As female entrepreneurs, we all will have something that we are fearful about at some point along our entrepreneurial journey, whether it’s financial stress or just plain fear of failure.
And yes, while running your business can bring up fear from time to time, it doesn’t need to keep you up at night.
But, more importantly fear doesn’t need to stop you from running a successful and profitable business.
So let’s take a look at four fears that stop female entrepreneurs and what you can do so you are #UNSTOPPABLE!
#1: Fear of Failure
Without a doubt, when it comes to the female entrepreneur, her biggest fear is the fear of failure. And it is understandable.
Especially when you see numbers like 95% of all businesses fail within the first five years.
With those kinds of odds stacked against you, you’re going to get a bit freaked out with self-defeating thoughts of fear.
When these unconscious thoughts build, I think of the movie, “The Italian Job.”
That’s when you think you’re feeling FINE, but really you’re… Freaked Out. Insecure. Neurotic. and Emotional.
If fear of failure is stopping you, make a list of what you are concerned might happen in your business. Then create a risk management plan. With this plan in place, you can pretty much manage the risks and minimize the impact of your fear of failing.
#2: Fear of Being Your Own Boss
How ironic do you find it when you want the title, but you’re not quite sure you want all of the stuff that comes with it?
Here’s the newsflash. When it comes to being a female entrepreneur, accountability and responsibility are two of the biggest factors that come with the job of being your own boss.
You have nobody to answer to but yourself when you are the boss. And when it comes to running your own business, you have 100% of the responsibility for making it work.
Working for yourself is both the best and worst part of being a female entrepreneur. There is no one who is going to tell you what to do.
Unlike being in your former corporate role, you start to notice that your old corporate job does not equal your new entrepreneurial lifestyle.
You probably don’t have that corner office, a team of employees, benefits or that consistent paycheck. And what is definitely missing now that you are your own boss is someone guiding you along in your day-to-day.
In fact, in your entrepreneurial world, days, weeks and even months can pass you by without you having accomplished much.
Why? Because no one has given you the blueprint for what to do or mapped out for you exactly how to do it. You are now the boss!
As a female entrepreneur, especially if you are in the start-up stage of your business, there’s very little stability and security. And with this newness, the instability of being your own boss is scary. It feels very uncomfortable.
It’s overwhelming because you’re in a new setting that doesn’t have the order and the structure you were used to in your old corporate job.
So the best way to overcome this fear is to set goals and make a plan for achieving them. Whether it’s daily, weekly or more long term, setting specific, achievable goals keeps you accountable and on track.
Set your goal and don’t stop until you’ve achieved it!
#3: Fear of Staying Afloat
There is absolutely no doubt about it… “Money Answerths All Things” (I got that straight out of Ecclesiastes 10:19).
Yes, as a female entrepreneur you need money to start up your business; you need money to continually operate your business; you definitely need money to grow your business.
Without the means to invest in your business, your growth is hindered.
To overcome this fear of staying afloat means two things for you.
First, you have to figure out if there is truly a need for what you are offering with your business. Is there a segment of customers that need and want what you have to offer. If so, find out what matters to them. Research, ask and listen to what they are saying so you can fulfill their needs. Your target customers will give you clues about what they want and need. Learn everything you need to know from them.
Second, as an entrepreneur, you are the number one salesperson for your business, so you have to master the art of selling. You have to be a fearless advocate of what you are selling.
To help to overcome this fear means you’ve got to know your numbers and what you need to make in order to stay afloat. This entails putting specific plans in places like a sales plan, a marketing plan, and a spending plan.
From there, simply plan your work and work your plan.
#4: Fear Your Business Will Overtake Your Life
Of course, as a female entrepreneur, you want a life and a great one. Other than making that dream a reality why else become an entrepreneur?
But you didn’t become an entrepreneur only to have your business consume your life, am I right?
Well, let me keep it real by telling you that as an entrepreneur, there is no such thing as work-life balance.
In fact, I read an article from Entrepreneur that most successful entrepreneurs believe in seasons rather than balance. I personally like that concept because it means that I don’t have to get so worked up when my life doesn’t feel balanced.
Instead of fighting for the elusive work-life balance, as a female entrepreneur, you can feel comfortable knowing that one thing will always have to take precedence over other things. This is where the power of focus comes in to play. In your season, you can focus on the priority.
Consider for a moment that in your former role as an employee, you had the mindset of believing in balance, whereas now as an entrepreneur, you can take ease knowing that balance isn’t a goal you have to focus on achieving, focus on the season that you are in.
By shifting your concept of balance to accepting that the areas of your life will rotate through seasons and that the best thing you can do is to ebb and flow with the seasonal changes, you can better manage your life and your business.
As you work your business in this manner you will see yourself operating in a specific season.
Perhaps it’s a season of launching or a season of development or maybe even a season of restructuring so you can better leverage your business. You may have to hustle or put in more effort for a season, but once your season is complete, you may be able to enter a season of rest and relaxation.
How’s that for being a wildly ambitious female entrepreneur? That’s what I call The Millionairess Entrepreneur’s way!
No doubt, being an entrepreneur can seem like a scary business to be in, but it doesn’t have to be your worst nightmare.
With the right mindset, the right goals and the right plans in place, you don’t have to let fear keep you from being #UNSTOPPABLE
What do you do in your business to make your #UNSTOPPABLE? Leave a comment below for ♥ME♥
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