Small Business Owner Tip: Don’t Fear Failure

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Impossible. Not fearing failure is impossible.

At least, that’s what you think right now. But first, take impossible out of your vocabulary (That’s a post for another day). Second, it’s not impossible and we’ll tell you why.

Barbara Corcoran, successful entrepreneur and Shark Tank investor said, “All the best things that happened in my business happened on the heels of failure. Don’t be afraid to fail; it’s proof that you are meant to be a successful entrepreneur.”

It’s true that even the most distinguished leaders have feared failure and defeat in the past. It’s also true that fear can be a natural reaction when you are faced with large obstacles or challenges. But you? You can rise above, you just have to know how.

  1. Realize it’s not fear of failure that’s holding you back.
    You aren’t fearful of opening a new business. You are worried the business won’t succeed; you are afraid you won’t make enough money; you wonder if customers will like your product. There are many curiosities – many unknowns – about opening and owning a business that scare you. But it’s those individual pieces that hold you back. Narrow down what you think you’re fearful of and figure out a way to solve it. Using an above example, do a beta test with a small group of your products before launching. This way, you’ll know what your customers like about them and what you can change so that you can be successful. Take actions to solve the specific challenges and pretty soon you won’t have anything (including failure) left to fear.
  2. Come to terms with the knowledge that failure will happen.
    If we’re being honest here, things won’t always go as planned. And in those moments, fear of failing will be at the forefront. You just have to accept it. Failure, as Corcoran said, is not a bad thing. It’s a learning experience. It’s the way successful people become successful. If everything was perfect the first time around, life would be pretty boring. Failing means you tried; it means you didn’t stop even if odds were against you. If you have this in your head before the fear creeps in, you’ll be in a much better place.
  3. Continue to envision the future.
    What’s the reason you wanted to open a business or start a new major initiative? What was the end goal for you? Remember these words: You will get there. Obstacles or not, if you envision what your future looks like after achieving your goals, not even fear can stop you.
  4. Just do it.
    Do what you fear. It’s that easy. And when you’re done, you’ll realize it wasn’t that scary after all. When you conquer one fear, you’ll slowly conquer all your others. Take the risk, take the fall, and see the reward.

In our 20 years, Direct Capital has helped many businesses achieve their goals. Whether it was through financing or with tips and advice from our blog, we love seeing our customers succeed, and we hope this post helped set you up for a successful future.

For more information on who we are and how we help small businesses, give us a call at 866-777-0117 or click on the banner below!

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