The new entrepreneurs very often find themselves engulfed with the baseless fears and thoughts which take a toll on their confidence. More often, it is a temporary condition which vanishes off as they progress ahead with their respective ventures. The only problem is the critical loss of time and opportunities which are lost as these young path setters struggle to overcome their fears.
This write-up aims at helping these business owners to recollect themselves when they feel psychologically upset.
When the Confidence Seems Lost:
This is the momentary phase when the enthusiastic youth of yesterday suddenly feels like a loser. Nullify this with the smaller goals set towards the success. The little achievements will boost up the confidence to take on to the bigger risks, which are inevitable in an Organization’s growth. Gradually, the fear of loss will appear tolerable and not too big to be dealt with.
Afraid to Sell the Unfinished Product:
The entrepreneurs just into the business feel at a loss while preparing their sales pitch, before the product is finished. The reality of the business is that the sales of the product should start right with the design phase. A good idea at hand is all to get into action. There are too many phases involved before the actual product is available to be sold. A prototype is enough to win the contract with the retailers. This is advantageous since the minor design changes can be adjusted during this phase, as per the buyer’s recommendations. It is extremely difficult to accommodate the individual requirements once the final product is ready. So, once the idea is on the paper, it is time to start selling the same.
Trying to be a Perfectionist:
Unfortunately, there are too many visions to perfection. An enthusiastic entrepreneur may spend a lot of time and efforts, re working on each phase of his final product in an attempt to make it ‘perfect’. Once he faces the prospective customer, he finds a completely different list of features which would have defined the product as perfect. Business can neither afford to lose time, nor money on something which is perception based. It is recommended to every businessman to start the sales as early as possible, and improvise as the part of the process. In this capacity, he will find it easier to understand the consumer demands and this will keep him from working on something which is not really important.
Fear of Convincing Investors:
This is very normal in the starting phase of a business. Owing to the investor is a hard feeling that many struggle to overcome. There is just one solution to this. Feel yourself an entrepreneur and realize that you need funds to get successful. Think of the bigger picture when the investor invests in you for his long term profits. The business networks may be a substantial help in this regard. Joining a network with the similar goals can even get you in touch with the investors who are willing to sponsor your idea. Remember, there may be a few setbacks before you get the right person.
Reluctance due to Low Academics:
It is hard to get out of an inferiority complex. For a young entrepreneur, the low academic career may be an unpleasant experience which keeps him back to initiate anything new in life. Understand that the world of business is different and completely unrelated to the educational grades. It needs one to be in control of his enterprise, not the university certificates. There are examples spread out across the globe, where the school dropout went on to become a millionaire in business. Get inspired with the people around yourself and move on.
This article is contributed by Evans who is associated with GlobalServe which is helping International Business companies in Cyprus.
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