The Relationship between an Entrepreneur and Fear

As someone who has worked for themselves for almost all of their working career, I’ve become used to fear raising its head every so often. Recently, I’ve dealt with a few clients who are uncertain of their future and it highlighted, once again, that mindset is 80% of the battle of running your own show … if not more so.

Here are 5 tips that might help you.

1. Remember why you’re doing this in the first placeOften entrepreneurs end up in a fearful state as they are so deep into what they’re doing they forget why they are doing it in the first place. Leaning into your true purpose and ensuring your routines reinforce it will give you the strength to push through.
2. Prioritise your healthIts been scientifically proven … when under stress your mind defaults to becoming risk-averse to try and keep you safe. It’s literally looking for problems on your behalf! There is no way around it, but you can put yourself in a peak state to begin with and avoid the fear in the first place. The problems won’t disappear if you exercise, eat right, drink water and sleep but they will appear more manageable.
3. See what you can derisk
   As an entrepreneur, you probably focus on the best possible outcome instead of the worst … that’s a natural state and the reason you are able to lead and innovate. But its good discipline to take your plans and see where you can de-risk them and give yourself a buffer. In a previous company we used to aim for a 20% cost reduction every quarter … and you would be surprised how often we hit it. Review your payment terms, focus on overtime payments … every penny you save, every decision you sharpen will be to your benefit.
4. Ask for advice
   One of the main forms of stress comes from a feeling of sole responsibility for the problems at hand. Its almost never the case that you’re truly alone and those around you will have a different approach. They might not have the answers, but they might have a different perspective that leads you to the answer. Leadership can be lonely … very few understand what we go through and the pressures it puts on our shoulders, but look around you and there will most likely be people who can help.
5. Fear is okay!
   Fear, like pain, is something we’re taught to avoid from a young age. For most, the lesson is wise and should be applied … but in business, it’s not the case. The number 1 survival skill of an entrepreneur is to be able to live with fear and still do what’s required.

“Winning Requires Courage in the Face of Fear”