Despite the fact that any business is inextricably linked with mistakes and failures, many entrepreneurs, especially at the initial stages, are afraid to act: change strategy, make decisions, and develop and scale projects.
These fears and the attitudes associated with them may seem well-founded, as there are common mistakes businesses make at the beginning. However, they can hinder the evolution of the company. In this article, we will look at the main fears that prevent entrepreneurs from developing a business.
The Main Fears that Prevent Entrepreneurs from Developing a Business
Building and developing your own business can bring a sense of accomplishment and success. You can see the results of your efforts and the impact they have on your property, clients, and community. However, there are common mistakes businesses make at the beginning and in the heyday. A successful business is not possible without regular improvements. At times, many entrepreneurs face fears that prevent them from improving their businesses and entering new markets. Let’s take a look at them.
Fear of failure
The head of the company cannot but have a healthy adventurism, otherwise, he risks missing out on real opportunities for the development of the project. The appearance of fear that the idea will not work is often preceded by the failures of competitors, uncertainty about the product itself, or previous professional failures of the leader.
Fear of failure arises at various stages: when launching a startup, a new product or service, when scaling up a project, both for beginners and serial entrepreneurs, especially given economic and geopolitical instability. The only difference is that more experienced businessmen know how to work with this uncertainty.
To overcome the barrier to development, sometimes you just need to be able to take risks, but at the same time, you should do it wisely. One option is to contact more experienced colleagues and find out about their path, ask for advice, or even a small recommendation regarding the project. It is better to contact several entrepreneurs at once – this will give a more complete picture and perception from different points of view.
Fear of financial loss
A problem that both start-ups and large companies often face is project financing. When a company already has a plan to scale, ideas to launch a new product, or enter new markets, the question arises of where to get the necessary funds for this. For the successful development and growth of a business, managers resort to various additional sources of financing, whether it be their own funds, bank loans, or attracting investors. Any large-scale investment of money in a project can cause the manager to fear losing it.
A competent approach to planning and spending the budget will help to overcome the fear of financial losses. It is better not to ignore financial planning, and to involve qualified specialists or a third-party financial consultant in the team.
Fear of change
Even a successful company over time requires a revision of the business plan: adjusting the goals, the appearance of the product, the composition of the team, and creating a new marketing strategy.
However, resistance to change has a negative impact on the sustainability of a company’s growth. Organisational problems arise, and in general, the inability of the manager to adapt to external changes hinders business development.
Working closely with a team helps to overcome the fear of change in many cases. The manager does not need to single-handedly take full responsibility and solve all problems on his own. It is better to discuss tasks with employees and listen to their opinion, even if it is not yet certain whether it should be taken into account.
Fear of success
If the founder does not set high goals and challenging tasks for himself and the team, this always hinders the growth and development of the company. It may seem surprising, but along with the fear of failure and financial fiasco, entrepreneurs are also afraid of success.
Fear of success can be associated with low self-esteem, formed beliefs, and procrastination. To get rid of the fear of success, you need to decompose the fear into its components and understand the origins of the problem and beliefs that prevent you from moving forward. After that, you need to eradicate them one by one.
Fear of risk
Making unpopular decisions, taking unique paths, and acting in unfamiliar circumstances – all this is a fear of risk. It is believed that entrepreneurs are much more loyal to uncertainty and risk than, for example, hired employees, but even risky entrepreneurs in turbulent times begin to act extremely carefully and rationally, which is quite reasonable.
To overcome your fears, it is worth focusing on positive examples around. Recall some of the brightest success stories that inspire you. For example, James Dyson had to create over 5,000 bagless vacuum cleaner prototypes to get a quality product. It took about 15 years to create it. At the same time, Dyson’s turnover reached $7.3 billion in 2019, and founder James Dyson became the richest man in the UK that year.
Why You Should Not Be Afraid to Open a Business In London
The entry of a business into a new market allows you to expand the circle of potential customers or buyers. This is especially useful if the current market has become saturated or limited and the business is looking for new growth opportunities.
For example, London offers many advantages for business development and many successful companies choose it as their base. This market is home to a variety of start-ups, technology companies, and innovative ventures. London supports the development of start-ups through incubators, accelerators, and venture capital funds, which creates a favourable environment for the development of innovations and new business ideas.
It is worth noting that doing business in London is possible without an actual presence in the city. This opportunity is provided by virtual office providers that a virtual office might be a good option for starting a business in London. Virtual offices allow you to use various communication tools such as video conferencing, email, and chat to keep in touch with clients, partners, and employees.
Every business makes certain mistakes at its beginning. Moreover, mistakes are not ruled out even after a business achieves some success, as every product and service needs to be updated and improved. If you are thinking about entering the UK market, we recommend that you contact The Hoxton Mix. It is a reliable virtual office service provider that will help you successfully enter a new market.