If You’re Facing These Entrepreneurship Fears, You’re Not Alone
Let’s dive into them together
Think back to the day you decided, finally, to turn your “idea” into a small business.
There are many steps that go into taking that step – and they’re not just clerical. Most notably, perhaps, were the mental obstacles you had to overcome.
What if my friends think I’m crazy?
What if nobody buys what I’m offering?
What if I fail?
Those may have been some of the questions you had to face. And we just wanted to take a moment to congratulate you. For courageously forging a path for yourself despite the doubt, and in the face of your fears. For not listening to Aunt Debra or Uncle Greg, who told you that you’d be better off finding a “stable” career, at a “good” company. For diving into small business ownership despite whatever internal feelings you battled before you got to this point. You’re doing it. And we’re so proud of you!
We don’t want to burst your bubble (in fact, we want to inflate it). But we also want to be kind of like your older sister, your big brother, your cool aunt or uncle who you actually look up to. And with that responsibility in mind, we’re here to warn you, if you haven’t already figured it out:
The fear, the questioning – it doesn’t end when you start your LLC or file for an S-Corp or hire your first employee.
In fact, in many cases, those voices will only get louder. That’s why we’d like to help you address the common fears you may face (if you haven’t already) so they don’t stop you from taking the next big step for your business – like applying to join the Impact Lab.
Feeling emotionally triggered already? Good. Grab a coffee, or a tea, or that energy drink everyone says you should probably stop drinking, and let’s work through this…
Common Fears for Small Business Owners
1 — Fear of Failure
“Welp, that was a fail.” How often have you said that in the last few months? If you’re doing things right, we hope often. Unfortunately, many small business owners play it too safe because they’re scared to fail.
Our experts here at the Impact Lab want you to know: Starting your small business already shows that you’re a doer; a go-getter. So the thought of not succeeding, to you, is probably even scarier than it might sound to someone who isn’t wired like you.
But we think failure is actually a good thing. It’s a signal that you’re experimenting; that you’re learning as you go.
Can we expel this idea that failure is a bad thing? Can you settle into the fact that, as small business owners and humans, you’re going to fail – and then you’re going to learn?
Whatever “massive failure” you’re afraid of is – admittedly – scary. Our Impact Lab experts want you to succeed.
But instead of looking for ways to avoid falling, our advice is to surround yourself with people who can help you learn how to fly.
2 — Fear of looking at the scary stuff (like numbers)
If looking at spreadsheets and profit and loss statements gives you goosebumps in a no-thank-you kind of way, you’re not alone. We’ve seen Impact lab participants enter our program with no clarity surrounding their numbers because they were worried a spreadsheet or budget would indicate – you guessed it – failure.
Maybe it’s not the numbers that scare you, but other problems you’ve stuffed under the rug for too long, like staffing issues, burnout, or underperforming systems.
Our advice? Face the reality. Take whatever that thing is you’ve shoved under the rug and hold it in your hands. Examine it. You can’t succeed if you don’t know what you’re working with.
(If you’re wondering how to get started with budgeting, check out a few good resources for money management from our experts.)
3 — Fear that you are doing everything wrong
Have you ever scrolled through social media and felt like you were the only one whose business was struggling? Every other small business owner you follow made six figures last month, and you’re just trying to take home a paycheck that covers the rent with a little wiggle room. Doubt starts to creep in: am I doing everything wrong?
What we often see happen with this fear – which is actually just insecurity – is business owners reacting to it by pouring money into coaching programs that promise the world and underdeliver.
Let us be clear: there’s nothing wrong with coaching programs (duh! We offer one). But you should never hand your card number over to someone you follow on Instagram just because you think your business will look like theirs when you do. It’s simply not true. Your path is your path, and you should find coaches who will meet you there, not expect you to imitate someone else’s path.
Our Impact Lab coaches offer one-on-one, personalized coaching that does just that, if you’re interested. See if you qualify for our next cohort.
4 — Fear of Ruining Relationships
Starting and running a small business can be incredibly time-consuming and stressful, leading to worries about neglecting personal relationships. You might fear that the long hours and constant focus on your business could alienate friends and family.
Our experts want to encourage you to share your vision and the importance of your business with your loved ones. Help them understand why you're making these sacrifices and find ways to involve them in your journey. Remember, it's about quality time, not just quantity.
5 — Fear of Software and Tools OverwhelmS
For many entrepreneurs, the array of software tools needed to run a business efficiently can be overwhelming. From accounting software like QuickBooks to project management tools like Monday.com, the learning curve can seem steep.
Our advice for you is to start simple. Choose software that offers strong customer support and educational resources. Remember, these tools are designed to make your life easier. Take advantage of free trials to find the ones that best suit your business needs. (QuickBooks and similar platforms often offer tutorials, webinars, and community forums).
6 — Fear of Getting Scammed
In today’s digital age when “free” sounds more sketchy than something we’re willing to pay for, small business owners are increasingly worried about falling victim to scams, particularly when it comes to online tools, services, or marketing opportunities. (This is part of the reason some people are afraid to apply to the Impact Lab! If that’s you, read this article to learn how and why our program is free).
If you’re constantly looking out for scams and find it difficult to tell whether something is legitimate, do thorough research and seek recommendations from trusted fellow entrepreneurs or industry forums before committing to new services or tools. Be wary of offers that seem too good to be true and always read reviews and terms of service carefully.
7 — Fear of Success
This is a big, heavy fear that’s too big to cover in a few sentences. But here’s what we’ll say.
Some entrepreneurs – particularly those who come from diverse backgrounds, low income households, and women – fear success because deep down, they don’t think they deserve it.
They may fear what wealth would do to their families. They may worry their friends and neighbors might look at them differently. They may feel like claiming success would go against the very identity they’ve held onto for their entire life.
Others fear the consequences of success, such as increased responsibility, higher expectations, and the pressure to maintain or grow further.
Our advice: first of all, “success” is arbitrary. Define what it looks like for you, and why – and know that it’s not the same for everyone. Then, view success as an opportunity to scale and evolve. Success is a sign that your hard work is paying off, so embrace it and celebrate your milestones with open arms.
Let’s face your fears together
Here at the Impact Lab, our experts can help you address the fears you face, give you a personalized plan, and equip you with both the tangible and intangible tools to move from “cautious” to “empowered.” (There’s a big difference.)
If you’re ready to face your fears, this is your last chance to apply for the Impact Lab’s 2024 cohorts. (We’re not offering another until 2025!)
Want to keep the inspiration going? Read more success stories.
See how Impact Lab could help you gain financial clarity for your business in 2024
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