This post is part 2 in the 5 part series about the top fears entrepreneurs face. You can read part 1 about fear of failure here.
Has uncertainty ever instilled fear in your mind? With the economy still recovering, the uncertainties of our diminishing personal and business cash flow can cause great fear and anxiety for an entrepreneur. In our second installment about entrepreneurial fears, we tackle the fear of economic uncertainty.
Although the economy is recovering and some would even say it has recovered, majority of people are still feeling some type of economic uncertainty. It is no wonder many entrepreneurs are hesitant to bring their dreams to fruition or to expand their business at this time. But we should remember that many great and profitable businesses we know were launched during times of recession. According to Entreprenur.com, Hewlett-Packard, Orbitz.com and the Boston Beer Company were started and flourished in times of economic decline. Great opportunities present themselves when most major companies cut back on cost and quality because of budget cuts because entrepreneurs can swim against the current and provide customers with innovative and new solutions. What you offer could stand out during a time when others are falling short.
Jonathon Fields, author and serial entrepreneur, advises to deal with entrepreneurial uncertainties, you must have “willingness and ability to go to that place every single day,” because as an entrepreneur you have to “make decisions, take actions in the face of often huge uncertainty, huge amounts of fear and anxiety and just lean into it and trust that it would work out the way it needs to work out.” (You can see Jonathon Fields’ interview on Mixergy.com and get more of his advice on tackling economic uncertainties here.)
In our first installment about facing the fears of failure, we mentioned one of the best ways to overcome the fear of failure is by being prepared. The same tip goes for overcoming the fear of economic uncertainty. Create a financial back-up plan that will work best for your company. Be cautious when the economy is down, but take calculated risks to grow your business and get ahead when the economy improves. If you need working capital to expand your business, remember we’re here to help. Please feel free to contact us to talk through your options.
For more information on how to overcome the fears of financial uncertainties, check out our previous blog post on Financial Tips for Young Entrepreneurs.