The FEAR challenge and Secret to Success

Hi, I’m Odette I support service-based entrepreneurs and digital creatives in crafting exceptional customer experiences that generate predictable revenue and grow sustainable, long-term businesses.

Are you ready to step up, take action and be unstoppable?

Entrepreneurs face many challenges daily, but fear is probably the single most debilitating factor. Fear enters into every aspect of life and business. Fear of making a mistake that will cost everything you have invested. Fear of running out of cash flowing into your business. Fear that the time you put in will result in nothing but wasted time and energy.? Fear of being left behind by giving up on your passions, knowing BIG success will never be attained. In part one of this podcast article I stated....'' fear is normal - EVERYONE faces fear. The secret to success is being vulnerable enough to acknowledge it and get support and then having the boldness to take the necessary actions.''

As we continue to unpack each fear, make a conscious decision to acknowledge the part it plays and determine how you will take positive action.

FEAR# 5: Too many sacrifices, not enough reward

Let's face it, entrepreneurs work hard. They are willing to make the necessary sacrifices to achieve their dreams. But what if you sacrificed everything and have nothing to show for it at the end of the day? It's a possibility. All businesses risk losing it all, so how do you get around that? The way you structure your business will determine what you walk away with. There will always be a risk, but then you need to be intentional about how you build your business. It means you can't wing it. You have to slow down, think about the future, and then build accordingly.?

FEAR #6: Stagnation ?

Some businesses never want to scale, and some fear stagnation. Those who fear stagnation know that they need to scale if they intend to be around for the long run. Scaling a business doesn't happen by accident. You need documented systems, processes, and manuals in place if you want to scale.?

FEAR #7: Losing passion

Most businesses are started out of passion. That passion allows us to drive through the hard times. But what do you do when you wake up and no longer have the passion? You don't want to get out of bed? Take it as a sign you need to rest. We are our most valuable asset. We must protect it at any cost. You do that by deliberately creating space to fill your cup. If you are OK, your business will be OK. It's not selfish; it's responsible.

FEAR #8: Letting your team down?

When you have a business, you are responsible for your team and their families. That's a lot of pressure! And it comes with the entrepreneurial territory. When we act out of fear, we often make terrible decisions. In a recent study, researchers found that farmers make decisions during the planting stage (when they are concerned about the coming season). Their IQ significantly drops, and their decision-making ability drastically decreases. In contrast, once they harvest (no more fear of how they will pay the bills), their IQ increases, making better decisions. So how do you overcome the fear? You slow down, plan, and never employ anyone unless you know that you have the revenue to support the extra expense. This is all part of the strategic planning and scaling we teach our clients.

FEAR #9: Not making payroll

Your fixed expenses don't change because you had a bad sales month. I've seen business owners lose sleep and weight because of the stress of making payroll. It comes back to being responsible for someone else. Often they would not pay themselves so that they could pay their staff. This is noble but doesn't solve the problem. There are five key areas that you need to focus on in your business. My coaching programs teach clients which of these five areas needs to be their focus. 80% of the results you achieve come from 20% of your actions per day. It’s important to create sustainable income streams, which reduce the stress associated with budgeting every month or eliminate it entirely in some cases. Shifting the focus from making the budget to achieving revenue goals will be the key to growing your business.

We all fear something; this is just a part of the human condition.

It's important to acknowledge what it is that you're afraid of, and then take a step back to realize that this fear will not kill you (I hope). Being vulnerable about what scares you and getting help for it is the first step to overcoming it. If you have fears, challenge yourself to move past them, no matter how daunting or difficult they may seem.

In the next article, we will finalise common fears along with my best advice on how to handle them.

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