For every entrepreneur, stock trader, small business owner often the biggest hurdle that we have to face is that of fear of failure. Fear can be a self fulfilling prophecy that can ruin your productivity and actually keep you from achieving your goals and dreams.
Entrepreneurs are people who are willing to take surprisingly bold risks which can lead to forming businesses that disrupt industries, change the world and drastically improve lives.
But sometimes we get afraid.
This is a natural response – If you want to do something really big, logically it makes sense that you usually have overcome something big. Nobody Rides For Free. No such thing as a free lunch. One of the biggest things in a new venture to overcome is fear.
You’ve got to deal with fear of failure. Here are four principles that I am trying to use to help me deal with the fear of failure.
I try and accept that failure will happen.
A lot of the fear that I am experiencing is fear of the unknown. Is my new business going to go bankrupt or succeed? Will I lose money or make a million bucks? To deal with fear, let’s get the unknown factor out of the way. Here’s how: Realize that you are going to fail.The trick is not to NOT fail but to fail as fast as possible. Basically every failure takes me one step closer to success.
That sounds to me like a step towards success.
Thomas Edison said, “I failed my way to success.” A pile of failures can turn into a mountain of success, so go ahead and fail. Better yet, fail as fast and as early as you can. Failure is temporary, but success is permanent.
Find the true cause of your fear, and solve it.
When we fear failure, we’re at a crucial point of development. We’re admitting to ourselves that something is bigger than we are. In this case, it’s our fear. Take a step back mentally, and ask this question: “What am I really afraid of?” “Failure” is not clear enough. There’s something more, something concrete. In my case if i fail at my latest venture I don’t lose anything (perhaps my household income declines slightly) – I just continue and try something else!
I try and find the big monsters that are freaking me out like:
“I’m afraid that we won’t be able to get enough federal funding to grow my business”
Never stop pursuing your goals.
Your fear should never ever stop you from striving for your goals. Your goals and dreams are more important than anything!
Always remember that even if your worst fears come true, you always have other important goals to pursue – think of it like pivoting in business!
Always do what you fear!
Usually the fear is unfounded and evaporates as you embrace it! Mark Twain once said ‘I’ve had a lot of worries in my life, most of which never happened.’
Ask any entrepreneur, world leader, business mogul, high achiever, or otherwise well adjusted person. Every single one of them has experienced fear. They’ve also dealt with those fears, not by shrinking back, but by going forward.