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Overcome the fear of business failure with these 5 tips

- November 25, 2019 2 MIN READ

So, you’ve got an awesome business idea but something’s holding you back. Could it be the niggling voice inside your head? The one that says you’re not good enough, that quietly sets you up to fail… Banish your inner critic once and for all and get your business on the path to success with these tips.

  1. Take control of your inner critic

To succeed in business, you need to develop a mindset that promotes success. Silencing your inner critic is often the first step. How? By developing mindfulness. Distance yourself from that inner voice next time it tries to sabotage you. Stop it from using I statements and instead use ‘you’.

Think of it this way: your inner critic says, ‘I really messed up’ or ‘I failed’. You challenge this perception with ‘you statements’. ‘You didn’t realise the complexity of the situation’. ‘Now you have the experience to do things differently next time’. Turn any negative perceptions into learnings instead. Practice self-affirmations. Focus on your strengths rather than your weaknesses and revise those negative messages. Learn to see possibilities in uncomfortable situations. Get comfortable with being uncomfortable.

  1. See the sunny side

Maintaining an optimistic outlook is a key ingredient to overcoming the fear of failure. Being optimistic about the future of your business will empower you to take action and energise you. That doesn’t mean being a cock-eyed optimistic or having unrealistic expectations but it does mean seeing the positive side of a situation over the negative. Avoiding giving in to negativity is a great way to act towards success.

  1. Be an eternal student

By maintaining an inquisitive nature, reading constantly and embracing the new, you will find it difficult to give in to fears of failure. They say successful entrepreneurs and CEOs all have a thirst for knowledge and read at least one book a month. Gaining new skills and acquiring knowledge not only helps you grow personally, but it will also help the growth of your business too.

  1. Do you have a plan?

You may have a great business idea – but what’s your plan? Have you developed a strategy to get to market? A properly laid out plan will give you the confidence to move forward. Why? Planning allows you to outline the steps you need to take to reach your goal. It charts a path that helps you visualise milestones you need to meet to succeed.

  1. Think like an entrepreneur

Finding success in business will never be easy. No-one knows this better than entrepreneurs. Entrepreneurs are unafraid of failing as they see failure as an opportunity to learn. Where an entrepreneur may differ to you is that if they fail they fail fast – that is they recognize mistakes, examine them and move forward. Maintaining forward momentum is a great way to overcome fear.

Most of us have fears about whether our ventures will be successful – but it is how we manage those fears that may really determine our fate. So why not give our tips a try and see whether you can move from fear to success.

This article is brought to you in partnership with Connexus – simpler, smarter telco for small business and sole traders.

 

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