Is Fear of Failure Inhibiting you from Starting a Business?
Published on February 16, 2020
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
Is the Fear of Failure Inhibiting You from Starting a Business?
In starting a business, “There’s always a risk, but the greatest risk is not to risk.”
? Craig D. Lounsbrough
“Fear of failure killed more dreams than anything else. Don't allow fear to have the victory. Start dreaming today and put feet to that which you carry in your heart.”
? Mandi Hart
Fear of failure can significantly inhibit one from achieving a goal such as starting a business where risks are inherent. However, it doesn’t have to be that way after all, fear is functional for our own good. A double-edged sword, fear can be an obstacle or inhibitor as well as a motivator to one’s success. We cannot ever overcome or eliminate fear in our lives, but we can control it to mitigate the negative effects.
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What is fear of failure?
Atychiphobia is the clinical name for extreme form of fear of failure, an unpleasant emotional feeling a person has when imagining everything that could go wrong when acting on something such as starting a business.
Many people have absconded from hospital beds because of fear of impending surgery when they imagined all what could go wrong or deserted the church’s altar because they developed cold feet before taking marital oath. Some are afraid to drive a car because they are so scared of the roadway and accident. Some are afraid of public speaking or taking exams that they develop an urge to throw up. I can go on and on, you have the idea.
In the U.S., 33% of the estimated population perceive good business opportunities but would not start one. That number goes up in Canada at 35% and Saudi Arabia at 61%. In the United States, if all the people who are afraid to start a business because of the fear of failure started one today, there would be nearly an estimated 110 million new entrants whether they are off or online businesses. Because of the deepening intense emotion caused by fear of failure, it presents an obstacle inhibiting a third of Americans from becoming new entrants to the business world.
Only a half of all businesses started today will last beyond four years. Replenishing the pool of half of the businesses that will fail in four years starts now. The great inhibitor presents a problem in need of a solution for the customer. The customer includes nearly 110 million that are inhibited by the fear of failure from starting their businesses. The number one task of any entrepreneur is to provide solution to customer problem by creating value for the customer and creating value for the firm in form of profit.
Every new entrant to the business world is unknown, has unknown product/service, unknown customer segment and unknown business model. In my capacity, I exist to help this widespread number of people (nearly 110 million) to test and validate their perceived business opportunities for feasibility and help them launch the start of the business through mentorship/advising/consulting/coaching.
What next to expect: Causes of fear of failure
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