On July 29th I participated in Startup Canada’s well known Twitter #StartupChat. This chat talked about overcoming fear of startup failure.
Being an entrepreneur can be a lonely, dark and challenging experience and too many focus on the reward rather than how much hard work it actually takes to build a business. And believe it or not, every entrepreneur (even the most successful) have experienced this feeling at least once in their startup journey: FEAR.
Here is a recap of the chat:
Q1 Let’s begin! What kinds of fears do entrepreneurs usually face? What’s your biggest entrepreneurial fear?
A1: Simple. A lot of entrepreneurs face the fear of failure & rejection while on their journey to creating something. #StartupChats
Q2 What is your advice for entrepreneurs who are putting off starting up because of their fear of failure?
A2: My advice is to get a 9-5. As an entrepreneur you must embrace the unknown in order to push status quo. #StartupChats
Q3 Are all fears bad? How can entrepreneurs harness the positive out of a fearful situation?
A3, Part 1: I think they are. Entrepreneurs need to take calculated risk, however, if you have fears that hold you back #StartupChats
A3, Part 2: I can’t see any good in it! Entrepreneurship is about moving things forward (personally & professionally). #StartupChats
Q4 A lot of people ask “what if?” & have self-doubt. What are your tips for believing in yourself?
A4: Understanding that time is on my side and taking every situation as a learning opportunity! #StartupChats
Q5 Financial insecurity is a fear. Did you create a safety net? What should ‘treps do to minimize this fear/risk?
A5, Part 1: Do what you have to do in order to fight for your dreams and put food on the table! #StartupChats
A5, Part 2: Don’t listen to people that say if you’re not in 100% you’re not an entrepreneur, that’s BS! #StartupChats
A5: Part 3: Because you should be in 300% – holding a flexible 9-5 that can provide you with a safety net is fine…#StartupChats
A5: Part 4: …as long as you’re working 3x harder than everyone else! #StartupChats
Q6 How do you tackle trouble head on? What’s your advice for seeing the risks before they happen?
A6, Part 1: Communication is key. I feel if communication is transparent most troubles are mitigated. #StartupChats
A6, Part 2: Also, a good gut check never did me harm. #StartupChats
Q7 How can entrepreneurs leverage their networks to reduce the risk of startup failure?
A7: Connect with the right people, constantly ask questions and learn from other people’s failures. #StartupChats
Q8 Mental health can suffer when starting up. What precautions do you take to take care of your mind?
A8, Part 1: We had a great chat about this a few months ago and I’ll provide the same answer… #StartupChats
A8, Part2: Prioritizing your health & family time! Eat healthy, sweat once a day & try to visit family as much as possible #StartupChats
Q9 “It’s not the right time to startup.” What are your tips for those who constantly wait for the “right time?”
A9, Part 1: There is never a right time for anything! You’ll battle this w/ everything in life – marriage, children, vacation #StartupChats
A9, Part 2: My advice – RIGHT NOW IS THE RIGHT TIME! Like @richardbranson says “screw it, let’s do it” #StartupChats
Q10 Prepare for the worst: What do you do if you discover everything went wrong?
A10: Understand why, learn from it, improve and move forward with no loss of enthusiasm. #StartupChats
Q11 Any last tips or advice for how to overcome your fear of startup failure?
A11, Part 1: Embrace failure & being misunderstood. #StartupChats
A11, Part 2: I’ll end it with this quote from #JeffBezos #StartupChats #BizON
Nevertheless, looking at acquisitions can mitigitate the fear of startup failure, so think about this!
From the Desk of BizON
Health. Happiness. Family. Love. Success.