Failure: A fear faced by most entrepreneurs

 

Doing business is not a child’s play; especially, if you are submerged under the ocean of your own fears.

If you have been thinking of starting something of your own and have not yet succeeded, fear of failure can be a prominent reason for it. For those business owners who may have not yet acknowledged, failure of trying something new could be a reason for the stagnancy that you might be experiencing in your venture.

Be it a small start-up or a big business house, failure is a feeling that most entrepreneur have faced at one time or the other. In this article, let us drill deep down an entrepreneur’s bosom and discover their most dreaded fears.

Failure

What if I fail? This thought has prevented countless entrepreneurs to venture into the unknown. After all, it is not easy to gather all your dreams, hopes, courage and finances - only to see them fail. Failure is the deadliest evil that stops entrepreneurs to innovate. It makes them resistant to change and blinds their foresight. Only if they could overcome the fear of failure, they would know the endless possibilities that lie ahead.

Inadequacy

Are you fighting your own battle of capabilities? Do you think that you are inadequately capable of doing something and this stops you from starting a business of your own? Your inadequacy is in your mind. Let go of it and make earnest attempts to meet your shortcomings; your business achievements shall soon get closer to your aspirations.

Rejection

What if I am unable to succeed? What would people think? Would they laugh at me? The fear of rejection and the inability to handle humiliation prevents entrepreneurs from trying different means or get into a situation which might be beneficial for their businesses. What people think really does not matter till you can hold your head high and walk amongst them.

Separation

Business ventures might not be profitable always. What if mine is not? What if I am unable to earn enough for my family, would they leave me and go? If I cannot match the financial status of my friends, they would stop speaking to me... The unsaid fears of separation that comes with financial risks in business can stop an entrepreneur from taking risks. It is for them to remember that true friends and people who care do not appear and disappear with changes in financial status.

Success

You believe it or not, the feeling of being on top of the game it scary itself. The most successful people face the fear of being secluded and left out. Handling success in the right manner and striking a balance is the key.

Are you confronted with any of the fears mentioned above? It’s time to face it and say goodbye. Contact 9822636600 to know how.

​"Are You Psychologically Prepared for Business??"​

Becoming an entrepreneur or running a business successfully has come a long way in the past decade. Over the years, in my close interaction with entrepreneurs, one thing which I have seen is that business in today's world has grown far beyond the traditional methods and is more focused on overcoming mental challenges and psychological obstacles. The methodology of Avenues which were present, but not studied, have suddenly emerged as an integral part of the daily functioning of businesses. Avenues like Emotional Intelligence, NLP and Business Psychology.

Business Psychology can be explained as the study of understanding the human behaviour and applying it within an organization to help manage the human resource of the organization more effectively. It is a pathway to achieve better customer satisfaction, increased employee productivity and  high-yielding company results. It has shown proven results in almost all cases and has been widely accepted as a game-changer. It has, till date, helped millions of companies globally, to increase their overall performance. 

Business Psychology deals with 62 different parameters of the human personality. There parameters are embedded in one's thinking and behaviour. It is the combination of these parameters which decides a person's mind-set, as well as his capacity.

The psychology of an entrepreneur resonates with the business which he participates in. When the psychological balance is hampered, the effects are seen in the business itself. The common psychological pain points of all the employees in an organization can be addressed to be of a common nature. In fact, the common symptoms and effects of an unbalanced mind is what has come to be the base of understanding business psychology. It has lead to segregation of 62 points which can be used to define and take the necessary measures to stabilize an entrepreneur's mind-set. Some of the parameters are as given below.

• Need for achievement   
• Risk taking
•  Need for independence
• Sense of effectiveness
• Discipline
•  Honor
• Confidence

 

• Social consciousness
• Need for extension 
• Optimistic 
• Open minded 
• Non-fatalist 
• Creativity 
• Curiosity

• Low Affiliation
• Pragmatist
• Aggressive
• Persistent
• Commitment and conviction
• Leadership
• Intelligence

• Capacity to analyse
• Initiative   
• Hopeful
• Efficiency
• Fear   
• Courage
• Emotions

The main challenge in business psychology is to tackle the mind-set of each entrepreneur individually, to provide the desired result collectively, which reflects on the organization's performance. The levels of each parameters are different in different people. 

In our next few blogs, we will be covering all of the above parameters one by one. It is important to understand these qualities in an employee to understand his true potential and capability at work.  An entrepreneur who can master this technique of understanding their customer's and employee's mindset can easily achieve the right balance in his organization.