Don’t Let The Fear Of Failure Hurt Your Business
The fear of failure is common among many business owners, and with good reason. There are all kinds of statistics online presenting a sobering reminder that many businesses do fail on an annual rate. And the high street is littered with once-flourishing stores now closed. Knowing that failure is possible then can cause sleepless nights and anxious thoughts in many a business owner hoping to make a living from the venture they have brought into fruition.
On the one hand, the fear of failure isn’t a bad thing. It might give the business owner a reason to do more to succeed. It might give them the impetus to research possible obstacles in their way in order to overcome them.
On the other hand, the fear of failure could have negative side-effects.
For starters, it might cause somebody not to start a business at all. In fear of judgment and financial ruin, a person might decide the risk of starting a business is too great, especially if statistics are to be believed.
And for those who do start a business, there might be a catch-22 situation. It is their fear of failure that actually causes them to risk failure in business. Why?
The fear of failure causes the business owner to spend more money than they should
In an effort to beat the competition, they try and build a bigger and better business. They invest in the latest technologies and spend a fortune on marketing, possibly with the aid of bank loans and credit cards. And while there is nothing inherently wrong in spending money on technology and marketing, care does need to be taken. Especially at the beginning of a business when profits are slow to come in, spending too much money could be catastrophic. And if their spending has been the result of a loan or credit card, they might also find themselves with debt they can’t handle. Sometimes buying second-hand and finding low-cost ways to market a business is better than blowing their budget on something that should only be considered when they have a healthier bank balance.
The fear of failure causes the business owner to spend less money than they should
And then there’s the opposite problem. Knowing that bad spending could result in business failure, they operate frugality in their business. Now, there is nothing inherently wrong with this either, but it is sometimes important to spend money to make money. Hiring a new employee, outsourcing marketing to a social media management team, and investing in training, are three areas where actually spending money could result in increased profits down the line because of the improved productivity that ensues.
The fear of failure causes the business owner to play it safe
Instead of taking risks, the business owner stays in his or her comfort zone. They don’t innovate, they don’t invest in new business practices, and they don’t attempt to reach new markets. They do what they have always done because they don’t want to risk harm to their business. But here’s the thing. While the business owner stays within a safety bubble, their competitors are finding ways to be innovative. Their competitors are trying new ways to improve their business. And their competitors are reaching new customers because they have dared to extend their reach. Some risks are worth taking because business failure will be an inevitability when the competition comes out on top because they have taken steps to move forward rather than stay put in the business world.
Don’t let the fear of failure hurt your business. Make wise decisions, seek help when you need it, and don’t be afraid of stepping out of your comfort zone once in a while. Your business might profit if you do, and in so doing, you should be able to sidestep the possibility of failure.
We wish you every success with your business.
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