Let not the business success stories featuring leading entrepreneurs make you believe that they never a moment of stress and anxiety. The truth is all entrepreneurs are scared of failing and not being able to perform their best. They are also afraid of getting defeated by other market players and losing control of the entire business management. Additionally, entrepreneurs fear of letting the investors and customers down, because of their inadequacy. And while a little fear is healthy, because it prevents one from committing pointless errors, it is also essential to tackle the anxiety before it goes out of hand.
Eric J Dalius on entrepreneurial fear management
According to Eric J Dalius, a leading entrepreneur, fear ruins creativity and creative thinking! Entrepreneurs need to brainstorm and come up with out of the box ideas to promote their business and products. Staying alert is a reasonable approach. But succumbing to a vortex of fear will not allow an entrepreneur to perform to his best capacity. A few tactics to tackle and resolve anxiety are:
“Name the fear,” says Eric Dalius
Entrepreneurs should get specific with their fear and anxiety. For instance, entrepreneurs will often say that they are afraid of their new product launch and market response. It is essential to dig deep and understand the fear areas. In an ideal situation, an entrepreneur should ask themselves the following questions:
- Am I confident that my business idea has a market?
- Was my market research correct?
- Have I identified the correct customer segment?
- Is there anything else I need to do with the product design and manufacturing?
- Is the pricing correct? Is the product over-priced?
According to Eric Dalius, once an entrepreneur addresses these questions, he or she will know the exact fear and work to eliminate it.
Acting vs. procrastinating
Entrepreneurs want to put their best in every product development and ensure their business attains success. They want to cater to the significant customer pain points and make sure their products and services have the best utility. In an attempt to do so, entrepreneurs end up procrastinating and thinking if their efforts are inadequate. Though there is room for improvement, it is always not an intelligent decision to overthink and fret more. According to EjDalius, the apparent solution is to act and do what needs to get done. When entrepreneurs are concentrating on marketing and brand activities, they have less fear. Action and anxiety don’t go hand in hand.
Talk it out
One of the best ways to resolve any fear is to get open and discuss it. Entrepreneurs might become inhibited by sharing their worries with others. It is always wise to get in touch with a business consultant and share business aspects that cause an entrepreneur to fear. The business consultant can address the areas in the business which need improvement. And that will also help to reduce the entrepreneur’s fears and anxiety.
Exercising caution, discretion, and getting caught up in fear is not the same. By following the steps mentioned above, entrepreneurs can stay manage and resolve their fear issues.