It’s said that everyone has a book in them, but most people don’t write it. It’s equally true that most people have a business idea in them, but they never become an entrepreneur. The most common factor that stops people founding their own business is fear. A study in Inc.com assesses the reasons for this fear. CMX Austin reviews this study, and suggest how it can be used to motivate budding entrepreneurs.
“Becoming an entrepreneur can transform an individual’s life, and provide financial security for themselves and their family,” said managing director Corona Xu of CMX Austin. “Fear is the main reason that people don’t follow their dream, but by realizing the reasons for this fear, and addressing them, they can bring their business vision to life.”
The study starts with the concept that fear is normal when we’re about to do something new, whether that’s creating a new business or moving home. Fear itself, however, isn’t an insurmountable obstacle unless it’s allied to a lack of desire, which is a more deadly factor that affects would-be entrepreneurs. The fear is a fear of failure. It’s understandable because the start of a new business venture always opens up the possibility of failure. But is that fear more complicated? People are afraid of three things: fear of what others may think; self-perception of yourself as a failure; fear of the consequences that failure will have on one’s finances and personal life.
Once would-be entrepreneurs accept their fears, they can work at ways to eliminate them and move forward with their idea. The study shows that people look at the effects of failure on a big scale. They imagine what would happen if they fail after investing a lot of time and money in their project. By starting small, these fears can be given a sense of proportion. For the majority of business ideas, there’s no need to spend your life savings or give up the day job at the outset. By taking tiny steps at first, entrepreneurs can get a better idea of if their idea will be successful, and of the challenges, they will face and the potential rewards that will be waiting for them.
“From small acorns, mighty business oaks can grow,” said the manager of CMX Austin. “I would encourage everyone to become an entrepreneur and follow their business dream. Don’t let fear prevent you taking the first step, as all successful entrepreneurs have felt the same fear at the beginning of their business life.”
Seeking expert advice at an early stage can also help allay fears, and show the path to follow to achieve your dreams of success. CMX Austin can not only provide bespoke marketing solutions to grow your business, but they can also provide help and suggestions along the way.