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10 Things No One Will Tell You About Being an Entrepreneur

10 Things No One Will Tell You About Being an Entrepreneur

It’s Friday, the end of another tediously-long work week, working for a person or a company you don’t particularly believe in, doing work that doesn’t inspire you. You find yourself, once again, day dreaming about the possibility of becoming an entrepreneur, working for yourself, making way more money than you could at a 9 to 5 job, and having the freedom and flexibility you’ve always wanted. You’ve got a great idea, or perhaps several great ideas, and you’re incredibly close to walking into your boss’ office to quit your job and embrace the life of the solo-preneur.

Excellent idea! Nothing beats the entrepreneurial lifestyle. Before you make the leap though, consider these ten challenges of being an entrepreneur.

1. You will be your business.

Every single aspect of your business is a direct reflection of you.

You will have to confront your own demons. If you don’t believe in your dream, if you aren’t highly motivated, if you have a tendency to self-sabotage, or if your business idea is completely misaligned to who you are as a person, then all of that will be reflected in your business. You won’t succeed. You are the creator of your own destiny. How you function will be how your business functions.

On the flip side, you will be your business when it’s successful! All aspects of your business will be a direct reflection of your success. And you are fantastic, sans demons.

2. You will have to know yourself to know your business.

Why? Because (see above) every aspect of your business is a direct reflection of you. If you don’t know who you are, what motivates you, crushes you, inspires you, and what your strengths and weaknesses are then you aren’t really serving yourself in your own life, and you certainly aren’t being of service to your own business.

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If you hate direct sales and love bookkeeping, then know that about yourself, and get the support you need so that sales will still get done in your business and you won’t hide behind the auspices of bookkeeping. If you know you only function on deadline, start creating daily deadlines for yourself. Know how you work, how you don’t work, and figure out how to maximize your potential and either learn how to do what you can’t do, or hire out what you can’t or won’t do.

3. You will not be your own boss.

You being the Founder, CEO and President of your own company means nothing, because you will also hold every other title. You generate the trash and you take out the trash. Your real boss is your customer (and your technology). They call the shots, and you must figure out how to respond to their wants and needs…all the time.

Once you have customers, it can be liberating to respond to their needs rather than just build the infrastructure of your business. They will be your customers, investing in you and your products!

4. You will miss having a steady paycheck.

And you will not initially be the highest paid person in your business. Most likely your tech support will be. Unless you choose to be your own tech support to “save money,” which will actually cost you money because you will spend hours every single day working on your website, auto responder, social media, SEO, and other tech savvy ways of reaching out to customers. Entrepreneurs spend the majority of their business day building and managing the infrastructure of their businesses.

You will not be the first paid: your infrastructure will.

These hours will accrue on top of all of the hours you will spend developing content for your business, marketing, networking, bookkeeping. In other words, the work-life balance which you managed to have in your day job with the steady paycheck will no longer exist.

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But all of the hours and all of the money your business earns will be yours to do with as you please. There is no upper management taking a cut of profits because you are now upper management.

5. You will be frustrated by everything.

Everything will take twice as long…if it even happens. What seems easy on paper (launch a new website) can take weeks or even months if it’s at all complicated, or if it includes a shopping cart of available products. Writing marketing copy takes twice as long and you will find yourself frustrated by blank pages, customers who need any explanation or sales pitch, as well as the whole marketing industry.

But the end result is that you will become an expert in technology, website design, marketing and sales, bookkeeping, product development, copywriting, networking, and business acumen. You will become an expert in these areas when you push past your frustration and stick with it.

6. You will be frustrated by everyone.

Your friends and family won’t get what you are doing and might not even won’t support you. Your customers (if any) will frustrate you. Your virtual assistant, web guy, bank manager, and any and all sales representatives will piss you off. Nothing will move at the pace you will like it to, and everyone in your life who is not an entrepreneur will annoy you, irritate you, and cause you to stop answering your phone.

Plus, the majority of people you interact with will not believe in your vision, and will nitpick it apart until you start doubting your own abilities and ideas.

But when your dream actually happens, when that first customer pays for your service or product, you will have proved everyone else wrong. And, more importantly, you will have believed in the most important person in your life–you.

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7. Self doubt will become your new best friend.

…and your bed will be your constant companion.

Seriously, if you are in bed reading this article, the most practical advice I can give you is to get out of bed. Find a different dedicated space to work from.

Self doubt is normal and natural in entrepreneurs, sometimes as familiar to us as breathing air. That does not mean that self doubt gets to be the master. Figure out what you need to move through self doubt–a team of trusted advisors, a mantra you say to yourself when you start doubting, therapy, a time out. The more frequently you are able to move through self doubt the less hold it has on you.

8. Your first iteration of your business will be wrong.

Sorry folks, I didn’t believe that either. That was until I reworked my business just two months in, and then four months after that. Defining your business is like a dance between yourself, your belief in yourself, and your customers. The more you understand yourself and your customers the more your business will be reshaped to reflect the best of who you are and the deepest needs of your clients.

The more you allow the dance to happen, as a natural course of events, the better your business will be.

9. You will not be all things to all people.

You have to buckle down and create a niche. The more watered down your business, the less successful you will be.

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Trying to be all things to all people doesn’t work and comes off as a flaky business strategy. This can annoy you and your customers, as neither of you will really understand what the business is about. Being all things doesn’t serve you or your customers. If you don’t know what you’re selling and who you’re selling to, how will the customers know they need to buy it?

Stop trying to be everything. Your success lies in specificity.

10. You will become an expert on all aspects of your business, whether you like it or not.

This point deserves repeating. One of the most rewarding parts of being an entrepreneur is in how fast you become an expert in all aspects of running a business. It can be a painful process: like learning to ride a bike, drive a car, and do multiplication tables all while having your teeth extracted (I’m not exaggerating). But then, on the other side, you are a wealth of knowledge and information about small business! It is an empowering feeling to understand your own business inside and out.

Still think you want to be an entrepreneur, even after reading this? Excellent–you may have what it takes! Believe in yourself, take a calculated leap, and fly. I believe in you.

Featured photo credit: Macbook Pro Keyboard Detail/Viktor Hanacek via picjumbo.com

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Emma Churchman

Emma is a Creative Business Consultant, and Leadership Coach & Trainer

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Last Updated on November 5, 2020

Why You Have the Fear of Failure (And How to Overcome It)

Why You Have the Fear of Failure (And How to Overcome It)

Nobody enjoys failing. Fear of failure can be so strong that avoiding failure eclipses the motivation to succeed. Insecurity about doing things incorrectly causes many people to unconsciously sabotage their chances for success.

Fear is part of human nature. As an entrepreneur, I faced this same fear. My ego and identity became intertwined with my work, and when things didn’t go as planned, I completely shut down. I overcame this unhealthy relationship with fear, and I believe that you can, too.

Together we’ll examine how you can use failure to your advantage instead of letting it run your life. We’ll also look at how to overcome fear of failure so that you can enjoy success in your work and life.

What Is Fear of Failure?

If you are afraid of failure, it will cause you to avoid potentially harmful situations.

Fear of failure keeps you from trying, creates self-doubt, stalls progress, and may lead you to go against your morals.

What causes a fear of failure? Here are the main reasons why fear of failing exists:

Patterns From Childhood

Hyper-critical adults cause children to internalize damaging mindsets.[1] They establish ultimatums and fear-based rules. This causes children to feel the constant need to ask for permission and reassurance. They carry this need for validation into adulthood.

Perfectionism

Perfectionism is often at the root of a fear of failure.[2] For perfectionists, failure is so terrible and humiliating that they don’t try. Stepping outside your comfort zone becomes terrifying.

Over-Personalization

The ego may lead us to over-identify with failures. It’s hard to look beyond failure at things like the quality of the effort, extenuating circumstances, or growth opportunities.[3]

False Self-Confidence

People with true confidence know they won’t always succeed. A person with fragile self-confidence avoids risks. They’d rather play it safe than try something new.[4]

How the Fear of Failure Holds You Back

Unhealthy Organization Culture

Too many organizations today have cultures of perfection: a set of organizational beliefs that any failure is unacceptable. Only pure, untainted success will do.

Imagine the stress and terror in an organization like that. The constant covering up of the smallest blemishes. The wild finger-pointing as everyone tries to shift the blame for the inevitable messes onto someone else. The lying, cheating, falsification of data, and hiding of problems—until they become crises that defy being hidden any longer.

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Miss out on Valuable Opportunities

If some people fail to reach a complete answer because of the lure of some early success, many more fail because of their ego-driven commitment to what worked in the past. You often see this with senior people, especially those who made their names by introducing some critical change years ago.

They shy away from further innovation, afraid that this time they might fail, diminishing the luster they try to keep around their names from past triumph.

Besides, they reason, the success of something new might even prove that those achievements they made in the past weren’t so great after all. Why take the risk when you can hang on to your reputation by doing nothing?

Such people are so deeply invested in their egos and the glories of their past that they prefer to set aside opportunities for future glory rather than risk even the possibility of failure.

High Achievers Become Losers

Every talent contains an opposite that sometimes turns it into a problem. Successful people like to win and achieve high standards. This can make them so terrified of failure that it ruins their lives. When a positive trait, like achievement, becomes too strong in someone’s life, it’s on the way to becoming a major obstacle.

Achievement is a powerful value for many successful people. They’ve built their lives on it. They achieve at everything they do: school, college, sports, the arts, hobbies, work. Each fresh achievement adds to the power of the value in their lives.

Gradually, failure becomes unthinkable. Maybe they’ve never failed yet in anything that they’ve done, so they have no experience of rising above it. Failure becomes the supreme nightmare: a frightful horror they must avoid at any cost.

The simplest way to do this is never to take a risk, stick rigidly to what you know you can do, protect yourself, work the longest hours, double and triple check everything, and be the most conscientious and conservative person in the universe.

If constant hard work, diligence, brutal working schedules and harrying subordinates won’t ward off the possibility of failing, use every other possible means to to keep it away. Falsify numbers, hide anything negative, conceal errors, avoid customer feedback, constantly shift the blame for errors onto anyone too weak to fight back.

Loss of Creativity

Over-achievers destroy their own peace of mind and the lives of those who work for them. People too attached to “goodness” and morality become self-righteous bigots. Those whose values for building close relationships become unbalanced slide into smothering their friends and family with constant expressions of affection and demands for love in return.

Everyone likes to succeed. The problem comes when fear of failure is dominant, when you can no longer accept the inevitability of making mistakes, nor recognize the importance of trial and error in finding the most creative solution.

The more creative you are, the more errors you are going to make. Deciding to avoid the errors will destroy your creativity, too.

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Balance counts more than you think. Some tartness must season the sweetest dish. A little selfishness is valuable even in the most caring person. And a little failure is essential to preserve everyone’s perspective on success.

We hear a lot about being positive. Maybe we also need to recognize that the negative parts of our lives and experience have just as important a role to play in finding success, in work, and in life.

How to Overcome Fear of Failure (Step-by-Step)

1. Figure out Where the Fear Comes From

Ask yourself what the root cause of your negative belief could be.[5] When you look at the four main causes for a fear of failure, which ones resonate with you?

Write down where you think the fear comes from, and try to understand it as an outsider.

If it helps, imagine you’re trying to help one of your best friends. Perhaps your fear stems from something that happened in your childhood, or a deep-seated insecurity.

Naming the source of the fear takes away some of its power.

2. Reframe Beliefs About Your Goal

Having an all or nothing mentality leaves you with nothing sometimes. Have a clear vision for what you’d like to accomplish but include learning something new in your goal.

If you always aim for improvement and learning, you are much less likely to fail.[6]

At Pixar, people are actually encouraged to “fail early and fail fast.”[7] They encourage experimentation and innovation so that they can stay on the cutting edge. That mindset involves failure, but as long as they achieve their vision of telling great stories, all the stumbling blocks are just opportunities to grow.

3. Learn to Think Positive

In many cases, you believe what you tell yourself. Your internal dialogue affects how you react and behave.

Our society is obsessed with success, but it’s important to recognize that even the most successful people encounter failure.

Walt Disney was once fired from a newspaper because they thought he lacked creativity. He went on to found an animation studio that failed. He never gave up, and now Disney is a household name.

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Steve Jobs was also once fired from Apple before returning as the face of the company for many years. [8]

If Disney and Jobs had believed the negative feedback, they wouldn’t have made it.

It’s up to you to notice your negative self talk and identify triggers[9]. Replace negative thoughts with positive facts about yourself and the situation. You’ll be able to create a new mental scripts that you can reach for when you feel negativity creeping in. The voice inside your head has a great effect on what you do.

How To Be A Positive Thinker: Positivity Exercises, Affirmations, & Quotes

    4. Visualize all Potential Outcomes

    Uncertainty about what will happen next is terrifying. Take time to visualize the possible outcomes of your decision. Think about the best and worst-case scenarios. You’ll feel better if you’ve already had a chance to mentally prepare for what could happen.

    Fear of the unknown might keep you from taking a new job. Weigh the pros and cons, and imagine potential successes and failures in making such a life-altering decision. Knowing how things could turn out might help you get unstuck.

    5. Look at the Worst-Case Scenario

    There are times when the worst case could be absolutely devastating. In many cases, if something bad happens, it won’t be the end of the world.

    It’s important to define how bad the worst case scenario is in the grand scheme of your life. Sometimes, we give situations more power than they deserve. In most cases, a failure is not permanent.

    For example, when you start a new business, it’s bound to be a learning experience. You’ll make decisions that don’t pan out, but often that discomfort is temporary. You can change your strategy and rebound. Even in the worst case scenario, if the perceived failure led to the end of that business, it might be the launching point for something new.

    6. Have a Backup Plan

    It never hurts to have a backup plan. The last thing you want to do is scramble for a solution when the worst has happened. The old adage is solid wisdom:

    “Hope for the best, prepare for the worst.”

    Having a backup plan gives you more confidence to move forward and take calculated risks.

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    Perhaps you’ve applied for a grant to fund an initiative at work. In the worst-case scenario, if you don’t get the grant, are there other ways you could get the funds?

    There are usually multiple ways to tackle a problem, so having a backup is a great way to reduce anxiety about possible failure.

    7. Learn From Whatever Happens

    Things may not go the way you planned, but that doesn’t automatically mean you’ve failed. Learn from whatever arises.[10] Even a less than ideal situation can be a great opportunity to make changes and grow.

    “Sometimes you win, sometimes you learn.”

    Dig deep enough, and you’re bound to find the silver lining. When you’ve learned that “failure” is an opportunity for growth instead of a death sentence, you conquer the fear of failure.

    For more tips on how to overcome fear of failure, check out the video below:

    Final Thoughts

    To overcome fear of failure, we can start by figuring out where it comes from and reframing the way we feel about failure. When failure is a chance for growth, and you’ve looked at all possible outcomes, it’s easier to overcome fear.

    Stay positive, have a backup plan, and learn from whatever happens. Your failures will be sources of education and inspiration rather than humiliation.

    “I have not failed. I’ve just found 10,000 ways that won’t work.” -Thomas A. Edison

    Failures can be blessings in disguise. Go boldly in the direction of your dreams and long-term goals.

    More Tips for Conquering Fear

    Featured photo credit: Patrick Hendry via unsplash.com

    Reference

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