181: How to Overcome the Fear of Entrepreneurship
Did you know that most entrepreneurs are scared? They are scared of failing. They are scared of losing customers. They are scared that their friends were right — this was a ridiculous idea. And as intriguing as this may sound, some entrepreneurs are afraid of success. Yes, enormous amounts of success can provoke anxiety issues. So, how do the more successful entrepreneurs overcome fear? For the most part, fear is induced by a lack of knowledge and experience. Therefore, the first step would be to seek knowledge and experience from people, online resources, and friends. The second step is building the capability to take risks and embrace ventures into the unknown. Remember, the key is not in eliminating fears but rather in learning how to face them and keep showing up despite them.
Time Management Tips for Busy Entrepreneurs – 02:30
Most entrepreneurs would argue that time is the most valuable asset in their arsenal. There are limited amounts of it, so the primary goal is to find effective ways to manage it. So, what can entrepreneurs do to maximize every available second in their busy schedules? Dr. Chandler believes that we must set boundaries. Be strict with your time and manage your attention. Most business owners assume that time management is simply scheduling tasks. But the truth is, actualizing a plan is more important than scheduling.
Scheduling a portion of your time for a specific task but spending it switching from one task to another is a recipe for mediocre results. So, be intentional about schedules but spend time actually getting things done.
Entrepreneurship and Therapy – 04:57
Have you ever observed what other entrepreneurs are doing and thought to yourself, “hmm, I can do that too”? Well, everybody thinks that, but making it happen is the tricky part. Dr. Chandler was working with grants and consultants and was amazed by the amount of money available for people to start their own businesses. And so, after spending years in the corporate world, she decided to take the leap of faith and do her own thing. Her journey is not without hiccups, though. Like most entrepreneurs, she struggled with mental health issues.
As a first-gen, Dr. Chandler always felt like she had to do more than her peers to achieve the same level of success. Working hard is all good until it becomes toxic for your colleagues or employees. For example, Dr. Chandler expected everyone to work as hard as her, and when they didn’t she got irritated. Having a never-ending to-do list can lead to mental and physical exhaustion. She believes that if you have trouble asking for help or delegating tasks, a mental health therapist can help create realistic goals and boundaries for you and your business.
Launching and Running a Successful Business – 12:32
Growing up in an entrepreneurial family packs its fair share of perks. First, you get hands-on experiences running a business long before most of your peers began their path to entrepreneurship. Second, you get to understand that running a business requires patience, and not every business becomes successful in the first few months after launching. However, what you don’t learn is that there’s the back-end of running a business. Things like accounting, taxes, legal and structural developments are all things we never see. We only see the front-end of the business, where all the transactions take place. But what happens when starting your own business comes into the picture?
Instead of spending hours researching how well to launch and scale a business, why don’t you hire a professional to help you get started? Mind you, watching YouTube videos is also beneficial when you first start out. But you’ll need professional help if you really want to scale. Consulting professional guarantees that what you implement is specific to your business and kills the fear of going all in.
How to Conquer Your Fear of Starting a Business – 16:20
Starting a business is scary. There’s no doubt about that. But of all fears associated with launching an entrepreneurial venture, fear of failure is the most common one. And that is to be expected. Nobody wants to be associated with failure. However, Dr. Chandler believes that, for the most part, most people fear disappointing their friends, relatives, and colleagues. This means that if we just overcome societal beliefs and norms, we’d be okay. So, believe in yourself and squash all the negative noise around you. Accept that you’re not an expert and gain the necessary knowledge from podcasts, books, or consulting professionals in the field you want to pursue. Dr. Chandler also believes that sometimes it pays to listen to success stories about successful entrepreneurs. This keeps you motivated and serves as a catalyst to help you keep going.