As an Entrepreneur, You Will Face Many Fears

As a new entrepreneur, we are often racked by fear and end up putting important steps off, or giving up too early. I know, as I have faced these fears in the past.

Here are 10 fears that entrepreneurs can face and how to deal with them. Four that I have experienced myself and six more that I have learned about from other entrepreneurs.

Fear is often called False Evidence Appearing Real I.e we think something bad is going to happen but it is unlikely as there is nothing pointing to that thing that we fear eventuating… or in my words fear could stand for Focus Everything At Reality. Don’t stress over what you think might happen, but be willing to learn, make mistakes, get up again and face your actual situation head on.

Entrepreneurs must take risks and do some things that they have never done before. Maybe even take steps that no one has taken before. When you are an employee, your boss and your company provides the product, the direction, the place it will be sold, the marketing and sets the prices – and also takes all the risks. You are paid for the hours you put in, so there need be no fear… unless you are not delivering what is expected of you… then you might fear being laid off one day.

When you are setting up a business on your own, wanting to become a successful entrepreneur, you will invest some capital (money) and put in a lot of your time before you see results. And yes, you will take risks… and all this can cause you stress and cause the blanket of fear to settle on your shoulders.

Entrepreneurs often have plenty of time, but not enough money, especially in the beginning – so lack of money can be a fear.

I spent 30 years as an employee in financial services and had few, if any fears. Granted I studied, worked hard and rose to the top and was CEO for the final 10 years of my career, but now that I am on the entrepreneurial path, I have faced a number of fears. Fear of failure, fear of the unknown, fear of being in the wrong place, the wrong niche, at the wrong time, fear of maybe focussing on the wrong things… all these things, these fears, have rattled through my head from time to time.

Fear can lead to paralysis (I must admit here that I have been known to procrastinate at times), and so fear can invite us to look for reasons not to do what we know we need to do, in order to make progress.

Here are some of the fears that I have faced as I embarked on my journey from employee to entrepreneur.

1. What if I get no customers? When I was a restaurant owner, that was my biggest fear. I had the rent to pay, staff on duty, we had done all the prep and paid for all the provisions… but what if no-one came to my restaurant? Of course, this fear was often unwarranted, as we provided great value and offered a really friendly atmosphere, in a good location. But that fear was still there. In any enterprise, you will need customers, but if you follow through with a good product, good communication and great service, your customers will come.

2. What if I can’t feed my family? This is a follow on from the first fear. A new entrepreneur will often wonder what will happen if he or she doesn’t earn enough revenue to cover costs and leave something over for themselves. This is often the case in the early years, when the entrepreneur can’t pay themselves a decent wage from the enterprise as the business is in the early growth phase. In fact, the fear of not having enough capital to put into the business until it is up and established is often enough to cause one to give up. But a good system, that is followed consistently, will usually get you to a break-even and then a profitable point in the not-too-distant future. In the end, this lack of strong revenue growth led me to sell my restaurant, as the overheads were just too high for the level of revenue we received, thus leaving me with little for my efforts at the end of the day.

3. What if the worst happens? What can be worse than no customers and hence no money for the family? Well, some disaster could wreck the joint – I had some strong winds blow in my restaurant’s front wall to ceiling glass doors on two occasions – and could not open for a few days each time. But luckily I had insurance. Many times we think the worst and worry for no reason. So we need to stay positive, make allowances for if some disaster does strike, but not dwell on that fear.

4. Fear of what your family and friends will think. This is a big one when we go into a venture that we feel our family may disapprove of – oftentimes because they lack the knowledge. Network marketing is one such example and when I joined a network company in my early years, I tried not to talk to my family or friends about this, in case they would disapprove, or even laugh at me. But as I realised more and more that most successful businesses are done via building up networks of customers and suppliers, and marketing to them, I soon realised that this fear was baseless. In fact just the opposite – the bigger your network, the easier the marketing.

All these fears are there with many new business owners, but all have solutions. And one solution to these fears is to make sure you follow a good system, and that you have good and ongoing support, from a mentor if you are new to the industry.

But remember, with the risks that an entrepreneur must take, come opportunities. And it is these opportunities that will eventually lead you to that point of success, when you can stand back and say to yourself, “It was hard, it took longer than I planned, but it was fun, I made some great friends and WooHoo! I am now a successful entrepreneur.”

These next six fears have been shared with me by other entrepreneurs.

1. Not being clear on where to start – if you don’t know where to begin the journey, or when you feel you lack enough information to make a good go if it, then you will be more fearful of taking that first step, or even falter at the first hurdle and consider giving up. I’ve been there. If you follow a good system, with good leadership, this will help you clarify where you want to go, to understand your WHY, what you want to achieve and how best to do it. So spend some time with your mentor, before you start implementing your business plan, to make sure these things are clear in your mind, and that you know where you can go for answers.

2. Not having enough information – lack of knowledge, or information, is often the reason for our hesitancy and cause us to procrastinate. With the technology driven information era that we are in, as mentioned in my earlier article, we should never be short of information on what to do next. Google and YouTube are just two sources of valuable information that you can access to find a way out of your dilemma. And if you are in the right business, your leadership will be able to point you to training and information that others before you have proven will work.

3. Not being committed to your goal– This is a big fear for those who are working full time (an employee) but setting out on the entrepreneurial path on a part time basis. What if I can’t put in enough time, or get distracted by my job? If you want to be successful, you can’t just do the entrepreneur stuff now and then, when you have some spare time. Even when it is a part time business, or a side gig, as Mel calls it, you still need to make it ‘full time’ by focussing on it regularly and systematically. Even one or two hours of an evening, after dinner, can be enough to get a business established and growing consistently. Again, by following a good system and learning from those who have gone before you, together with your focus and commitment, you can create the value you are looking for.

4. Not taking the necessary action – This is a follow on from point 3, well, on all the points so far, as in the end, thinking, planning and strategising are not enough. You need to do something, take action, to move your enterprise along. Most of the problems in small businesses result from bad decisions (not enough thought as to the right steps) and poor execution (not doing the right thing well enough). It is often at this point that people freeze and the fear of failure paralyses them. “What if I do something wrong?” But remember, taking risks is all about learning from your mistakes. Many of today’s successful entrepreneurs have made many mistakes along the way. Again, by following a sound proven system, and doing what your leaders have done before you with good results, can increase your chance of success. So take action and consistently execute your plan.

5. Not having the right support – on occasions in my past I have tried to do things my way, pooh-poohing the advice of others. And these have often not worked out well. So, you will not only want to find some professional support for your venture, such as a bookkeeper and maybe a lawyer, but you will also need moral support, from family and team members. Team? Well, yes, oftentimes, there are opportunities to build a team around you who can help you with your new business venture. Involve these people in your mission and explain to them why you are doing what you have set out to do. And if you do find a good mentor, communicate with them regularly, as they are there to help you when you come across a hurdle, as you inevitably will.

6. Not having a back-up plan – things don’t always go to plan and so now and then, having an alternative approach will be useful. Don’t change your target, your goal or your destination, but often there may be a different route that you can take. So keep your destination the same, while having a number of ways that you can reach it.

WOW! with so many things to fear, you might well be wondering if it is all worth it. Well, as I mentioned a few times, having a good system and following it, together with strong leadership and mentoring, can reduce and even eliminate the fears that will arise from time to time. The system I am following has helped me address all 10 fears mentioned in this article.

I invite you to have a look at my system on my website – see below- and see how it can help you on your path to becoming a successful entrepreneur and also help to reduce or eliminate many of the fears you will face.

I would love to help you on your journey. Send me an email to stujam51@gmail.com with the heading “I want to learn how to be a successful entrepreneur” and I will get back to you right away.

Electronic Compass – How to Use the Internet As an Information Marketer

You have probably started your information marketing business and done all the requisite work. You created a web site, a blog, and a weekly e-newsletter. Now people are sending you e-mails asking about your information product. Your view of computers has gone from anger and frustration to calm and ease. You are now a digital pro, right?

Well, almost.

Like learning to drive or play sports, it never hurts to know about some of the roadblocks that exist out there.

Here are a few online issues to be aware of if you’re an information marketer:

Read absolutely everything: Now, I know what you are going to say next. “Everything…?!?” I understand: there is so much content on the Internet these days that the temptation to just pass over certain paragraphs of text is always at the front of your mind. But, especially if you’re conducting your own business online, you must be sure to read absolutely everything, especially legal material. Make copies of the content pages and save them to your hard drive for further reference. In this case, it is truly better to be safe than sorry.

Avoid plagiarism: Remember your high school English or history class and those dreadful essay writing sessions? While they may bring back bad memories, the teacher was correct about one particular matter: copying other people’s work is wrong all the time. Again, you may feel the temptation to “borrow” content or graphics from other people’s web sites. But, like books and all other intellectual property, this stuff is copyrighted by the owner. Taking it without permission is illegal and can result in several legal penalties.

Know your contacts: You might have occasion to be offered a joint venture with another information marketer over an e-mail exchange. And if the deal sounds promising for both parties, by all means, go for it. But be sure to do some checking to see if the company and/or marketers are legit and the company is sustainable. Do not waste time on people who are not as interested as you in doing good business. As well, one small problem with the Internet is that it is poor for face-to-face conversation. Don’t be afraid to offer to meet your potential partner for coffee and discussion.

Be frugal: A lot of flashy online entrepreneurs will make you an offer for a package or computer tool. Again, do your research. Don’t spend money on something that may be a waste and may not benefit your business.

Keep your host and provider phone numbers handy: If your Internet connection doesn’t work or your web site is down, make the necessary calls to remedy the situation. This is your business and it can’t function if your business tools don’t function

An elderly farmer friend of my dad’s family used to put it eloquently: “Those bloody things are just over-hyped typewriters.” While he was being, well, a tad crass, his stance was a good one. The computer and the Internet are really just tools. Knowing how to utilize them can only help your business succeed.

Internet Money-Making Systems Explained – Some Tips For Success As An Online Entrepreneur

If you are reading this article chances are you’re looking for an education on how these internet money-making systems work so that you can become successful as an online entrepreneur.

Information Overload and Distractions

One of the main reasons why you as a potential online entrepreneur may fail when starting an online business is due to a factor called distractions. This is the problem – you are trying to start an online business working from home on your computer. The very platform on which you are planning to market your business – the internet – is the very thing that is going to give you the biggest problem. Alright, so what do I mean by that? It sounds a bit confusing doesn’t it?

Let me explain. The nature of the internet is such that, you as a future online entrepreneur, have so much information available from it. There are so many methods by which you can make money online using the internet money-making systems that many online marketers employ. As you begin your journey in this exciting field you will be faced with so much information from the internet and the people who market through it. It will not be long before you discover that you can sign up and receive free special reports, videos and audios delivered so conveniently to your email inbox. It will not be long before you will suffer with an condition that has been coined “information overload.”

All this information will distract your endeavors to become an online entrepreneur and you will find that your attention is being spread too thinly over a large number of areas. The solution is to focus on one internet money-making system totally and completely and learn all you can so that you understand exactly what you are doing. So many newcomers to the internet dabble in areas where they do not have the understanding and consequently things do not work out for them.

Learn And Understand New Skills

As you begin your journey towards being a successful online entrepreneur you need to understand that there is no quick shortcut to making money online. There is no magic button which you can click a few times to make money on the internet. Accept and give yourself the time to understand and learn the new skills necessary for achieving success with your internet money-making ventures. Just as you took lessons to learn to drive a vehicle, so will you need to get an education on how to build an online business. All skills are learnable, so just be patient and learn everything you need to know step by step. An excellent way to learn all about internet money-making systems is to sign up with a good mentor or coach who has already trodden the path you wish to take.

Change Your Thinking Habits

The famous personal development expert Earl Nightingale once said “We become what we think about, most of the time!” If you are really serious about creating your own empire online then you need to listen to Earl’s audio called The Strangest Secret. In it he gives advice about how to become successful by setting a goal for ourselves and making a plan to achieve it. Think positively about your goal and what you are going to do to get there. Decide to change your thinking habits and not allow any negative thoughts. If you can control your thoughts you can control what you ultimately become.

Keep in mind these three tips as you begin your understanding of and education in internet money-making systems.

The 5 Senses of an Entrepreneur

If you have seen me speak you will know that I believe the word ‘entrepreneur’ is used way too much these days. People seem to wear it as a badge instead of just getting out there and doing entrepreneurial things.
Just because you run or own a successful business doesn’t necessarily mean that you an entrepreneur.

Entrepreneurs have a different mindset to others. They will go way above and beyond to complete and finish something that they have started.

I have developed what I call the 5 senses of an entrepreneur which will highlight those differences.

We all have 5 which are sight, taste, smell, hearing and touch. The entrepreneur also has those 5 senses but to them they mean something totally different. The 5 senses relay messages to your brain which makes you operate in a certain way. This is the same for the entrepreneurial sense. The entrepreneurial senses direct an entrepreneur to operate and succeed in a certain way.

Below is how an entrepreneur uses the 5 senses.

SIGHT.

Entrepreneurs can see things normal business owners can’t. By that I mean that they can see potential in the smallest of things, whether it is a new trend or a different way of doing something and in turn gaining bigger and better results from the others around them.

They also have the foresight to see past the hurdles or obstacles that most business owners would see as a full stop and press on regardless of the issues that they may face.

They aren’t really good on the stuff that is right in front of their faces, the day to day stuff as they are already thinking far in advance.
You could say that some entrepreneurs have blinkers on. Once they are focused on something, they will see it through to the end. Whatever comes their way will be quickly dealt with so as they don’t lose momentum or become distracted.

TASTE.

Entrepreneurs can taste success in everything that they do. It doesn’t really concern them with the current taste of a deal or a venture as they know what the ultimate taste of success in that deal when it is finished and completed will actually taste like.

Even when they have a taste of something bitter; whether that is a deal gone wrong or a wrong decision, they will still press on until the sweet taste of success is filling their mouths.

Just as kids when we are all made to eat those disgusting vegetables (the cauliflower and brussel sprouts) and then as we grow up we are able to make our own choice as to what is on our plates, so does the entrepreneur. They have been through the hard yards just as everyone else. They just want to have the choice as to what taste stays in their mouths for the longest period of time.

Until they taste it, they will not give up.

SMELL.

An entrepreneur can smell success from a mile away. In fact, they can smell it before they even experience it. It is that sweet smell that keeps them driving towards touching and living it.

Just as they can smell the sweetness of success, so can they smell a bad deal. Now I am not saying that everything an entrepreneur puts his or her hands to will always work, but as they go through their lives they will know quickly if something smells a bit off.

It is this sense that is the most important one to an entrepreneur. Without the whiff of something potentially huge and exciting, an entrepreneur will usually let it go.

They also have the ability to smell “manure” a mile off.

HEARING.

With the ear, it receives a whole lot of different vibrations and sound waves which in turn it processes it into something that makes sense to our brains. This in principal is what happens to an entrepreneur. All of us hear different feedback, various business opportunities and potential deals throughout our lives. What makes an entrepreneur different from the rest is that he or she will decipher that information (usually very quickly) and either act upon it or dismiss it straight away just by the sound of the information that he or she has heard. Where as most people will go down the path of that information and potentially lose out when it isn’t what was first perceived.

The entrepreneur will also have a knack of blocking out the negative information or comments that come into their ears. They will not be the type of person who will allow that negative information to pass into their thinking an in turn, into their actions.

Entrepreneurs have selective hearing. They know what they want to hear and they know what success sounds like.

TOUCH.

An entrepreneur will not give up until they have a firm grip on what they have been pursuing. For some it may take them a short time and for others a very long time. but until they have that success by the throat, they will not let it go.

You see it is this sense that is the reward stage for an entrepreneur. It is the thrill of the hunt with the catch mounted high on their walls of life.

This is not to say that everything they set their hands to will work. It is that they know the feel that they are looking for. They know how hard they need to press or how gentle they may need to be. It is the same principal with holding a baby as opposed to a hammer. One is gentle the other is forceful. The true entrepreneur will have an understanding of the touch that is needed.

So as you see, there are many facets that set an entrepreneur apart from a normal business owner.

Why not take the entrepreneur test(TM) on not only yourself but also your staff and you will see where you stand and where your strengths really are.
This is a great tool for any business owner.

Go to www.justinherald.com