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Corporate Accounting entrepreneurs are struggling with a fear of failure. What can you do to overcome it?

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Many corporate accounting entrepreneurs face a common challenge: the fear of failure. Whether it's launching a new service, pitching to a potential client, or expanding your team, you may feel anxious, doubtful, or insecure about your abilities and outcomes. However, letting fear hold you back can limit your growth, creativity, and satisfaction as a business owner. Here are some tips to help you overcome your fear of failure and embrace the opportunities and risks that come with entrepreneurship.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |

1 Acknowledge your emotions

The first step to overcome your fear of failure is to acknowledge and accept your emotions. Don't try to suppress, avoid, or deny them, as this can make them worse. Instead, recognize and name what you are feeling, such as fear, anxiety, frustration, or disappointment. This can help you reduce their intensity and gain some perspective. You can also express your emotions in healthy ways, such as talking to a trusted friend, writing in a journal, or practicing mindfulness.

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Clement Magnalwob Wungah

Assist. Finance Manager @ Halges (Korba) | MBA, BSc.
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It is necessary to recognize the ever fast growing business environment and the fact that changes are rapid and will continue to be. Corporate accounting entrepreneurs need to constantly upgrade their skill set and consider the views of experts in any field they work in. They need to understand that will there are general principles guiding the profession, the changing environment requires a high level of flexibility while maintaining a high level of professionalism.

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2 Reframe your mindset

The second step to overcome your fear of failure is to reframe your mindset. Instead of seeing failure as a negative, personal, or permanent event, try to see it as a positive, external, or temporary feedback. Failure can teach you valuable lessons, help you improve your skills, and open new doors for you. You can also view failure as an opportunity to experiment, learn, and grow. Instead of focusing on the worst-case scenario, think about the best-case scenario and the potential benefits of taking action.

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Lanesha Mohip, MBA, MHRM

Accounting Consultant | Help orgs 7-8+ figure budgets resolve accounting issues utilizing high-end ERPs & expert accounting insights. Freelance Finance Writer | College Accounting Instructor | Microsoft Excel Trainer.
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I would define what is fear to you and what is success to you. Success isn’t always monetary. Success could be measured: 1. in your ability to grow your consistency muscle 2. in growing your platform presence 3. in increase the number of relationships you’ve developed Take the focus off the end goal, whatever that may be. Define what success means TO YOU as an entrepreneur in the current season you’re in. Pulse check your quarterly, and track your progress. Set your sights on the growth opportunity to you and success will, honestly, be inevitable! You will grow into a better professional and entrepreneur over time.

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3 Set realistic and specific goals

The third step to overcome your fear of failure is to set realistic and specific goals. Having clear and attainable objectives can help you plan your actions, measure your progress, and celebrate your achievements. However, avoid setting goals that are too vague, unrealistic, or dependent on factors beyond your control, as this can increase your stress and frustration. Instead, use the SMART criteria to set goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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When Corporate Accounting entrepreneurs are struggling with a fear of failure, to overcome it, they must Set realistic and specific goals. Dont set vague goals and objectives.

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Olanrewaju Ayoade

I guide employees and business owners towards creative solutions to problems | Corporate Finance Solutionist | Hungry for that Opportunity | Founder of Worksmat | ACA
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Before anything meaningful can be achieved, realistic and specific goals must be set. These goals should be directed towards ensuring the survival of the Corporate Accounting business.

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4 Seek support and feedback

The fourth step to overcome your fear of failure is to seek support and feedback. You don't have to face your challenges alone. You can reach out to other corporate accounting entrepreneurs, mentors, coaches, or peers who can offer you advice, guidance, or encouragement. You can also ask for constructive feedback from your clients, colleagues, or experts who can help you identify your strengths and areas for improvement. Moreover, you can join online or offline communities, networks, or groups that share your interests, values, or goals.

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5 Take action and learn from mistakes

The fifth step to overcome your fear of failure is to take action and learn from mistakes. The only way to overcome your fear of failure is to face it and do what you are afraid of. However, you don't have to take big leaps or risks at once. You can start with small steps or experiments that can help you test your assumptions, validate your ideas, and gain confidence. You can also use the feedback loop to evaluate your results, learn from your mistakes, and make adjustments as needed.

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6 Celebrate your successes and efforts

The sixth step to overcome your fear of failure is to celebrate your successes and efforts. Don't forget to acknowledge and appreciate your achievements, no matter how big or small. This can help you boost your self-esteem, motivation, and happiness. You can also reward yourself with something that makes you feel good, such as a treat, a break, or a compliment. Moreover, you can celebrate your efforts, not just your outcomes. Remember that trying, failing, and learning are all part of the entrepreneurial journey.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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