How to Overcome Startup Fears

To finish with the Start up series, here are suggestions for getting past the mental traps that might be holding you back from starting your own business.
While many people dream about starting their own business, far fewer make it happen. Nearly two-thirds of adults have thought about starting their own business, only about a third of them have actually taken the plunge. 

Why?
My experience as a management consultant has shown that irrational fears are one of the main factors holding them back.
The irony is that those who take responsibility to overcome these mental hurdles and start a business, often don't look back. Fear is short-lived and often replaced by an experience of empowerment and a commitment to success.
Are you afraid of taking the entrepreneurial leap? Here are a few of the false assumptions that are fueled by fear, along with tips for moving beyond what may be holding you back.

"If I find the right business, I will succeed." This assumes the winning formula of a business resides outside the skills and experience of the entrepreneur and inside the business products and systems. This mindset can lead to endless nitpicking over what is wrong with every business opportunity that pops up. An experienced entrepreneur thinks, "The business doesn't make me successful. I make the business successful." This more powerful truth can empower an entrepreneur to acknowledge the potential pitfalls then figure out ways to make it work.

"Being self-employed is unpredictable and I want a comfortable and normal life." While almost everyone likes stability and security, entrepreneurs accept and plan for inconsistency in the short term in exchange for a life and career they choose in the long run. Someone with "an employee mindset" is like someone who sits comfortably in the stands watching the big game wondering what it would be like to play. The business owner takes the field and plays all out.
"I'm afraid of the unknown." People who are afraid of owning their own business are terrified by the ambiguity that comes with it. Entrepreneurs don't like ambiguity either, but accept it as something temporary and fully expect the business to produce a more predictable result in near term.
"A business failure will kill me." Entrepreneurs don't like failure, but they typically won't put themselves in situations they won't survive. A seasoned entrepreneur understands what the worst-case scenario is, and crafts a "survival strategy" in case it happens. While entrepreneurs don't expect to fail, they will survive if they do.
"It's not the right time to start a business." Some people act as if the universe is comprised of two time periods -- the right time to start a business and the time the would-be entrepreneur is currently living in. A true entrepreneur declares now to be the right time and finds ways to make it work.

Ask yourself what one action you should be taking to bring you closer to my goals. Then, regardless of how large or small that action is, JUST DO IT. 

The best advice for would-be entrepreneurs may have come from St. Francis of Assisi: "Start by doing what's necessary. Then do what's possible. And suddenly you are doing the impossible."

Source: Joe Mathews - http://www.entrepreneur.com

Startup in Two Weeks: Day 10 - Hang Out Your Shingle and Sell

In the last installment of our 10-part series, putting your passion to the test.

You've done all the legwork. All your permits and licenses are in hand. Your dedicated business line is set up with a professional voice-mail greeting. You've marked the calendar with a few prospect meetings and networking events. You've got your shelves stocked and even a few projects lined up. Now it's time to open your doors to more opportunities and much success as an entrepreneur.

You'll want to create a sales check list so you have a plan that can serve as a quick reminder of the essentials. Use it as a review before and after each sales call to make sure you cover all the bases. Your sales checklist could include a list of all sales materials, a reminder to research the account and identify the decision makers, and a sales script that covers the key selling points.

Closing a sale is often a matter of overcoming a customer's objections. But first you must identify them. Problems are often opportunities. If you can identify a problem, you can provide real-world solutions and new ideas. Learn how your customers run their business. Learn about their customers, their competition and the obstacles to their success. This kind of sales focus can turn you into an asset. The best sales professionals invest substantial time and energy in positioning themselves as experts in their field.

Keep your energy level high. When you call on a customer with energy and enthusiasm, it means that you believe in your product or service, and are excited about what you have to offer. It's hard to discount the power of our attitudes when it comes to selling. Your customers will appreciate a positive approach more than you realize.

Source: Kimberly Stansell - http://www.entrepreneur.com

Startup in Two Weeks: Day 9 - Execute Your Marketing Plan

You'll need to be ready when customers start calling. Here's how to prepare for those initial queries.


If you took our advice for Day 7, you've already created a marketing plan designed to help you spread the word about your business. Now is the time to establish your marketing infrastructure. You work against yourself when you're not prepared to respond to opportunities that result from your marketing efforts.

Your Web site, stationery, business cards and marketing materials should be ready for distribution. Set up autoresponders to handle customer email queries. Have a phone system in place that allows customers to easily get in touch with you. Your Web site should offer information on your company and its products and services. Whatever response methods buyers can use to contact you, you should have materials that can be sent via those same media.

Jump into action: Mail a press release to the local media announcing the opening of your business. Do a joint mailing with other complementary businesses to widen your reach. Beat the deadline for your Yellow Pages ad, and talk with your manufacturer about co-op advertising opportunities. Take advantage of all free directory listings. Contribute an article to a trade journal. Send out special offer postcards to prospects. Create a coupon offer. Make a speech at a networking event. Track the results of your devices by asking all respondents how they heard about you.

Whatever you do, don't just sit back and wait for business to fall into your lap. Despite popular opinion, if you build it, they will not just come. You've got to get the word out and keep working your contacts in order to attract customers to your new business.

Source: Kimberly Stansell - http://www.entrepreneur.com

Startup in Two Weeks: Day 8 - Build Your Support Team

Even solopreneurs can benefit from a support network. Here's how to develop an advisory board and get the help you need.

Even if you think of yourself as a one-person operation, you'll need a team of support people to help you create a successful business. From contractors and suppliers to advisory board members and employees, each of these individuals can help make or break your new business. Start networking -- with friends, family, business associates, the professionals in your life -- to widen your network and choose the best people for your team.

Your advisory board can include a mix of professional peers, legal or financial advisors, or mentors. You need to develop a network of advisors whose talents, knowledge, resources and skills can be used to help you handle the demands of your business. Besides providing you with sound advice, the collaborative talents of your team can also help you obtain larger projects and grow with your clients' needs. Meet with them a few times a year to solicit their professional feedback.

If you need to hire employees, consider interns, students or part-timers as your first-time hires. If you think you won't need permanent employees in the beginning, you can also look into temporary services and independent contractors. If you're planning to hire someone on full-time, however, remember that the employees you hire can make or break your business. While you may be tempted to hire the first person who walks in the door "just to get it over with," doing so can be a fatal error. A small company just can't afford to carry deadwood on its staff, so start smart by taking time to figure out your staff needs before you begin looking for job candidates.

Source: Kimberly Stansell - http://www.entrepreneur.com