Believe it or not, I believe we are in the midst of a fear epidemic. I have had more than a few conversations in the last two weeks with women who are passionate about what they do, articulate about their ideas, but scared to take the plunge into entrepreneurship. They have come up with a product, service or way to do business that could turn into a sustainable, highly successful business. But something is preventing them from following through on their dreams. I can’t even say it’s exclusive to women, because I know a few men who are just as gun shy. But for the purposes of this post, I’m referring to the women.
So why are we victims of failing to move forward with great ideas? There are lots of reasons. It surely isn’t due to a lack of creativity or passion. All of the women I have spoken with over the last few weeks had this certain something in their voices. You know, like that sound of pride a mom exudes when speaking of her baby being on the honor role. They want so bad to tap into their inner CEO and share their “baby” with the world. But something is holding them back.
- Fear of Failure. This one is a biggie! Trust me I know. There were many nights in the beginning I sat up wondering what people would think of me if I failed. It’s a huge burden on women’s minds. Women are held up to a higher scrutiny than men. We are the Moms, the caretakers. So if we fail at a business, it can be perceived as something that was expected of a Mom with a “hobby”. Hey, *I* didn’t say that, but I’ve heard it. I say to hell with what people think. Many prominent people (women AND men) have failed…on more than one occasion too. Failing should not be feared. It should be used as a learning lesson to prepare you for your next steps. Don’t let fear of failure keep you on the sidelines.
- Fear of Success. Once again, guilty as charged. Even worse than the fear of failure is fear of success. This is a bit more psychological for some people than others because it’s all about the expectations others put on you. Once it became obvious that I was on the cusp of something big, the expectations of others crept into my head. I worried so much about letting people down, which is a lot different than worrying about what people will say. I felt that pressure hard. A lot of time women panic because they feel if they grow too fast too soon, it will take away from their family obligations or that there will be such great demands on them that they won’t be able to deliver. Don’t fall victim to this. Success can be wonderful if you manage it right.
- Lack of Support. Single Moms are hit hardest by this. They are already doing it all on their own, raising the kids, being the breadwinner. It’s hard to move forward with a business idea if you feel nobody supports or believes in you. But don’t let that stop you. There are many women’s and moms groups that are out there that would love to support you. You can look on the internet and find local groups that fit your needs.
- Lack of Money. I learned from a great friend that it’s not always necessary to have the funding to start a business. There are ways that you can creatively finance. There are microloans, business plan competitions, small business loans, angel investors and joint ventures. You can also offer equity, commission, revenue sharing or deferred salary to key staff. Not being capital rich, doesn’t mean you can’t move forward with your idea or business.
- Fear of Losing a Stable Paycheck & Benefits. This is without a doubt the worst excuse of them all. I know you’re saying “but the economy!!” and yes we are in a bit of a jacked up economy. But that’s no excuse to not move forward. First of all, you can probably search online for better benefits at sites like EHealthinsurance.com for insurance, and Fidelity or Sharebuilder for 401K programs. I have consistently found better coverage than what companies can offer by researching online. And if you are passionate enough about your company, willing to market like crazy, and are hungry enough to get out there and close clients, the money will come. What gets lost is that you have to potential to make MORE money. I don’t think anyone deliberately goes into business to make less money or to fail. Do you want someone determining the most money you are allowed to make? I didn’t think so.
Don’t let fear keep you from bringing your idea to market. Many of us have the capability to be business owners. True entrepreneurs are OK with taking a risk because they know the rewards greatly outweigh them. You can overcome any of the excuses listed above. It starts with changing your mindset. Believe in yourself and you will be on your way to succeeding. Fear is nothing but False Evidence Appearing Real. As I always say no limits, no boundaries, no fear.
Til next time.