Percentage of Small Businesses that Fail in the First Year

Percentage-of-Small-Businesses-that-Fail

Facing the Fears of Entrepreneurship

Americans have more optimism now about potential opportunities in the business world than they have had for several years. In 2012, more than 40% of people saw entrepreneurship opportunities of which they could take advantage. Almost 60% of people felt like they had the skills needed to make an opportunity turn out in a successful way. Yet more than 30% of people feel so constrained by a fear of failure that it prevents them from maximizing the levels of success they could see. How can you confront your fears as an entrepreneur so that it doesn’t hold you back?

Many Fears Revolve Around Funding

Raising enough capital to get a business opportunity off the ground can be difficult. Even though three quarters of entrepreneurs start a business to go after an opportunity rather than because they need it, there just isn’t the same level of funding available to small businesses today. Less than 20% of entrepreneurs are able to secure their funding through financial institutions. Most businesses are funded by a combination of family, friends, and whatever happens to be in a savings account. That’s why there is such a level of fear that stops people from succeeding… if they fail, then there could literally be nothing left.

How Do You Resolve These Fears?

The best way to resolve an entrepreneurial fear is to plan for it. An effective business plan created before the business starts up which takes into account as many variables as possible can give guidance. Having attainable goals with an outline structure of how to achieve each goal can help to grow a business. Looking for strategic partnerships can add experience, funding, and an additional set of hands to help with the overall workload. The more things that can be anticipated before, the fewer fearful surprises you’ll encounter as you work on growing.

Overcoming Fear Leads To Innovation

Nearly a third of all entrepreneurial opportunities lead to innovative new products that people use on a daily basis. Another third of these opportunities will create at least 4 more jobs within a local community within the next five years. Yet another third of these companies will have the ability to help other entrepreneurs start other opportunities, outsource contracts, and help other companies to hire more employees. By overcoming fear, there is a lot of good that can be done with the right idea in today’s marketplace.

How Can You Overcome Your Fears?

A fear of failure is only natural, but you don’t have to let it control your decisions or actions. There is courage in conquering your fears, just as there is courage in being willing to take a chance on innovation. Will every entrepreneurial opportunity be a resounding success? Of course not! You’ll never know if your opportunity will be a success if you allow fear to dictate how you run your business. Use these tips today to make the most out of every opportunity that comes your way.

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