The one power that man has always either submitted to or tried to overcome is the power of fear. Those who are weak submit to it and the others who have the courage, overcome it and use it to their advantage. Therefore, the power of fear is inevitable, all you can do is to try to minimize its intensity and turn it in your favor.
Running a business in the world of today is highly influenced by different types of fears. These fears usually stop the businesses from taking growth initiatives, therefore, it is imperative that a business identifies these fears and overcome them to survive and grow. The lines below give the three major types of fears faced by the business and the ways to overcome them for business survival.
Fear Of Non-Lucrative Economy
Perhaps the single most common factor that affects all the members of a society and a country is the fear of a declining economy. The fear of following the economy affects each and every member of the society creating ripple life effects which makes it impossible for the business to think of growth and undertake some venture. For instance, the declining economy decreases the buying power of the consumers, and when the buying power of consumers goes down, the business has fewer people to sell to, thus a business does not think of expanding its operations.
Therefore, for growth, the first fear that a business needs to beat his fear of the economy not being lucrative for growth. In this regard, the thing a business needs to do is to be thorough and precise in its research and calculations. If all the calculations are right, then the business can undertake a growth venture without any fear or else refrain from it. Hence, a business needs to be thorough in its calculations to overcome the fear of a non-lucrative economy and extract as much benefit from it as it can.
Fear Of Failure
It is a universal fear, almost every one of us has this fear, and all of us are continuously battling against it in one way or another. An athlete has the fear of not winning the race, an employee has the fear of not having a job that will pay the bills, a small business has the fear of being eaten up by large corporations, and large corporations have the fear of not being able to expand. However, the amazing thing to notice in all these different forms of fear of failure is that there are still athletes who compete in races, employees who still go to work, new small businesses that enter the market daily and large corporations that keep on expanding their operations worldwide.
All this takes place because the athletes believe in themselves, the employees believe that the job will pay the bills; the small businesses believe that they will grow someday, and large corporations believe that other corners of the world would bring them more profit. Therefore, the fear of failure is with everyone, all a business needs to do to turn this fear into an advantage is by believing in itself, the uniqueness of its offering and the competent workforce that is capable of managing the worst-case scenarios and turning them into businesses’ favor.
Fear of Not Knowing
Another factor that serves as an impediment to the growth of the business is the factor of coming across something unknown. Due to this fear, businesses refrain from expanding to unknown niches and don’t diversify, as a result of which a business is unable to know its full potential and the lucrativeness of different markets.
Therefore, in order to successfully beat such type of fear, a business must emphasize on knowing as much as possible about the factor the not knowing of which haunts the business. If a business conducts proper research about the niches it is going to explore, then the business can bring down the impact of this type of fear substantially and survive the environment of new niches.
Now it’s Your Turn!
In what ways has fear helped or hindered in your business? How did you overcome it? What bounties did you enjoy once you had overcome fear? Share your thoughts I look forward to reading them in the comments section.