With the world’s fastest-growing economy and plenty of opportunities for entrepreneurship, India has already become the third-largest startup ecosystem globally, according to the National Investment Promotion and Facilitation Agency. With government support, market potential, and ease of doing business, several individuals want to become entrepreneurs and enjoy higher incomes and financial freedom. However, when they consider the idea of starting their own business, they frequently experience fear of the unknown, uncertainty, and self-doubt. Entrepreneurs of all ages and levels of experience have to deal with internal doubt when they embark on a new venture and try to make their dream into a reality.
As entrepreneurs, they face additional pressure to succeed as their team, partners, investors, family, and friends might be counting on them. Furthermore, there is performance pressure where they are constantly under scrutiny to prove that the idea is worthwhile and that they have the courage to pursue it. If future entrepreneurs do not consider these aspects of fear and self-doubt before building a business, they run a higher risk of failing with their startup venture. So in such situations, what should an aspiring entrepreneur do?
Understanding the fear of failure
Entrepreneurs constantly live in fear of failing, whether it be losing important clients or running out of money. No one really wants to fail, despite the lean start-up movement and many others’ repeated mantra to “fail fast and often.” It would be foolish to ignore the consequences of failure entirely, which include potential bankruptcy, home repossession, social stigma, and loss of employment. However, as it is a natural part of entrepreneurship, it is possible to overcome those fears with time and understanding. Dividing it into small fractions and finding separate solutions can reduce the intensity of the fear. Furthermore, in some cases, fear can be an ally, as it can motivate the entrepreneur and act as a catalyst to boost performance. Therefore, it is crucial that individuals understand their fears, change their attitude towards them, and then take a plunge into the world of entrepreneurship to follow their passion.
Following the passion
Entrepreneurs need passion to keep going, and it is a major predictor of their creativity, perseverance, and venture performance. In other words, the likelihood of an entrepreneur’s success increases with their level of passion and their own belief in their venture. The road to following one’s passion, however, is not an easy one, and if individuals quit their jobs to start a business, things can change quickly for them. The salary won’t be deposited into the bank account for the first few months, and it’s likely that savings will be exhausted at an early stage. In this situation, they must keep in mind their initial motivation. The fundamental concept of financial independence, the satisfaction of creating something from scratch, and creating a company with values and a purpose will be the impetus for an entrepreneur to keep moving forward.
Turning failures into opportunities
Many eventually come to the conclusion that not all entrepreneurs are suited for the journey after dealing with costly investments that failed, navigating unforeseen difficulties, or launching a new product in the market at the worst possible time. Those who succeed discover how to use hurdles to their advantage. The secret to the long life of any business is to take advantage of adverse times and turn failures into opportunities, as opposed to those who lose their heads when faced with such challenges. Individuals will advance both personally and professionally if they view every setback as an opportunity to learn from it and every rejection as a chance to learn something new in their journey.
Success and failure are arbitrary concepts that mean different things to different entrepreneurs, but sometimes failure turns out to be a blessing in disguise. Today’s entrepreneurs must try to be free from their fear of failing by having a clear understanding of their motives. They must also understand that the only way to create opportunity and progress is by taking risks that the competition is unwilling to take. To remain relevant with employees, customers, and the market, they must be ready to adapt to new concepts and ideas. Furthermore, they must prepare themselves to make quick decisions, which are essential for the success of a start-up. Considering everything, there is no one rule book for entrepreneurs except to follow their passion and never give up.