Although it has negative connotations associated with it, however it is also a fact that the factor of fear is one of the major contributors to all the progress and development in the world. The fear of dark and wild made fire important, the fear of invasion lead to building of Great Wall of China, the fear of death and misery helped in making medical advancements and so on. In other words, the fear of losing is what triggers the need of success and victory and this is the reason why it’s a highly talked about topic.
Like every other walk of life, fear is also a major player in the business world as well. It is a major contributor to the pace with which the economy grows. If it rises to a higher scale, business go into their shells and the economy starts to decline, on the other hand, if the circumstances are favorable the businesses come out of the shells, take risks and boost the economy. The lines below give the numerous forms in which fear impacts a business’s growth and prosperity.
Fear of Falling Economy
The prime fear that keeps the business within its shell and does not allow it to grow and rise to a higher level is the fear of failing economy. What you hear in the marketplace that fear is built as the primary impediment to the growth and success of a business. When the economy is not supportive, business refrains from taking risk, and when the element of risk is minimal the element of reward declines as well. Therefore, the non-progressive graph of a business primarily takes birth from the womb of the fear of falling economy. No matter how bad the economy is, there are many businesses that are still running and earning profits. if a page be taken out of the book of such businesses, you’ll come to know that against all odds, such businesses believed in their offering and took the calculated risk in the depleted economy which all turned out good for them. Hence, the first fear a business needs to overcome is the fear of falling economy, which can only be done by being thorough and accurate in taking the estimated risk.
Fear Of Not Being Successful
This type of fear haunts every one of us. From an employee to an athlete, from an entrepreneur to a CEO, and from a small business to a large corporation, every one of them in every decision has to deal with the fear of failure or not being successful. However, it is also a fact that individuals or groups who believe in themselves are the ones who tackle this fear and make it advantageous. For a business it is imperative to believe in the genuineness of its offering and the excellence of its workforce to overcome this fear and rise to a higher pedestal of success and growth.
Fear of Unknown
Another factor that you might hear often is that keeps the businesses from moving up the ladder of prosperity is the fear of unknown. This fear of unknown is the prime factor because of which businesses do not diversify, and eventually hit the bottom. Due to lack of familiarity with an unknown niche, businesses stay within their niches, hence they don’t get a chance to explore the countless bounties some other niche could offer. Therefore, it is imperative that businesses after thorough market research must take the leap of faith by being optimistic and explore the new niche; there is always a chance of hitting a jackpot in the new venture.
Now it’s Your Turn!
Do you face any of the aforementioned fears as a business person? Have you encountered any situation where you had to take the leap of faith with your idea? What other fear factors do you face when making a business decision? Please leave your feedback in the comments section and I look forward to reading them!
I feel there is a time and place for fear. When you are starting to let fear run your life is when it can be a huge problem. As a matter of fact if you are letting one single emotion run your life it can have a big negative impact. It is important to be well balanced.
Yes, that is right my friend. Thank you for the comments!
Great post, Nate! I have struggled with fear in my business, yes, but I find that when I prepare properly and do my best, the fear isn’t there. It’s when I’m in a hurry and trying to rush through things that I’m fearful of the outcome!
I like what you mentioned about eliminating fear. It shows time and time again that when you take action, the fear goes away. Thank you for the comments!
The only time Fear is good is when it pushes you to do better!
Otherwise- it’s a negative thing and one must learn to not allow it to take over.
Thanks for the push! Sometimes we all need a little push to get over our fears.
Great way to perceive fear Denys! Thank you for the comments!
You hit the nail on the head with me. My fear is what people will say about me and think about me, when deep inside I know I truly do not have any control of what they think or say. So I am forging ahead and trying to eliminate that from my thought patterns. Everyday I get a little more self-confidence and push on. Thanks for sharing.
Keep pushing Irene! Pushing a little each day keeps the fear away! Thank you for the comments!
Fear of the unknown is what holds many people aback.
I used to have that kind of fear myself but it is clear it isn’t worth fearing for the future!
Right on Emmanuel! Thank you for sharing that. 🙂
Great question Nate!
There is always a little fear attached to a new learning curve. But over the years in business, when I feel the fear, I think “challenge.”
I am very competitive with myself. So If fear grips me and I find I’m procrastinating with something, I delve into it just because I won’t give in to fear!
I’ve practiced many techniques over the years about my fears…and I had big ones too. But I have to reach the strength within when it comes to my business.
“There is nothing to fear but fear itself” Right?
For every fear that you are able to overcome, the trade off in confidence makes it that much worth it. At least that’s how I see it. Fear is a great motivating factor to keep pushing and progressing. Love your comments Donna!
Great post Nate, fear can be turned around to do something out of faith. Deciding to invest in my business because of the fear of not having a good future for my family.
Your wants should be greater than your fear. Your family is #1 in anything you do. Great way to approach fear Matt!
Great article!! This is a such a powerful force to deal with. I’ll never forget the overwhelming and immobilizing fear I felt back in late ’08 early 09 when I opened up my brick and mortar at the same time our financial system was collapsing. I didn’t want to leave my paycheck but had already made a huge financial commitment to open the new biz. I was mortified but finally able to walk through it – only by taking action. Thanks for the post! 🙂
That must have been a scary time! Glad you prevailed. Appreciate you sharing your story!
Such awesome value here Nate! Fear can hinder you and prevent you from having the success that you deserve!! Thanks for sharing!! Have a great day!
Awesome! Thanks Joan!
The only thing to fear is fear it self. There is always fear of rejection but I stay focused and not worry about it.
Keep moving forward is what I always say! Thanks Cindy!
Oh yes, I suffer from fears as well … fear of the unknown, fear of failure, even fear of success! Strange creatures, are we not?
Yes but we’re also strange that we can overcome them as well. 😉
Fear is thought to be something that will hold you back. But as you mentioned, fear can be something that can help propel you to success. those that are successful feed off of fear. It’s a challenge for all of us to the point where we get to believe that failure isn’t an option!
Right on Sherman! You hit the nail on the head there!
The biggest fear is the fear of fear itself! awesome post as usual!
I made the decision to start my company in March 2010, right in the middle of the economic collapse. Fear of the economy certainly played a factor in my decision. However, my total distain for the corporate security company I worked for far outweighed that fear. Meeting fear head on is easier than trying to avoid it or pretend it isn’t there.