Fear is a blight on your productivity and growth. As an entrepreneur, fear can undermine your confidence and rob you of opportunities. Struggling with fear may be normal, but that doesn’t mean you have to give in to it.
Of the many ways that fear can manifest itself, one of the most damaging to an entrepreneur is self-doubt. Too often, self-doubt causes us to miss out on opportunities because we’re afraid of failure. When we lack confidence in ourselves, we also lack confidence in our projects, endeavors, and businesses.
I have coached countless entrepreneurs through self-doubt and fear, and almost all of them have needed to depend on one or both of these valuable tools against uncertainty: faith and family. If you’re struggling with fear and self-doubt, it’s time to look to the treasures of faith and family to find the inner strength you need.
How fear hurts entrepreneurs
Fear always feels rational. There are real risks to starting a business, including:
- Financial losses if things don’t go well
- The possibility of failing
- Competitive market pressures
- Worrying about work-life balance
Since the 1990s, the US Bureau of Labor Statistics (BLS) has estimated that about 20% of businesses fail within two years of opening. 45% shutter within 5 years, and 65% within 10 years. Only 25% of new businesses make it to the 15-year mark.
Maybe that’s why we get scared. We know we’re up against some real challenges! Entrepreneurial success doesn’t come easy, and looking at the reality of so many failed businesses is intimidating, even for the boldest among us. If we have any failed business ventures in the past, we may be worried about a repeat.
Then there is self-doubt. Borne out of fear, self-doubt can manifest itself in many ways:
- Imposter syndrome
- Comparison to other successful entrepreneurs
- Negative self-talk
- Difficulty making decisions
- Paralyzing perfectionism
- Intense self-criticism
Fear hurts entrepreneurs because it limits what we believe we can do. If our negative self-talk and uncertainty take over and we let fear make our decisions for us, none of the decisions we make will be good enough, brave enough, or smart enough.
What makes it worse is that fear and self-doubt are cyclical. When you make a decision out of fear, your chances of failing are higher. That business failure can settle into your psyche and make you think of yourself as a failure, instead of being able to see it as an opportunity for growth. What happens the next time you need to make a decision? You are haunted by the negative ideas about yourself that you learned through failure. See how it works? It’s a cycle of self-doubt, self-criticism, and fear.
The role of faith in overcoming fear
When I say that faith plays a major role in overcoming fear, I’m not just talking about religious faith. Although religious faith can get people through the most difficult times in their life, faith doesn’t have to be limited to people who adhere to a specific set of religious beliefs.
Faith is about believing in something greater than yourself. That may be a higher power, a cause you believe in, or your own potential. When it comes to overcoming fear and self-doubt, faith is the conviction that there is meaning and purpose to our lives. When we act, it’s not meaningless. Everything we do has the potential to make a positive impact on the world.
For entrepreneurs, faith can take many forms.
- Trust in yourself. Believe in your own abilities and resilience, and your capacity to rise to the challenge.
- Confidence that there will be a positive outcome. This is the belief that things will work out, even if the path has unexpected twists and turns.
- Embracing uncertainty. Accept that not everything is within your control and move forward anyway.
- Finding meaning in adversity. Understand that one failure or loss doesn’t mean that you’re doomed forever.
- Hoping for the future. It is crucial to maintain optimism about what comes next, even in the most difficult times.
When your faith looks like this, it serves to counterbalance the fears and uncertainties you feel at any given moment in your entrepreneurial journey.
Trusting your family to help you overcome your fears
Another equally important resource for overcoming both fear and self-doubt is having a strong family support system in place. Think of your family as your emotional safety net. “Family” can be your spouse and kids, your siblings and extended family, your parents, or your chosen family of irreplaceable friends.
Family should be a safe place where you can express your fears and vulnerabilities without judgment. Labeling and naming your fears is recognized as an important step in overcoming them. Even better than just identifying your fears is being able to share them with those you are close to.
Family can:
- Offer reassurance
- Help you recognize false beliefs you have about yourself
- Give you encouragement when you need it
- Recognize when you need extra support
- Challenge you to make bold choices
- Comfort you when things don’t go your way
Many families also offer each other practical support, like childcare, financial assistance, or connections to people in the community. Most importantly, your family is ther to remind you of your strengths and help you find the confidence you need to succeed.
Your family is here to help you defeat negative self-talk
Family is invaluable because your family has known you for a long time. They may know you better than you know yourself! When you lose sight of yourself or start to believe negative things about your abilities, they can help you realign. Family can help you face your fears, and they can challenge the negative self-talk that threatens your entrepreneurial goals.
Last but not least, family should be a place where you get to relax and be yourself! You can’t spend 100% of your time on your entrepreneurial goals, as that’s not healthy or a practice for success. Taking breaks is key. For entrepreneurs who struggle to take time off, family can be the motivating factor behind intentional breaks for fun, socialization, relaxation, and family time.
One last strategy: Turn fear into something useful
What happens if you’re building your faith and trusting your family, but you still feel fear and self-doubt?
Fear doesn’t have to be your enemy. One last strategy is to turn fear into a powerful ally by harnessing that energy and transforming it. Consider that fear could be a signal to your mind and body that you are stretching out past your comfort zone. This is how growth happens!
Instead of trying to eliminate all feelings of fear, acknowledge it. Name it. Remind yourself that the goal isn’t to live a life without fear, but to be bold even when you are afraid.
There is a famous quote attributed to Franklin D. Roosevelt: “Courage is not the absence of fear, but rather the assessment that something else is more important than fear.” As an entrepreneur, you can live by those words. Your dreams are more important than fear.
Take the next step in defeating fear and self-doubt
Whether you’re ready to eliminate fear or learn to cope with it, my coaching program offers a powerful solution for entrepreneurs who are looking to push through fear and elevate their performance.
I offer tailored support, expert guidance, and access to a community of like-minded individuals. I invite you to learn about the Executive Growth Network and how it can help you incorporate proven strategies through personalized coaching and community.
With the right kind of support, you can get on the path from fear to fearlessness. Contact me to learn more!
