7 Strategies to Overcome New Entrepreneur Anxiety

"It’s fine to celebrate success but it is more important to heed the lessons of failure." ~ Bill Gates

New entrepreneurs often encounter several fears when it comes to starting their own business. Entrepreneurs can experience Entrepreneur's Fear, Social Anxiety, or Lifestyle Concerns. One of the most common concerns that new entrepreneurs have is having financial worries once they launch their venture. Some Entrepreneurs are leery of investing in a business because they feel as if they do not have the expertise in determining if a business has a chance of success. Here are 7 strategies to overcome new entrepreneur anxiety and have more realistic expectations with your new business.

1) You Are Not an Expert

Realize that you do not have to be an expert-become a master at something. Many Lifestyle Concerns for Entrepreneurs includes spending too much time on social issues and other outside interests instead of focusing enough time and energy on creating a strong business plan. Being a successful business owner requires plenty of focus and determination. If you are able to focus on your business goals, it will give you more energy to achieve those goals. It will help you make realistic goals for your new business.

2) Determine Which Type of Investor You Want to Be

If you are planning to invest in a new business venture, determine which type of investor you would like to be. Typically, angel investors are knowledgeable and influential, but many common investors do not have the same level of capital, experience, or expertise.

If you are a private funding source, the new business owner must determine how much risk they are willing to take. If you are going to seek a private investor, you should know exactly what their investment capital is for your new business. Determine if there is any type of exit strategy for your new business and consider if you even want to sell your company before it is up and running. Be sure to discuss these items with your potential private funding source.

3) Research and Look Into The Requirements

Do your research and look into the requirements for opening a new corporation or limited liability company. Often times, the IRS will require an LLC as a means of keeping your personal assets in the business. Be sure to do your homework when it comes to taxes, financial statements, and cash flow requirements.

Set up a short-term and long-term cash flow plan. It is important that a new entrepreneur to understand that the success of their business relies on consistent cash flow. Cash flow is one of the most crucial components of operating a successful business. Knowing how much money you can spend each month to operate your business will allow you to be able to make decisions easily when it comes to expansion and marketing.

4) Create a business plan

Any person that has ever owned a small business will tell you that having a clear idea of what your business wants to accomplish is one of the most difficult aspects to address. Having a business plan is often required for funding, and will help guide you through the start up process. Having a business plan will also give you a plan for your future growth. This is certainly a strategy to overcome New Entrepreneur Anxiety.

Being new in business is very exciting and you may feel that you are ready to launch your business at any moment. However, being new doesn't mean you need to put yourself at risk. Here are 5 strategies to overcome new entrepreneur stress.

5) Determine your niche

You need to make sure that you focus on a particular area of business, whether it is finance, building maintenance or sales. You should have a niche that is related to your field of business. By knowing what you are good at, you will be more successful as a result.

6) Spend some time with friends and family

Having close, personal contact with others who may be in the same position as you at any given time can be extremely helpful. Being around others who are in a similar situation, as well as have had similar problems, can give you a unique perspective. When you are not in your work environment, socializing can be a great source of comfort and can help you overcome your feelings of isolation.

7) Set some goals

Having a set goal, as well as a deadline, can motivate you to work harder. It is also helpful to create some milestones for reaching each goal. These milestones may include the completion of specific tasks, or they may be based on how long it takes you to complete them. Following these 5 strategies to overcome new entrepreneur anxiety will go a long way toward ensuring that your business is a success.

Conclusion

Strategies to Overcome New Entrepreneur Anxiety Before you begin your presentation to ensure that you have these questions answered: Do your research and look into the background of your topic, even better you can look into their product line if they have one. Will people listen to you, do they care about your topic or how much you are going to talk. You want to be the person that has accomplished all these things, it is time to start creating your "business card" and go forward from there.