Some people have hesitations about starting an online business.
These hesitations might range from fear of failure to lacking enough capital, education, or training.
While some of these fears may be rooted in a lack of understanding, others are actually legitimate and based on real-life events that could come your way when running a business online.
Here are the three most common fears entrepreneurs face when starting an online business:
Fear of Failure
Starting a new company can be nerve-wracking for any entrepreneur. Even if you’re confident in your ability to run this new venture properly, the fear of failing is always there lurking just beneath the surface, ready to taunt as soon as things don’t go according to plan (and they never seem to for new companies).
It’s easy to let the fear of failure get in your way and prevent you from making good decisions. For example:
Will this really be a viable business idea? Will I fail at it, considering others have failed too? Is there anyone else out there running a similar company? How can I conquer my competition? What if I fall flat on my face when giving presentations to potential investors or clients? Am I dedicated enough to see this through? Can I do it without help from others who have actually done this before me? And so forth.
These are just some of the questions that might cross your mind when trying to resist the urge to pull back out of a project or business venture due to the fear of failing.
We all have this same fear, and it’s a healthy one to have because it helps prevent us from making foolish mistakes that we might regret later. The problem is when our fears get in the way of us making decisions that could propel our businesses forward and help create success at some point down the road. The key is to take action first, move ahead with an idea or concept, and then learn (and hopefully correct) as you go along.
Lack of Funding
A second common fear that many online entrepreneurs face is a lack of funding for their new business endeavors. It may be they haven’t saved enough money prior to launching their venture or run up too much financial debt before starting out on their entrepreneurial journey.
If you don’t have a substantial amount of money saved up to invest in your project, it may be wise for you to launch first and worry about the funding later. Try selling your products or services online through a social platform first without worrying about generating large profits right away. Doing so can help build some momentum that will eventually lead to profits down the road, which means more cash flow when you start with nothing but dreams and an idea on how to make them come true.
Worrying over whether or not enough people are willing to purchase your product is also another reason many online entrepreneurs opt out of going through with their ideas altogether due to a lack of funding. They think of all kinds of reasons why no one would want what they’re selling, and then they write them off as not being viable enough.
Start small and try to build the confidence that you can successfully run your new business online without large amounts of funding right away. You’ll likely find it’s not necessary, but don’t let that stop you from trying to do whatever you can to lower the financial burden on yourself when starting out.
Lack of Training or Knowledge
The third fear many entrepreneurs face is a lack of training or knowledge in their fields of expertise. It could be they have little experience or education on running an online business, designing websites, creating videos for marketing purposes, writing sales copy for advertisements and promotional materials, running Google AdWords campaigns or other paid advertising methods – basically anything related to operating a business online.
It’s easy to fear the unknown and not know where to turn when facing this kind of fear, but it can really backfire on you if you give into it – sort of like a self-fulfilling prophecy. It’s like someone who is an absolute beginner at running their own business looks at all the ways that they’re different from so-called experts and then tells themselves over and over again that they’ll never be able to do what everyone else seems to have already figured out how to do.
If you find yourself in this situation, then you need to shake off your fears and start learning as quickly as possible about the kinds of things that can help propel your startup into becoming a successful idea. You may want to take some online courses or read a book on business-related topics if it’s something that appeals to you. Even enrolling at a local college or university and taking some business classes is another great way to learn more about what it takes for online entrepreneurs to be successful in today’s marketplace.
One last thought I’ll leave you with here is that fear usually has a negative connotation attached to it, but when we allow ourselves the freedom of taking action despite our fears – which are really just thoughts anyway – then they become a catalyst for positive change. Fear is just a thought, so it doesn’t really have any power over us other than the belief we attach to it that controls our actions.
The fear of being an entrepreneur and succeeding at running your own business is natural and something that everyone has to face sooner or later in their lives. But if you don’t face your fears early on, this can be one thing that holds you back from creating the life of your dreams that you’ve always wanted.
What are some of the things you’re most afraid of as an online entrepreneur? What would help you overcome these fears? Please share your thoughts with me by leaving a comment below!
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I love how you see fear as not necessarily a negative emotion but instead it could propel an opportunity! Great reframe!
This was a worthwhile read! This year, I’m starting a new business venture that will combine online and in-person sales. You ‘hit the nail on the head,’ as they say with all of the fears of starting a new business!
Overcoming our fears when it comes to starting a business is definitely the most important thing! Thank you for sharing this 🙂
I can definitely relate to these three fears of starting a new online business! I think another road block I have is…TIME. Making the time to commit to getting an online business up and running while trying to make time for everything else is intimidating! This can be discouraging in the beginning stages when you don’t see any growth or profit. I’ve learned that a little each day can make a huge difference!
Thanks for you wisdom and encouragement!
Yes, yes, and yes…. all of the above. But you are right… plow ahead with just enough caution (not fear) to keep you from floundering.
I am very new to blogging and I struggle with fear every day. My fears mostly stem from lack of knowledge. I suppose I also have a fear of failure. I have been trying to overcome my lack of knowledge through courses and lots of reading! To overcome my fear of failure I have been pushing myself to step out of my comfort zone. Thank you for sharing this!
I struggle with stepping out of my comfort zone every day. I am constantly reading and seeking new information to help me accomplish my goals.
This was so insightful and encouraging! Thank you!
These are great tips to consider when starting any kind of business. Being a small business owner, I know firsthand that is all about overcoming fears!
Wow! Thank you for sharing. I needed this so much. You helped me identify that I am worrying too much about the future of my online business instead of focusing on the right now. Thank you!