To be a technology entrepreneur and making a huge success out of it isn’t always a challenge for the faint-hearted. Actually, this is more pronounced in atypical big business environment. In fact, many entrepreneurs have the thought of an orphan because the hurt of failure is borne all alone. This is why achievement is a motivating force for all entrepreneurs. With this they get extensive adulation and commendation.
Below are 6 major fears confronted by tech entrepreneurs:
Fear of not being superior
Majority of the entrepreneur encounter this particular self-doubt at different levels of the entrepreneurial journey. In reality, it is a fear that constantly gnaws away at the self-assurance to take ambitious steps. In the course of hard instances and in particular when setbacks occur, the mind will regularly come up with diverse motives why you do not have what it takes to cut it at the peak. The important thing to overcome that is to understand that this fear is not strange to other entrepreneurs. You just have to have it at the back of your mind that there are competitors out with higher connections or monetary muscle than you.
Note: be consistence in chasing your passion and let it give you the results you want.
Fear of innovation
To be successful as a tech entrepreneur often entails the capacity to constantly re-invent; to innovate and modify your offerings, business processes and solutions to satisfy changing instances and needs. Majority of entrepreneurs, inclusive of the successful ones, face the fear of evolving at one time or another. This frequently happens when entrepreneurs grow their business to a certain point and feel comfy with the level or position attained. In this type of situation, it will become difficult to face what needs to be done when faced with the concept of expansion or re-invention. As an entrepreneur, the capability to consistently re-invent or have connection in positive disruption is a value that sets you aside. Try to embrace it!
Fear of failure
I can say this is the biggest fear faced by all aspiring and established entrepreneurs. The big burden, shame and mental effects of failure not only weighs down an entrepreneur; it also cause a big mental block within the minds of many aspiring ones, stopping them from venturing into business or giving their passions a strive. Fascinatingly though, one of the secrets of most successful entrepreneurs is their fear of failure: it is not an end to itself. Even though still prone to the worry of failure, they do not allow it shape their thinking and actions.
Fear of the unknown
Most entrepreneurs function in a system this is very risky to market forces, currency fluctuations and government policies. All these factors lend a measure of unpredictability to the business environment. Investment decisions could go far due to an adverse or sharp shift in any of the afore-noted factors. Due to that, entrepreneurs live in regular dread of the unknown. This should not by any chance reduce the entrepreneurial zeal or the pressure to pursue your goals.
Fear of betrayal by using trusted partners
As a tech entrepreneur, it regularly includes a detail of partnership or entrusting certain core responsibilities to others. But, the experience of most successful entrepreneurs frequently takes in one or incidences of betrayal or letdowns, often by the trusted business partners and/or associates. This fear is real and one which majority of the entrepreneurs have to deal with on the way to success. This should not, but, save you from reaching out or giving some people a chance to prove them. A fit dose of optimism is one value that has helped a number of the best entrepreneurs cope with this fear. You have to put in practice prudence and due diligence.
Fear of thoughts drying up
This is a fear that most entrepreneurs who rely closely on making fortunes out of their thoughts encounter. A great way of overcoming this fear is to look at different successful entrepreneurs. One value they all have in common is that scarcity of mind doesn’t afflict them. These people are continuously taking more steps on how to make more money, more good staffs to hire and more good people with whom to work, new ventures to invest money on or investors to throw thoughts to, among others.
The benefit of being an entrepreneur lies in the several opportunities that abound to create and maintain wealth. Despite the regular challenges encountered by aspiring and established.
Have you ever encounter any of the fear as an entrepreneur?
Feel free to drop your comment and let us know what you have encountered as an aspiring or established entrepreneur.