Setting out as an entrepreneur
and making a success out of it is not a task for the faint-hearted. This
reality is more pronounced in a peculiar business terrain such as Nigeria.
Indeed, most entrepreneurs have the mind-set of an orphan as the pains of
failure is borne all alone. This is why success is a driving force for all
entrepreneurs. This alone is what gets them widespread adulation and praise.
Yudala, the largest online and
offline retail chain examines some of the biggest fears faced by entrepreneurs…
Fear
of not being good enough: Many encounter this particular self-doubt
at various stages of the entrepreneurial journey. It is a fear that continually
gnaws away at the confidence to take bold steps. During difficult times and
especially when set-backs occur, the mind will often come up with various
reasons why you don’t have what it takes to cut it at the top. The key to
overcoming this is to remember that this fear is not alien to other entrepreneurs.
Competitors will always be out there with better connections or financial
muscle than you. Remain consistent in chasing your passion and allow it work
for you.
Fear
of re-inventing: Success as an entrepreneur often involves the
ability to innovate; to constantly re-invent and fine-tune your offerings, business
processes and solutions to meet changing times and needs. A lot of
entrepreneurs, including the successful ones, face the fear of evolving at one
time or another. This often happens when entrepreneurs grow their business to a
certain point and feel comfortable with the position or status attained. In
such situations, it becomes difficult to face what needs to be done when faced
with the idea of expansion or re-invention. As an entrepreneur, the ability to
constant re-invent or engage in positive disruption is a quality that sets you
apart. Embrace it!
Fear
of failure: This is perhaps the biggest fear faced by all
aspiring and established entrepreneurs. The immense burden, shame and
psychological effects of failure not only weighs down an entrepreneur; it also creates
a huge mental block in the minds of many aspiring ones, preventing them from
venturing into business or giving their passions a try. Interestingly though,
one of the secrets of most successful entrepreneurs, is their view of failure:
it is not an end in itself. Although still prone to the fear of failure, they
do not allow it shape their thinking and actions.
Fear
of the unknown: Entrepreneurs function in a system that is
heavily susceptible to market forces, currency fluctuations and government policies.
These factors lend a measure of unpredictability to the business environment.
Investment decisions could go south as a result of an unfavourable or sharp
shift in any of the afore-mentioned factors. As a result, entrepreneurs live in
constant dread of the unknown. This should not in any way reduce the
entrepreneurial zeal or the drive to pursue your dreams. As the Holy Book says
in Ecclesiastes 11: 4: “He who watches the wind will not sow and he who looks
at the clouds will not reap.”
Fear
of betrayal by trusted associates: Life as an entrepreneur often
involves an element of partnership or entrusting certain core responsibilities
to others. However, the experience of most successful entrepreneurs usually
takes in one or two incidences of betrayal or let-downs, often by trusted
associates and/or business partners. This fear is real and one that a lot of
entrepreneurs have to deal with on the way to success. This should not, however,
prevent you from reaching out or giving people a chance to prove themselves. A
healthy dose of optimism is one quality that has helped some of the best
entrepreneurs cope with this fear. Caution and due diligence also come in handy
here.
Fear
of ideas drying up: This is a fear that confronts most entrepreneurs
who rely heavily on making fortunes out of their ideas. A perfect way of
overcoming this fear is to observe other successful entrepreneurs. One quality
they all have in common is that scarcity of mind does not afflict them. These are
the individuals who are constantly thinking up new ways to make money, more
good people to hire and with whom to work, new ventures to invest in or
investors to pitch ideas to...
The beauty of being an
entrepreneur in a country such as Nigeria lies in the numerous opportunities
that abound to create and sustain wealth. Despite the peculiar challenges
encountered by aspiring and established entrepreneurs, many agree that the
Nigerian economy arguably remains one of the few around with the potential to
transform a hopeless start-up into a multi-million-dollar business in a few
years’ time. This should be the motivating factor for every struggling
entrepreneur out there.
ITREALMS ... everything news digitally!
