5 Common Fears Successful Entrepreneurs Need To Overcome

Overcome Fears

With anything in life, you need to overcome your fears if you want to be successful. Letting your fears get the better of you will make it close to impossible to chase your dreams.

Here are examples of fears that an entrepreneur will often face when building a business.

1. Criticism or rejection

People are often afraid of pursuing their dreams or a business venture out of fear of being criticized — that their ideas will be rejected even by their family or friends. Some fear that others will see them as weird or crazy people.

You might have been told that what you are planning would be too risky and would never work. This fear can be so debilitating that it can even prevent people from trying something new or even taking the next step.

Everything starts with you. You need to start believing in your talents first before you can make others believe in you and your business. Instead of worrying about the negative things that people might think of saying, think instead about what they would say if you succeeded in your pursuit.

If people think you are crazy, then accept it. Keep in mind that it is the people with “crazy” ideas who end up changing the world.

2. Debt or bankruptcy

Some people stay in their jobs and don’t go into business out of fear that their decisions would land them in the poorhouse. There is a basis for this fear. Starting a business requires capital and finding funding can be difficult.

If you find it hard to build capital or convince people to invest in the venture, you can try saving up for some of the capital needed to start your business. The amount may not be enough to pay for everything, but it should be enough to get you started or try out some of your ideas.

3. Offending others

Some people are indecisive out of fear that others will see them as being too self-confident or arrogant. This is especially true when it comes to marketing or promoting the brand.

However, being audacious is often important if you want to become a successful entrepreneur. You have to be confident enough in expressing your ideas, in promoting your brand and what you have to offer. Advertising is a necessity in building a successful business. If you don’t do it, no one will know about your brand or what you can do for people.

4. Looking stupid

We sometimes don’t do things out of fear of looking foolish in front of other people. Have faith in your abilities and the decisions that you make. What you decide to do allows you to test your skills and become better, whether it is in terms of speaking in front of a crowd, making movies, leading a team, or something else.

Regardless of whether you made the right or wrong decision, there is something you can learn from the experience. The worst thing you can do is to not do anything at all. It may make you feel safe, but it also prevents you from growing and developing your skills.

5. Success

You may be surprised to find that there are entrepreneurs who fear success. Success is something we all yearn for when we build a business. So why would people fear becoming successful?

We have this notion that building a business is extremely difficult. On the flip side, what if it’s easier than you’ve been led to believe? Imagine opening the doors of your bakeshop for the first time and seeing a long line of people waiting to get inside.

Some entrepreneurs fear that they will be unable to handle the demands of running and maintaining a booming business. There are other business people who feel that their success will alienate them from their friends and colleagues.

Operating a thriving business is what most entrepreneurs aim for. At some point, you may feel alone, but it comes with the territory of becoming the best in your field. Always strive to improve yourself and your business. Your business success will not just affect you but can also affect how your industry grows and develops.

Everyone has fears. Entrepreneurs are no different. Knowing how to face your fears and overcome them can help you create a business that is successful.

5 Tips For Starting A Business Overseas

Starting Business Overseas

Hundreds of companies make the life-changing decision of expanding their businesses overseas every year. The UAE, for instance, sees restaurants, retail stores, and numerous new company formations in Dubai Free Zones spearheaded or owned by foreign entrepreneurs annually.

Going global is certainly a goal worth working hard for since the returns and prestige that businesses will receive are incomparable. There are also other benefits that come with expanding or opening a business abroad.

Unfortunately, not all companies will find success with international expansion. There are numerous challenges that businesses will have to face and overcome in order to carve a name and be profitable in their venture within a different country.

Finding Success Abroad

Whether you are starting a new business or expanding your company overseas, following some simple yet useful tips will help you have an easier time with the whole process. These tips can also prevent you from making mistakes that can cause you costly and frustrating delays.

1.     Conduct sufficient market research

If you have plans of opening or expanding your business overseas, the first step you have to take is to ensure there is a market for your products or services in that country. In order to establish the above, you will need to study the market you want to enter.

By conducting sufficient research or recruiting experts for the job, you will get a solid and realistic idea if it is worth opening a company or branch in a particular company.

You can also use the findings as a form of assurance that your venture will have higher chances of succeeding or, at the very least, limit the likelihood that your business will fail.

2.     Understand the requirements of opening or expanding your business in your target area

Once you ascertain that there is a market for your business, you will need to familiarize yourself with the laws in place for opening or expanding your business across borders.

If you are a solo foreign entrepreneur, you will most likely need to have a business visa to operate. Should you require assistance In acquiring a visa, you can seek professional help from a migration agent in the form of business setup consultants.

Not only will they be able to assist with the more obvious requirements but also more complicated tasks including special approvals and attestations.

3.     Develop a strong business plan for your new market

Although you may have an existing business plan which has been successful thus far in the operating country, you will need to adapt it for your target foreign market.

Your business plan for your overseas venture should consider the following:

  • Potential market or customers
  • Company set-up (partnership, sole proprietorship, corporation, etc.)
  • Additional expenses (shipping, travel, office set-up, etc.)
  • Import and export strategies
  • Sales and marketing models
  • Financial sources and expected incomes

4.     Understand the culture

Setting a company up in a different country should entail business interactions with the locals. You may already be an expert in impressing investors, potential partners, and customers in your home country, but it is most likely you will have a hard time doing so in a foreign land as a result of cultural differences.

As such, before traveling or attending a business meeting online, conduct research about the country you’re seeking to open your business in. Take the time to familiarise yourself with important customs or traditions in addition to the general culture.

Knowing certain cultural traits will show that you respect your potential partners’ or customers’ culture and are truly interested in a close professional relationship with them.

5.     Know when to get help

Lastly, there is nothing easy about starting or expanding your business locally. When you want to tap into the international market, anticipate challenges. Keep in mind though that you don’t have to face these obstacles alone; there are experts who can help you out.

Various consultancy firms and service providers offer their assistance to foreign investors who need help with obtaining an entry visa, business license, and other permits to legally operate a business. If you can’t understand the local language, you can hire a translator to help you out as well.

Should you require additional financial support, consult with various financial institutions in the country. They may offer loans to foreign investors, however, ensure that you have a solid business plan to present to them – showing your intent to better their community.

Tapping into a foreign market can be challenging. But going about the right processes will ease the speed bumps that you may encounter. Put the hard work in with patience, and help from the right experts.