Overcoming the Fear of Failure

Failure. Nobody wants to hear that word. We don’t want to fail on our tests in school, we avoid failing in sporting events, we definitely wouldn’t want to be failures at life, and if we fail in our business there could be lasting consequences. Since there is so much pressure on not failing, we often get an overwhelming fear of failure. Spend the next few minutes learning how your accountant in Billings, MT suggests overcoming the fear of failure.

Fear of Failure

It is said that the fear of failure is the biggest fear that business owners have. They aren’t afraid of selling, they aren’t afraid of losing a key employee, and they aren’t afraid of the monetary risks they are taking. But the fear of failure is huge.

So what is the fear of failure? To some people it is the fear of losing all their money. Business owners understand that money comes and goes. To some it is the fear of not seeing their business grow to the size they want. But an entrepreneur knows that if this business doesn’t succeed he can start another that will. The fear of failure that business owners suffer from is the fear of never succeeding. It isn’t a onetime setback, it’s a permanent loss.

Overcoming the Fear of Failure

What often happens when we are presented with the possibility of failure is that we simply freeze up. Rather than make a decision, we end up making no decision. That can be as bad, or worse, than making the wrong decision. So here are ways to overcome that fear, and become a better business owner because of it.

Analyze – Weigh the pros and cons of each decision carefully. Write this all down.

Seek Advice – You should surround yourself with a team of advisors. An accountant, a financial advisor, a marketing person, a graphic designer, a strategist, a website person, etc.

Go with your gut – Generally speaking your gut feeling is sound advice. Your subconscious has already made the decision, so follow through.

Keep Moving – We all make mistakes, learn from the past mistakes and prevent future mistakes.

Accept the Fear – Fear of failure will never go away. But we can harness that emotion and use it for our good.

Harnessing the Power of Fear

There are two ways that fear will motivate people. Some people will be wrought with fear of failure so they become workaholics. They have to do everything and have everything perfect. In the end they are no better off than those who don’t do much at all. The other group will harness the power of the fear, and use it to make themselves better business owners. They will work smarter, not harder; they will learn from mistakes, not repeat them; they will seek advice, not be a one-man show. In the end, you don’t want to get rid of the fear, because that is what drives you and motivates you. But you can’t succumb to the fear either.

Practical Taxes is a full service accounting firm in Billings, MT. We can handle your accounting, payroll services, bookkeeping, and much more. This leaves you the time to focus on what you do best: running your business. Don’t let fear distract you, instead put some of your burdens on us in order to overcome your fear. Call us today at 406-894-2050 to learn how we can help your business thrive!