How to Overcome the Fears of a First Time Entrepreneur

By Richard Walsh
December 16, 2009; 6:20pm EST

I was speaking with a friend today regarding launching a new business and for the first time becoming an entrepreneur. Of course the first big step had not been taken yet and that was quitting her job. All the standard fears were suggested such as decreased income, will I actually make money and the learning curve aspects. All common fears to be sure but the problem is the view point. Anything worth having is worth sacrifice.

Also what are the risks compared to the rewards? That is the one calculation that every entrepreneur has to make. There are a lot of variables in that calculation as well. Rewards can vary from individual to individual. For some it's financial reward for others it's a different lifestyle such as more time with the family or more travel (or less if you commute a long distance) some just want the freedom of being self employed and answering to no one but themselves.

There is always the failure factor too. Not only not getting your new venture off the ground but actually launching it and then accumulating massive debt that ends in failure. That can be pretty paralyzing if over analyzed. These thoughts and concerns have squandered many great ideas. That inability to act, to pull the trigger so to speak is what keeps the wannabe entrepreneurs on the sidelines.

Those people will never know the rich rewards of entrepreneurship. Not just the financial rewards but that sense of victory to control your own destiny. The world is full of timid, faint of heart, lemmings that shuffle off to that same old grind every day only to return and complain about their situation day in and day out. The best example of how to overcome these fears is to use a war analogy.

"When all the troops are ashore burn and sink the ships. You either win or die, there is no going home." That is how you win with motivation. (though I don't recommend killing yourself if you fail.) There will be mistakes along the way, everyone makes them, but it's what you do with those mistakes that will change the tide of battle.

If you approach them as learning experiences they are put in the plus column. If you beat yourself up over them they go in the minus column. It is all about choices. For me I choose victory. That was probably why I joined the Marine Corps I was offense only. In business you do the same thing. You must advance constantly, looking to the future and preparing for those battles. They will come and defeat is not an option. Take this attitude and wade into the thick of it with one eye constantly on the end result, victory, and the other eye on crushing all obstacles in your path. Vulnerability is in others, invincibility is in oneself.

About the Author
I spent twenty years building and running a million dollar water feature business and am an accomplished steel sculptor. I have done works for places like the John G. Shedd Aquarium and the Garfield Park Conservatory both in Chicago Illinois. Now I help others create prosperity in their lives and achieve the lifestyle they so richly deserve.