Starting a new business is a huge endeavor. It can be anxiety-inducing, stressful, and plain hard work. However, if you want your business to succeed, there are a variety of everyday fears you simply must overcome. Here are some of the most common concerns of today’s active entrepreneurs and how you can avoid these stumbles:
There’s no doubt sexism still exists in the workplace and it’s no different for business owners. Women entrepreneurs continually worry about portraying confidence, competence and skill in their everyday work environment and as a result tend to overcompensate and accomodate others more than they should. For business owners this fear is escalated as the success of the company lands completely on their shoulders. As one industry suggests it can be helpful to find a mentor as you navigate your new business.
Finding Top Talent
When starting a new business, you’re competing with some of the most established organizations on the block. However, you still want to attract qualified, competent employees without breaking the bank. Finding great talent at a start-up price is definitely a resounding concern for many entrepreneurs. It’s a good idea to do your research and identify your strengths before pursuing a top candidate. You need to understand what today’s job market looks like, what potential employees expect from your company, and how to mix the two for a win-win hire. A great candidate will see the potential and will invest in you as an entrepreneur.
All the preparation in the world can’t combat an unexpected legal battle. Many entrepreneurs stress about legal issues and how to financially accommodate them should they arise. While many companies never have to endure this nightmare, it’s a good idea to identify any connections who may have a legal background. It’s possible you could even retain a lawyer on a pro bono status until you’re a bit more established. Either way, researching and understanding your options for low cost services is a great move.
Every entrepreneur dreams of developing a brand that’s both captivating and unique. While there are many checks and balances to help you distinguish your business from another, don’t forget that YOU are actually your greatest asset when it comes to differentiation. Each person (including you) comes equipped with a unique blend of skills and talents. These qualities will shine through in how you approach your work and pursue business ownership. There is no doubt once you apply your individuality to your business, you’ll find unparalleled results.
One of the most obvious fears of most entrepreneurs is having enough cash on hand to sustain the business. No one wants to watch their business fall flat for lack of funding. One of the best ways to mitigate this fear is to become educated on matters related to your financial health and well-being. You should research and investigate areas like tax accounting, marketing, and funding sources. There are a myriad of ways to secure funding as well as many support groups for entrepreneurs and business owners. You may be surprised at the wealth of resources at your fingertips.
Risks are a natural and necessary part of business ownership. For many entrepreneurs who have invested a great deal of time and energy into the business, taking a risk is a huge source of anxiety. Making just one minor mistake can have life or death implications for the business. However, a business won’t grow or succeed without some measure of risk. That said, any leaps you make should be calculated and data-driven.
Clearly, business ownership is a complicated pursuit. There are so many facets of the business an owner must oversee, the bulk of work can seem overwhelming. That said, you there’s no reason to let fear rule the roost. Take ownership of your fears and drive them away with savvy thinking and resourcefulness. Additionally, don’t slow down once things start going well. Brian Weaver CEO of Torch.ai says “Once you have tasted success, parlay it to create a sustained reality. Whether it is a reference you can use for life or a solution that has multiple applications, you can build exponential value for yourself and your family by leveraging it.”