Mull on the word “entrepreneur” and observe the imageries or thoughts that cross your mind. The majority of people think of courage, success, style, grit, determination, wealth, popularity when they focus on the word. While all these aspects are right about entrepreneurship, it is equally important to accept the other side of the journey. Most often, we get to see the bright side of entrepreneurship. The truth is entrepreneurs across the world have their fears and anxieties as well. And it is necessary to address these fears and reason it out with logic to go ahead with the entrepreneurial journey.
Eric J Dalius on entrepreneurial fears
The root cause of entrepreneurial fear stems from ambition, expectation, and the fear of failure. Entrepreneurs fear their business venture might not work out. Additionally, they also feel that they might not be able to make as much profit as expected or exceed their competitors. Eric J Dalius, a leading entrepreneur, identifies some of the fears that start-up business entrepreneurs and suggests ways to address and tackle the same.
- Eric Dalius on the fear of failure
The majority of entrepreneurs often get overwhelmed by the fear of failure. Before launching their business, they often feel what if their business idea is not good enough. What if they suddenly lack the capital to fund a marketing campaign? What if they don’t have adequate human resources and creative strategies, to back up a profitable project and fail to deliver the same? Entrepreneurs must address all these fear-based questions and know that there is a remedy to everything.
2. Getting compared
Entrepreneurs fear being compared with other market players, in their niche, especially with their direct competitors. According to Eric Dalius, the best way to address and resolve this fear is to accept that comparisons are inevitable. Customers and other online users will compare one business brand with the other to know which one caters to their requirements. Hence, entrepreneurs need to focus on enhancing their product and service quality so that their brand stands out despite all comparisons.
3. Getting copied
The market gets filled with several business brands of the same niche, and there has been evidence of one brand copying the other! What is it that entrepreneurs fear most about the act of copying? The answer is that no brand wants to sacrifice its identity. And this is where entrepreneurs need to have a perspective shift.
According to EjDalius, every business brand is unique, and copying makes a brand a substitute instead of an original service provider. If you don’t want your business to get affected by other brands copying your style, you need to focus on product development and pay attention to customer service quality. The moment you pay attention to these two aspects, you will create a distinct name for yourself, which can’t get compromised.
Entrepreneurs need to address and resolve their fears. For this, they can study the journey of other leading entrepreneurs and focus on positive thinking. Researching on business trends and development tactics will help them reason out their fears and focus on their work.