You’re a mid-career professional. How can you overcome fear of failure in entrepreneurship?

I feel very strongly that similar to a mid-life crisis, a mid-career crisis can be explained as a sensation of being stuck in your career where there is no growth in your current work environment where even lateral movement to allied roles seems difficult. Fear of failure is common for any entrepreneur, but instead of focusing on the complete venture, if we were to break down deliverables into manageable steps, it reduces the overwhelming fear associated with the whole sojourn. If we were to visualize success and plan for overcoming setbacks through contingency planning, this helps feel more in control. Focusing on self-control, mental health, self-compassion enables better self-reliance abilities.

As a mid-career professional stepping into entrepreneurship, overcoming the fear of failure is a pivotal aspect of the journey. One strategy that I've found incredibly helpful is embracing failure as a vital component of learning and growth. This mindset shift transforms fear into a tool for resilience and innovation.

Start by pinpointing exactly what you're afraid of. Is it financial instability, lack of experience, or the potential for public failure? At NewAge Vending, I recognized early on that fear of the unknown and the possibility of not meeting market expectations were significant concerns. Identifying these fears allowed me to address them directly, seeking out specific knowledge and resources to mitigate risks.

You must look at entrepreneurship as nothing more than an experiment. You must think of Thomas Edison who said that he didn't fail, he just discovered 10,000 ways that didn't work. This won't remove your fear but it will make it easier to deal with.

Think of them as monsters under the bed. What exactly are you afraid of? Rejection: Is the fear of a "no" keeping you from even trying? Criticism: Does the thought of judgment zap your motivation? Loss: Worried about failing and losing time, money, or reputation? Uncertainty: Does the unknown future feel overwhelming and paralyzing? Grab a pen and paper and be honest! Write down your specific fears and how they're impacting your decisions. For example: "I'm afraid my startup idea isn't good enough, so I keep putting off launching." "I'm scared of asking for help because I don't want to seem incompetent."

Great Question you have to take some risks , Try something new , Consistent small steps will give you confidence that you can do some side jobs focus on your area of expertise and you will soar.

We suffer more in imagination than in reality. We must challenge our fears just as we challenge our assumptions. We can't let them control us as entrepreneurs can only succeed if they are fearless.

Fear casts it's shadow out of uncertainties, which our mind is perceiving. In this case, the fear is mostly the loss of recurring income to meet basic necessities. Thus the first step should be to build a corpus which can generate an income to support basic needs and some surplus to take that entrepreneurial plunge. Second is research on the segment we are planning to start. Third is to have grit, determination and passion to execute. Last but not least, be agile and flexible to bend as per business / customer needs, success will follow.

Once you've identified your fears, challenge their validity. Ask yourself, "What's the worst that can happen, and how likely is it?" At NewAge, I challenged my fears by researching the vending industry's landscape, understanding that while risks were present, they were manageable with the right approach. This involves looking at statistics, seeking out success stories, and understanding the common pitfalls of new entrepreneurs in your field.

Challenging your fears should be like not backing out but going forward with the situation. There is only one way to know if your fear has any truth in it is to go try what you are scared to do. Most of the time, fear is just us overthinking about a particular situation when in reality things are completely different !

Reframing your fears involves shifting your perspective from seeing failure as a negative outcome to viewing it as a learning opportunity. At NewAge Vending, I adopted the mindset that every setback was a step forward in learning what doesn't work, bringing me closer to finding what does. This approach helps in seeing potential failures as necessary steps towards success, reducing the fear associated with them.

Fear could be a chance to stumble upon something beautiful and extraordinary. That feeling when you are scared to do something because it could be a game changer for you but you are too overwhelmed to find out is one way of reframing your fear and embracing it to see the results!

Face it, do it. When a fear faces you, don't look left or right, look straight to it. See it, study it a bit and then go and face it. You are greater than any of your fears or challenges. Be calm.

Action is the antidote to fear. Start with small, manageable steps towards your entrepreneurial goals to build confidence and momentum. For instance, at NewAge, I began by focusing on a single vending machine, learning the ins and outs before scaling up. This gradual approach helped build confidence and reduce the fear of overwhelming failure.

Taking action is imperative. If you are scared of doing something and don't take action on it you will never know the next part of your story. You will be stuck in your coop because you are too afraid. By taking action, you learn what worked for you and what didn't and plan things ahead accordingly!

I think it is a multifaceted process that involves mindset shifts, strategic planning, and continuous learning. Here are some strategies to help you navigate this challenge: 1- Focus on What You Can Control 2- Build a Support Network 3- Set Realistic Goals 4- Develop a Risk Management Plan 5- Practice Mindfulness and Stress Management Remember, the fear of failure is common among entrepreneurs, but it shouldn't prevent you from pursuing your entrepreneurial aspirations. With the right mindset and strategies, you can manage this fear and move forward on your entrepreneurial journey.

Beyond these steps, consider the importance of building a support network. This includes mentors, peers, and even competitors. At NewAge Vending, leveraging connections within the vending and entrepreneurial communities provided invaluable insights and encouragement.

Find role models among the entrepreneurs you trust. Study their stories and learn how they challenged their fears. Start with braving small risks to test the waters. Train your entrepreneurial resilience like you would train for a marathon: build out the muscle step by step. Listen to relatable stories of other entrepreneurs, join a forum for discussions with peers, join a local community where you can discuss your concerns with knowledgeable people in the real context.

Fear of failure is normal but don't overstress it. Fear makes us lose perspective. We can get stuck in our own vicious never ending circle if fear overcomes us. Remember you are bigger than your fears. Challenges are what makes your life worth it. A heartbeat also has some ups and downs then only a person is considered alive. So if you are fearful of doing things your graph of life will be straight that would obviously mean "You my friend are not living just breathing."