Let’s start with my definition of what an entrepreneur is; ‘a person who takes a risk in business, with the hopes of making a profit’. The words risk and hope are actually emotive… We tend to find our barriers to success depend on how we feel about our next move; the emotional responses we have to decisions that need to be made.
Whether you’re new to business or struggling to reach the next level in an existing business, you’ve reached a point at which you’ve decided to make a change for growth. However, common fears make it difficult to quantify exactly what is holding you back from success. This article intends to show you how to turn emotion into facts to help you succeed.
The barriers are really just fear…
What are you lacking?
- Knowledge or understanding of your product or services, the market, your audience, or your competitors
- Confidence in your skills, decisions, talent, team, processes or structure
- Funding to invest, grow, or even continue.
What are you concerned about?
- Failure to deliver
- Letting others down in your family, team or organisation
- Losing your reputation or being seen as too risky, foolish, or simply not good enough
- Not making a profit, losing your investment or going into debt.
Address legitimate fear and get started
We all know the acronym; F.E.A.R stands for false expectations appearing real, but some of those fears exist to protect you from making costly mistakes. Recognising which fears are legitimate comes with improved understanding of your situation.
Start researching, start asking questions and look for answers from the right people and in your numbers. Start a strategy and formulate a plan that delivers steps you can take to mitigate fear and build confidence.
Ultimately, you are the biggest barrier to your own success. Nothing gets done without you starting something and so I would urge you to take an opportunity to simply start, learn, tweak or repeat.
Breaking the barrier of fear – Get comfortable with your numbers
Numbers are quantifiable, numbers are clear indicators of change and I believe most things in business come back to a number. They may be frightening at first, but once you get comfortable with where you are, it will be easier to visualise where you’re going and how to get there.
Go back to your key performance indicators (KPIs). These reveal your ‘key success drivers’ – the activities that drive the performance and subsequent success in each area of your business.
Ask yourself, are your KPIs relevant, are they achievable or far too easily achieved? Are you spending the right amount of time on each key success driver? Are you the right person to be working on those drivers or is someone else better positioned?
Knowing your numbers provides understanding, the most important thing to breaking the barrier of fear. I have some great free tools to help in the Resources section of the website. Take a look at the sections called Starting Your Business and Growing Your Business, or perhaps you’re ready for my online programme, The Business Builder.
The Business Builder provides over 12 hours of content designed to help you believe that change is possible by giving you new ideas and ways to develop your business, processes and ultimately, your bottom line. The modules are designed for you to work on at your own pace and in the order you wish. Access to the modules never expires and only costs £279.
Do remember, I am always available at the end of the phone or email for advice and support.