Shell Energy Entrepreneurs banner Yudala banner
Biggest fears of an entrepreneur and why they shouldn’t stop you from actualising your dream

By News Express on 22/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,115


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.

Source News Express

Posted 22/03/2017 12:50:38 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
NITDA to blacklist MDAs not running website on...

Iran assembly recognises Jerusalem as Palestine’s capital

Israel bans 20 foreign NGOs

Kenya boils: Police kills 11 protesters as presidential...

Hazy weather to prevail today across Nigeria, NiMET...

Boko Haram detains women in Gwoza •Terrorists killing...

Expect sunshine today in the North, clouds, thunderstorms...

Abuja Airport: FAAN turns Terminal D into departure...

Ekpu likens journalists to dogs at public lecture...

Ekwueme a hero of the fight for democracy...

CAR interim President throws in the towel

EFCC arraigns 12 persons, vessel for oil theft...

 

Latest News Governors, lawmakers, other political heavyweights move to form new party to dethrone APC in 2019 Engineers warn of imminent tragedy in Imo State, say Okorocha constructing bridges without design Nurse serving life sentence for homicide charged with 97 more murders FAAC: FG, States, LGs share N655.17bn in January I0 feared killed as herdsmen attack farms in Kebbi NNPC board to decide on refinery investors this month Court orders Multichoice to pay N5.9bn for copyright infringement Reps overrule INEC, change order of 2019 elections Benue Killings: Group demands immediate arrest, prosecution of Miyetti Allah leaders •Urges suspension of cattle colony project FG threatens to revoke Port Harcourt Int’l Airport contract Bayelsa battle-ready for Lassa fever: Health Commissioner Nigeria Social Insurance Trust Fund inducted into FOI Hall of Shame

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (316,895 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (307,571 views) Shameless Genevieve Nnaji exposes breasts in public (245,904 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (202,014 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,566 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (180,184 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (156,289 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (140,694 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,463 views) Lagos plane crash: Journalist releases victims’ names (124,977 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (122,432 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,258 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,858) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (201) Entertainment (432) Features (542) Global Business Monitor (222) International (1,755) Interviews (139) Live Commentary (28) Love Matters (100) News (32,147) Opinion (870) Pidgin (10) Politics (4,375) Religion (667) Sports (1,411) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!