Anyone looking to start a small business will surely have moments of insecurity and doubt. A flurry of fears may race through a prospective entrepreneur’s mind:
- Can I pull off this big idea?
- Will anyone want my product/service?
- Can I run the day-to-day operations of a business?
- Can I earn enough money to make this my actual career?
The good news is that these are universal worries. Taking a proactive approach in tackling those insecurities may make the difference in a successful launch and a troubled one.
Take Barbara Corcoran — real estate expert, business consultant and personality on ABC’s Shark Tank. In a 2013 Forbes story by Cheryl Conner, Corcoran is said to have been motivated by hearing the words “you’re stupid” as a child in school. What’s interesting is that Corcoran says she’s still motivated by those words, all these years later.
“It’s so hard to shake those things you carry with you from your childhood and past,” she said. “But if you have something like that inside of you, wrap your arms around it and make it your friend. Find a way to use it. Insecurity makes you run. What’s wrong with that?”
Here’s a look at ways to work with or get past insecurities in an effort to get a small business off the ground.
Bring on the doubt
This Forbes story features other entrepreneurs and their fears, including Corbett Barr, founder of the Think Traffic blog. Barr acknowledges having an abundance of self-doubt, so much so that he has to face it on a daily basis. “I’m not sure if that’s normal, but I’ve accepted that I have to overcome doubt every day in order to get anything done,” he says. “To get past my doubt, I try to psych myself out with the ‘What’s the worst that could happen’ question, followed by the ‘Do you have a better idea’ question. I know that action is the key to getting anything done, and doubt is the no. 1 action killer, so getting past doubt is critical, no matter how you do it.”
Focus on great service
Dana Brownlee describes the small-business insecurity complex this way in a piece for Entrepreneur.com: “Yes, you’re running a business, but it doesn’t feel like a real business because you find yourself staring at your CEO, board of directors and staff while you’re brushing your teeth in the morning, and walk past your ‘world headquarters’ as you make your way back to your bedroom to get dressed.” This sort of insecurity can translate to clients as well, she writes, and the best way to approach that is to give superior effort and service. “The reality is that some customers may be more skeptical working with a very small business. Instead of being intimidated by this, use it as motivation to compensate with amazing service and value. Ensure that the product/service you’re providing is better than what they’d receive from a larger company. Be relentlessly responsive to customer requests and extremely professional in all customer interactions.”
Celebrate your failures
Sounds a little odd, sure. But knowing that you will trip and fall, then realizing it when it happens, may be beneficial down the line. Take this testimonial by Angela Leavitt, founder of Mojo Marketing, in a piece for YFS Magazine: “When I first started my own business, I was terrified of losing a client, thinking it would be the worst experience ever. Well, it eventually happened, and yes it was painful (mostly to my ego). But I analyzed what happened, made adjustments, and grew into a better person and a better company from the experience. Understanding that I will sometimes stumble, and that it’s okay when I do, has given me the confidence to run this crazy race of entrepreneurship!”
Set attainable goals and follow through
Basic organization and goal-setting can help to build up a small business owner’s confidence. As Nicole Long of Demand Media writes, “Achievable goals may focus on expanding knowledge or skills surrounding your core competencies, while more challenging goals will bring you face-to-face with those situations that shine a light on your insecurities. Setting achievable goals will help give you the motivation you need to start confronting your insecurities at work.”
Determine how bad a failure could be
Three words — “worst-case scenario” — are enough to make any new business owner sweat. Brad Morehead, CEO and cofounder of LiveWatch Security, described how pondering such a scenario can be beneficial in the YFS Magazine feature: “Once, when I was dealing with the fear of failure, a mentor told me to try to understand the worst-case scenario, in addition to evaluating the likely risk and reward of the options. If that worst-case scenario is still acceptable and the risk and reward is attractive, then it probably makes sense. However, if you can’t handle the worst-case scenario, then you may have to re-evaluate.”
