The Most Common Fears Holding Aspiring Founders Back 

Starting your own business isn’t easy; if it were, then everyone would be doing it. But it is an excellent way to take charge of your success and reap some amazing rewards.

We’ve all heard scary statistics about how the majority of startups struggle to make it past the first year, so no wonder it’s daunting. However, I don’t think we hear enough about the millions of people who have changed their lives and the lives of others by being business owners. It’s also worth noting that entrepreneurship is growing at an unprecedented rate globally as more opportunities open up and governments are making strides to provide founders with the logistical and financial support they need to thrive.

If you’re contemplating launching your startup, it’s natural to have concerns. It’s a big step that needs careful consideration. Just make sure that your doubts aren’t stopping you from fulfilling your dreams and maximising your true potential. You can implement lots of practical and mindset-focused steps to move forward with confidence. 

The four main fears I see my clients struggle with most often are: 

1. The fear of failing. Trying something new means going outside your comfort zone and being ready to deal with the possibility of failure. In a Justworks and The Harris Poll survey, 59% of adults said that fear of failure was holding them back from starting a business. As an entrepreneur who has experienced many challenges during my 17 years in business, I must say that if you’re not prepared to fail, you won’t learn or grow, personally or professionally. Failure is inevitable and even beneficial as an entrepreneur; it’s how you deal with those failures and your ability to come back stronger that matters.  

2. The fear of being judged. Too many entrepreneurs worry about what others think and how people might react. When it comes to judgment, I always wish I stopped caring about other people’s opinions a lot sooner – they don’t pay the bills and their reactions are often driven by their own insecurities anyway. Comparison is impossible to ignore in today’s world, where so much marketing is done on social media. Try to stay focused on what you want to achieve and how you plan to get there. In the words of Jeff Bezos, “If you can’t tolerate critics, don’t do anything new or interesting.” 

3. The fear of not being good enough. Confidence is essential to succeed; being confident enables us to make effective decisions, challenge the status quo, and take calculated risks. Yet, you don’t need to be good at everything in order to be confident. And you won’t be skilled in every area of running a business, especially at the start. Thankfully, skills can be developed. There are plenty of resources, training options, and mentors available, and you can improve anything with enough practice. Personally, if I am scared of doing something, I force myself to keep doing it until it becomes second nature. Plus, you can always outsource certain tasks requiring specific expertise when needed. Recognising your strengths, weaknesses, and, therefore, where you need to fill any gaps is actually a mark of confidence.

4. The fear of hard work. The truth is, many people say they want to start a business, but they’re not prepared to invest the time and effort it takes to make things work. We seem to be in a culture where positive thinking has taken precedence over action. A positive attitude is important, yes, but it won’t get you there alone. You need to have a clear strategy, put consistent effort in, and regularly re-evaluate where you are and where you are going. We all have days where we feel less motivated than others, but if you believe in what you’re doing and why you’re doing it, it’s far easier to stay on track. If you’re not willing to put in the hours and make sacrifices, perhaps entrepreneurship isn’t for you. 

Building your own company is a life-changing experience filled with ups and downs. You will lose things and gain so many more as you change and grow as a person, and discover what you’re really capable of. If you have the drive to make it happen, don’t waste it; you’re readier than you think you are.