Entrepreneurship – Fear of Failure

I want to be an entrepreneur, but what if I fail?

Over last 6 months, We have met a large number of smart technology professionals who have stated the above. The positive thing is that there is an entrepreneurial energy flowing around, which is great for the individual and their companies (and of course the country). However, second part of the question is disheartening because it shows a lack of understanding about how entrepreneurship works and what does it take to be one.

Entrepreneurship is risky by design

Entrepreneurship is about taking risks. Wherever there is a risk, by definition, it means there is a chance of failure. Your goal as an entrepreneur should be to reduce the probability of that event by doing research, partnerships, planning, phased execution, etc. but you can’t eliminate the risk. If you have fear of failure, job is probably the best thing for you.

Entrepreneurship is calculated risk

Entrepreneurship is not like jumping into a cold, shark-infested ocean without preparation and hope for the best. There are ways to experiment with your career that help you get ready for this event, as well as prove to yourself whether entrepreneurship is for you:

  1. Startup within the company – Join a group just starting in your company. Or propose your idea to the head of your business unit and maybe you will get to drive a new project
  2. Advise Startups – Join the board of a small startup and/or offer your (free) advice/consultation
  3. Join a startup – In the space you are interested and want to be an entrepreneur in

Turn unknown into a learning goal

Fear of unknown is what scares us into mediocrity most of the time. However, many such unknowns (like ‘I don’t know whether I can do a startup’) can be converted into a learning goal (‘Let me learn about what is required to do a startup’). This converts a ‘can’t do’ situation into a ‘can do’ one, which is much more positive and inspiring.

Network and Learn

Talking to same people all the time (your lunch groups, your buddies from college, etc.) doesn’t give different solutions. Expand your network and let fresh ideas flow in. Surround yourself with people who have done what you want to do, talk to people who know more about what you want to do, and learn from them. Join local networking groups like TiE, Startup Weekend, etc.

CareerBloom helps in Entrepreneurship planning

Entreprenurship, like any other change in career, require careful planning, consideration of risk, and diligent project management to continuously reduce risks by working on uncovering unknowns. It is nothing to be afraid of if you have figured out that you do want to be an entrepreneur.

CareerBloom can help you in many ways in starting your entrepreneurial journey. Schedule an appointment with us.