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!