready For an Imperfect Work-Life Balance
If you are an entrepreneur there is a good chance that the line between personal and professional life is blurred already. However, it is impossible to start a startup business without giving a thought to your family and friends. But with the right support system, running a startup doesn’t mean you have to compromise on your personal life. Ensure that you are surrounded by partners who understand the need for a personal and work-life balance and also don`t make you feel guilty about living your life.
As an entrepreneur, there is added pressure to be successful not only because of the partners, investors, and employees relying on you, but mostly because you are trying to prove yourself. So believe that your idea is worthy and you have the determination to make it happen. The above-mentioned tips will help you to get over your fear of failure.
The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.
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