How to Build up Your Confidence and Eliminate the Fear of Failure When Starting a Business In this section I am going to give tested ways that a lot of neophyte founders have used to build confidence before starting their own businesses. If you take them to heart you will quickly scale, and gained the experience and abilities you need to build a great company. Working to Learn Most people who wish to start a business sometime in the future are afraid to begin the process; they feel they don’t know the details of ruining a successful business. Running a business actually involves a lot of things. You must come prepared otherwise you will crash and lose all your money. The world of entrepreneurship can be a lonely road to travel, like a soldier going to war you must arm yourself with the full armor and shield of war, otherwise you will not survive the onslaught of the enemies and harsh realities in the jungle. Being self employed or an entrepreneur is unpredictable and like everybody, entrepreneurs want a comfortable and normal life, they like the stability and security in life. The difference is that entrepreneurs are active; they accept and plan for inconsistencies in the short term for an exchange for a life and career of wealth and affluence in the long run. An employee sits and wish they could have the free time and joy that come with being an entrepreneur. Like the spectators in the just concluded world cup, they sit at the gallery watching the big game probably between Argentina and Germany, wondering what it would take to play and enjoy the fame of Lionel Messi or Miroslav Klose. The entrepreneurs take the field and play all out. Employees like to play but fear of the unknown stop them in their track. They are afraid of the intricacies of entrepreneurship. Most entrepreneurs don’t like the intricacies involved in entrepreneurship either, but they know that you can learn, overcome and master them. Since entrepreneurs have an open mind they are willing to learn faster. By doing so they found out that their fears is short lived and replaced by experience and commitment to success. The easiest way for me to begin learning about how to run a successful business is to do so by observing and asking questions; why are certain things done in a certain way in your present job. I know many people would not work if they are not paid. They complain of poor treatment from superiors, of poor salaries and a host of other things. If you are such a person change your attitude fast. Instead use the perceived injustice as a spring board to success. Learn about how the company handles customer’s complaint; learn about how the company handles receivables, inventory, contractors/suppliers, as well as accounts, public relations and its advertisement policies. Do well to know the different responsibilities of key officers- the Managing Director, General Managers, Chief Financial Officers, Operation Managers and Supervisors. Find out how they manage to avoid clash of interest in the office and how all the responsibilities dovetail into the company’s collective goals and mission. Also find out about the company’s strategic objective, the organizational strategy and the system strategy. Find out about their financial health, do they have serviceable loan? If yes, how does it impact on production, salaries and company profitability? Then lastly, know about the systems and procedures put in place that make the company runs efficiently and effectively. You will benefit and grow in all ramifications if you do this why preparing to launch out on your own. Your confidence will build up and the fear of failure will gradually dissipate because you would have gained a lot of knowledge while understudying how the company you work for is being run. To be continued Patrick is founder @trepscript101 and the author of the The Neophyte Entrepreneur
Posted on: Thu, 23 Oct 2014 06:45:15 +0000
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