All people have some fear in their life such as the world of entrepreneur have fear of failure. From running out of money to lose the key stakeholders and clients, an entrepreneur has several fears. In this field, even success can bring anxiety in a person. Because if they failed, they know that many lives are going to affect by this. And, as we know, failure is also a part of the business and it has various consequences including repossession of home of workers, possible bankruptcy, loss of livelihood, and social stigma, etc.
So, most of the research has concentrated on failure such as an inhibitor of entrepreneurship. Failure can motivate and inhibit both because instead of stopping people from being an entrepreneur, inspire them for greater determination for success. Fear of failure can also be called a temporary intellectual and emotional reaction to a threat to having potential achievement. There are founded seven sources of fear-
- The ability for funding the business
- Financial security
- Self-esteem/personal ability
- Success of ideas
- Social-esteem threats
- The ability of venture for execution
- Costs of the opportunities
The source of fear is significant as all fears are not created equally. Fears include personal financial security, opportunities, threats, funding for ventures that are associated with the persistence of entrepreneurs for achieving the goals. Whenever an entrepreneur is concerned about the success of the ideas and ability to generate a successful business, they always tended to affect being negative and become less practical.
Fear of failure also changes the nature of a person towards the goals that are set by them. When they have much fear of failure, they change their goals to easier, wildly impossible or readily achievable goals. Another outcome of the fear of failure is the tendency of escalating the commitments to particular goals at the cost of other activities and sometimes, negative things could lead to enhancing the investments in the things, what other people consider losing strategies. How an entrepreneur responds to the fear of failure, is important. Here are defied the four strategies through which an entrepreneur can make sure that fear of failure can be taken positively-
The anxiety from this, help people to figure out the things that are an actual hurdle in their business. It is a way of decreasing the fear of failure to be active and seeking the weaknesses and flaws and finding out the solutions for them. Intuitions and instincts are the potent sources of information and such instincts are often linked with the emotions rather than the particular thoughts.
This fear can be driven by the worry over the ideas, such as, providing the essential signals and acted upon it, rather than being ignored or repressed, the emotional flags being in this, can be helpful to entrepreneurs to remove the flaws and weaknesses in the venture.
A problem-solving, proactive response to the fear can help in decreasing the fear. Such activities tend to be reserved when fear is full of doubts about the business idea’s validity. Using a deliberate approach that is action-oriented, that reduces the desire to ignore or repress the problem, will be important. Perfectionism is also dangerous for an entrepreneur.
Emotional Control and Self-monitoring
Emotional intelligence includes both being able to control the effect on the behavior and thoughts, and aware of one’s feelings. If any entrepreneur is in a lower mood then he will think and see only negative things and will find the reasons why things are not happening. Emotional self-awareness is a kind of skill that should be learned and includes awareness about the signs of emotions interfering upon realization through moods and feelings, using the awareness to stop the effects on action and decision, and anticipating the impact on thoughts!!
Fear pushes the person to work harder and find more solutions for the exiting problems. To overcome the feeling of fear, there is a way of entrepreneurs that is through learning and information seeking. Learning is a strong antidote for fear of failure and to help remove one’s doubt trough enhancing the capabilities of a person. But there are uncertainties too and that is constant and real. Ambiguity and uncertainty are the main features of entrepreneurship’s challenges. There are unknown and so as of recognition that no one has all the information, so we all keep learning as that is important.
The mentors who are from the same field or directly connected to your business, are helpful. An entrepreneur has a constant battle with the fear of failure, in that time, networks and mentors can be a vibrant source of assurance. Social supports and mentors are significant because they are supportive to three strategies of problem solving, self-awareness, and learning. Fear of failure also forces you to bring new ideas and people for constructive criticism with the process.
There are some early-stage entrepreneurs too, who benefit frequently from the local networks and communities that provide informal and formal access to mentoring from the people who have experience. Through this procedure, it is learned that worries and uncertainty are common and issues will fix by the time. So, this can be said that fear of failure is widespread and have positive and negative both side effects on decision-making, motivation, and behaviour.
Motivation brings possible negative health results and high level of stress etc. so, fear can be a natural state for an entrepreneur, while vital skills are the ability to manage and anticipate.
To be an entrepreneur, you should learn these strategies so that you can overcome all the fears that come in the way of success and run a successful venture by knowing the weaknesses and flaws. You can also start a business venture by being a franchise partner with Silver Stag who gives a chance of entrepreneurship opportunity for males and females both entrepreneurs.