Fear May Be Stopping Small Business Owners From Succeeding

There are many small business owners; all who strive to make their unique products a business success. However, passion alone is not enough to turn a bright idea into a profitable venture. One of the biggest impediment to small business owners success is usually fear of failure. These entrepreneurs clearly see where they want to be but most cannot find the courage to make the hard decisions. In addition, most small business owners are too afraid of the repercussions if their vision does not turn out as intended.

Entrepreneurs who are afraid of failure usually end up living from one paycheck to the next. This is even more evident with the recent state of the global economy. It is easy to understand why these individuals would be afraid of taking the next big step. However, those who take a calculated risk will eventually push anyone who is afraid of failure out of the market place, simply by understanding the risk to reward ratio.

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One of the best examples of learning from failure is Steve Jobs. Despite the many times he failed, he built one of the most successful companies in the world through utilizing a great deal of courage and having systems in place to leverage his failures. Even if a decision leads to short-term financial distress, the invaluable lessons one learns are definitely worth it. After every failure to succeed, it is important that one critically analyses the cause of failure. It is important to note that failing is not a guarantee to failure or success. One has to identify what caused them to fail and actually learn from the failure. If one cannot see the cause immediately, make sure to take time and do a extensive examination of the situation before you continue or failure may rear it’s ugly head again.

Think about missed opportunities

In most cases, small business owners are filled with distress over failed chances. This distress is compounded when one sees other small businesses that took the risk and succeeded. It is also important to note that the greater the risk one takes, does not equate to the benefits they will reap. Focusing in on what you have missed or mimicking others success plans is one of the easiest ways to get motivated. If you fail to try by not taking opportunities when presented, one has already failed. A common misconception by small business owners is that any decisions they make is irreversible. This is not true; it is just the fear talking. In order to deal with this fear of irreversibility, always have a solid A, B, C plan as a backup and learn what worked and what didn’t with each plan. KEEP NOTES…

Think about missed opportunities

In most cases, small business owners are filled with distress over failed chances. This distress is compounded when one sees other small businesses that took the risk and succeeded. It is also important to note that the greater the risk one takes, does not equate to the benefits they will reap. Focusing in on what you have missed or mimicking others success plans is one of the easiest ways to get motivated. If you fail to try by not taking opportunities when presented, one has already failed. A common misconception by small business owners is that any decisions they make is irreversible. This is not true; it is just the fear talking. In order to deal with this fear of irreversibility, always have a solid A, B, C plan as a backup and learn what worked and what didn’t with each plan. KEEP NOTES…
Define the Fear

The best way to deal with fear is to figure out exactly what it is one fears. The problem with small business owners is that they sometimes base their decisions on hearsay or market conditions. This is in part because they do not have access to a large personnel base to give them advice. However, this fear is usually exaggerated in most cases. One ought to take their time and write down exactly what it is they fear and understand what can, will and might not happen when acting on a decision.

Break this fear into small manageable sizes. Eventually, take time to examine each aspect carefully and try to come up with a solution for each difficulty. However, it is important to remember that these problems are not unique to small businesses. It is common for CEO’s of Fortune 500 companies to face these same hurdles and have successfully managed to resolve them. The difference is these CEO’s have a team to help them gather the data to drive educated decisions based on data in there industry. Even in a small community, you can find individuals who have solved these problems as small business owners. You may want to try reaching out to local small business meet-up groups or the local chamber of commerce and learn from their experience discussing and educating small business owners with similar business problems.

In addition, you can reach out to a local marketing professional (http://c4smartmarketing.com) or marketing consultant and receive sound business advice. The small fee one may pay can lead to huge dividends in future business revenue. In local small business communities the most successful individuals usually are willingly to help others out who are having a hard time as long as you are not in direct competition with them. All you need to do is ask and you just may receive.
Conclusion

It is important to note that all the above strategies require some level of persistence and being optimistic. Simply trying something new once will not yield any real success. You have to work on it daily and have a system in place to get you from A to Success and have a timeline and short term goals in mind. Most important of all, remember that no man is an island, reach out to friends and business consultants who are informed and have more experience in the area you are facing whether it be building a sales funnel, accounting or acquiring new customers to boost revenue.

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