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Entrepreneurial Success is... terrifying?

Discussion in 'General Mindset, Motivation, Beliefs' started by 404profound, Jan 10, 2018.

  1. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    I've been steadily gaining traction with my business, and one thing I'm realizing is the subtle terror that looms in my mind about this whole process. I don't know why it's there, but my guess is the old saying "Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure." may hold water. I'm to the point where I filed an LLC, which means having to understand how taxes and business accounts work, among other things. I've never spoken with a lawyer, nor managed a team let alone a business. I trust my intelligence enough to do it, but man, it feels like stepping into a form of real life that has elevated uncertainty and extreme consequences for mistakes. As a management consultant of 3 years, I thought I've seen some wild sh!t, but evidently I haven't.

    I'm curious if other people had this experience when they first jumped into entrepreneurship? If so, how do you quiet the mind?
     
  2. Fpm9
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    Fpm9 Bronze Contributor Speedway Pass

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    I still have a day job to pay the bills to I'm not too worried about money.

    I don't know about your industry, and maybe I don't understand how risky starting a business is, but I'm not scared of failing. At this point, what's the worst that can happen ? Even if I make $0 in revenue and I lose everything that I invested, I'll learn a lot in the process.

    Also, as someone who is alone starting a business from his basement with about $2000, I often need to make people think I'm bigger than I really am ( especially suppliers and manufacturers ), so I need to act like I know what I'm doing.
     
  3. Eden H
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    Eden H New Contributor

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    lol my fear exactly - got examples?
    If you can elaborate on that, it would be awesome.


    I still hold a day job as well, and developing the interfaces for the users on my time off.

    I know at some point I will start communication with suppliers, influencers, and freelancers - I am afraid I'll hold it off and procrastinate planning sh-- , being afraid of what I broadcast as an independent person.
    tho right now I don't view it with much fear.

    [​IMG]

    Sent from my SM-G930F using Tapatalk
     
  4. Fpm9
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    Here's a few examples. At first I used a regular gmail address but now I use one that looks more professional. I realized that some suppliers won't reply if you use your personnal email.

    This might not be ethical but when writing emails I sometimes say "We" instead of "I".

    2 weeks ago a supplier asked me to send him a document with my requirements. I sent him a formal document that looked like the documents I use at my day job ( I work as a project manager ). The document is extremely ugly, but it makes you think I've been writing this kind of documents for years.

    I think the most important thing is having some good knowledge of your industry in general. When I started, I didn't know everything about the legal issues and the manufacturing process, but I tried to learn the basics before talking to a supplier.
     
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  5. hungryhippocampi
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    hungryhippocampi Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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  6. Daniel...D
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    Well, you don't afraid to lose all what you invested. Are you sure? I think it's all depend on the amount of money you invest
     
  7. SteveO
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    No. It all just organically happened.

    Why are you worried about talking to an attorney when a situation has not even surfaced? Team? When you feel the need to work with someone else, you cross that bridge.

    What challenges are you currently facing that requires fear?
     
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  8. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    I spoke with an attorney to get help establishing an LLC. The fear part is partially because I’m investing time I could he using to work on a promotion, or a new, better job. I make a fair amount of money for someone who is employed, so I guess I fear losing that. But it won’t stop me, it’ll just make me anxious the whole time lol
     
  9. LeoistheSun
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    LeoistheSun Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Interesting thought. I think your viewing it from the wrong angle though.

    Instead of thinking the "what if I fail" think "what happens if my customers never meet me?" In my case it might mean that they are spending hours more at work when they dont need to. Thats powerful right there. Your giving their life back to them. Your saving them!

    Its not the what if I fail, but what if I dont find everyone that has this need.

    Look outside yourself. You'll be more sure of what your doing!

    -Leo
     
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  10. Genius01
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    Genius01 Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    This here, actually makes a lot of sense, and the advice applies to me too.
    In a way, I can relate to what the OP says, (even if not exactly the same feelings), especially for first timers in business/entrepreneurship. Its basically a fear of the unknown, complicated by a predisposition to analysis paralysis and wondering "what happens if I make major mistakes??".
    My solution, or my own way around it, is to tell myself "just do it" like Nike, irrespective of the concerns and "feelings" I have. That's usually after I've done a rational analysis of the situation and it seems logical enough to follow through with my planned action.
    I simply deafen my ears to any other "feelings" and doubts and just go ahead with doing it, because I recognize that those "feelings" may be limiting myself from achieving my goals.
    I've learnt from one of Elon Musk's interview videos that even he himself has fears in any major venture, and very significant fears at that, but he just goes ahead and does it anyway, because he feels its important enough to attempt.

    That's what I've adopted for myself. And its been working.
     
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  11. Genius01
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    Makes a lot of sense too.
    No point in giving yourself headaches until you get to that particular bridge, especially if there are other bridges directly in front of you to cross first.

    Its one of the strategies I've adopted in recent times too, to avoid thinking too much (cos I'm far too prone to over thinking things for my own good).

    I just focus on what is directly in front of me (after having drawn out a logical long range plan of action ab initio), then battle each of the challenges as they come.
     
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  12. RogueInnovation
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    Nah, you are not powerful beyond measure
    The reason is this,
    Entreprenuerial success is scary, but in order to walk over the hot coals takes a strength you do not yet possess. And as you get stronger at walking over those coals you need to humble yourself and set real expectations, or none of your plans will click together and work like a perfectly tuned watch. They'll work like a drowning cat or dog and fall apart.

    My point is this, the fear starts to go away as you no longer need it to be realistic or "keep your expectations in check".

    Think of it like this, a caveman only has so much food, so he goes hunting, but during that hunt he has only one shot at getting food, and if he misses he not only goes hungry but loses energy in the chase. Sometimes the caveman sees food but it is too hard to get to, so he stops and it runs off before he can throw his spear. The point of this FEAR is to conserve his strength, unless it is worth the risk of being even hungrier.

    Now when you start doing business, if you throw your time into it, you will risk not putting time into anything else and feel a strong sense of failure and depression if it doesn't pan out, you might even quit entirely... This is because in the caveman days we had to know when to stop a hunt. In todays world, you get in debt if you don't stop or you go homeless, or you get sick, or your life falls apart from neglect and despair.

    Those are real enough threats to make you quit and stop.
    So you have to ask yourself how you can spend your time effectively while minimising risk. How you can hunt without running around like a madman, and how you can thread the needle of work ethic and MAINTAINING the stability of things around you and within you.

    Once you start to understand how to do that, you will realise your power is not at all unlimited, because you are human. You will realise that yes the potential exists, but much is required to get you there.

    Most people think "oh i release an app!"
    But this "turn key" assumption is false. While you can succeed that way by being in the right place and making a solid hit, cuz you were there and did the best out of all competition, you can also go your entire life chasing successes like that and come up short, like a clueless newb. So, in order to succeed, you need to think more in the lines of HOW CAN I APPROACH THIS BETTER AND SLOWLY REACH MORE OF THAT POTENTIAL?

    Doing that will slowly lead you through the fear a little at a time, and eventually you can get through it. For me its now gone away, cuz I bought a home and because I feel my mindsets are where they need to be to start throwing spears and hitting confidently. And once you can hit the target, and you aren't going to go hungry from a throw or two with your time and effort, it helps you focus and helps you hit, and the fear becomes an after thought.

    But by then you wont have hunger making you hunt, it'll be habit, and knowing you ought to. Then with that intent, you make it happen more and more. Thats my view of it.
     
    Last edited: Jan 13, 2018
  13. Tanishatheangel
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    i wouldnt say our fear is being all powerful, no matter how wealthy intelligent or educated you may become, there is no way that you can know what's going on all at once, or control it or even have a lasting impact on things, even presidents and actors know there time in the spot light is maybe a month or so till the next movie comes out or 4 years till another president comes in office, i used to be a major fan of oprah, and at the time there was this movie called the secret, which was a law of attraction you control your own destiny type of film, let me tell you something (and this is coming from experience) if you are afraid of being all powerful beyond imagination, that'll bring you nothing but disapointment and lets just say discouragement WHEN not if things dont go as planned, so please put your ego down, yes have some healthy self esteem but get off your butt and get up and do something, lifes to short to be in your thoughts all day long
     
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  14. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    Thank you
     
  15. Tanishatheangel
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    Tanishatheangel Bronze Contributor

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    for what?
     
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  16. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    Uh, the comment..
     

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