7 Common Fears in Business Ownership & How to Overcome Them

Everyone feels scared sometimes – especially business owners. After all, by starting and running your own company, you’re really putting yourself out there. You’re taking a leap of faith that many people will never be courageous enough to take. Be proud of that but also recognize that this doesn’t mean you’re immune to fear. Naturally, there will still be times when you feel afraid – and you aren’t alone. Other business owners frequently feel the same way.

Let’s discuss the seven most common reasons why fear might rear its ugly head as you run your company and what you can do to overcome it. 

1. Fear of Numbers 

Some folks just don’t like numbers either due to their personality (perhaps they’re more creative than analytical) or their upbringing. If your parents, for instance, used to argue about money, you might have a negative association with numbers. Or maybe you had a math teacher who made you feel like you weren’t capable in the subject.

Whatever the case, this fear can carry over into your business and cause problems. The longer you let this fear control your actions, the longer it will take for this part of your business to run smoothly. 

How to overcome your fear of numbers: As they say, knowledge is power. Gradually begin exposing yourself to numbers and learning more about them. Find out how they impact your business. Teach yourself about financial statements and budgeting. The more you know and understand, the more your fear will recede. 

2. Fear of Showing Others Our Numbers

Maybe your business isn’t profitable yet, or you feel like you’ve made a mess of your books, so you’re hesitant to ask a professional for help. You’re embarrassed and think you’re the only one in this situation – obviously, everyone else has their finances in order, right? Well, actually, no. Trust us, you’re not the only one in this boat, so speak out.

How to overcome your fear of showing others your numbers: Realize that you’re not the only one who needs help with their finances. Hence why accountants and bookkeepers exist. And they’ve seen it all. They won’t judge you. On the contrary, they’ll do their best to help you.

3. Fear of Asking for Help

Some of us simply don’t like to ask for help from anyone for anything. You might be afraid to do this because you think it makes you look dumb or inexperienced. Maybe you’ve had bosses in the past who discouraged you from asking questions. But while there’s some satisfaction to be derived from figuring things out on your own, this just isn’t the best use of your time when you’re trying to operate a business. Instead, quiet your ego and get help! 

The truth is that you can’t do it all yourself. As you’ve probably learned the hard way as a business owner, you don’t know everything, and sometimes it’s necessary to get help from an expert. 

How to overcome your fear of asking for help: Realize, and continually remind yourself, that there’s absolutely no shame in asking for help. In fact, doing so is a smart business decision, particularly when it comes to your company’s finances and profitability. Just be selective and make sure you get assistance from those who are truly knowledgeable in their field.

4. Fear of Not Knowing Everything You Should

Perhaps you walk around subconsciously worried that you don’t know everything necessary to keep your business afloat and growing. Maybe you think there are gaps in your knowledge base because you didn’t finish college or are the first entrepreneur in your family. Don’t let this insecurity paralyze you or hold you back.

How to overcome your fear of not knowing everything: Keep in mind that no one knows it all. Even Bill Gates or Jeff Bezos or that impressive social media influencer you follow had to start somewhere. They might appear all-knowing, but even they made mistakes when they first started out because they didn’t know everything. Certainly, they still make mistakes all the time. 

View mistakes as learning opportunities and refuse to psych yourself out. If you’ve made it this far, you can make it the rest of the way – filling in any knowledge gaps by learning, learning, learning. 

5. Fear of Failure

Sometimes if we grow up in an environment where failure is seen as bad, we learn to be afraid of making any mistakes. You might think you need to be perfect because you believe there’s nothing worse than being viewed as a “failure” by others. But, in reality, if you don’t go beyond your comfort zone and try new things, how will you expand your horizons and reach all the goals you have set for your company?

How to overcome your fear of failure: Recognize that every business owner experiences failure in one form or another – sometimes multiple times a day and sometimes in a big way. The key is to learn to bounce back from these “failures” and learn from them. Being resilient is essential to your success as a business owner.

6. Fear of Success

The flip side of being afraid of failure is being fearful of success. This can happen when we are insecure about our abilities. Maybe you think that if your company really takes off you won’t be able to handle all of the ensuing responsibilities. For instance, if you start to scale your business, will you know how to manage employees and everything that comes along with them? You might be afraid of taking the next step because you don’t know if you can handle the result.

How to overcome a fear of success: One way to combat this type of fear is to visualize what success will look like. Imagine yourself like a ninja, deftly handling everything that comes your way. It’s a cliché, but if you believe in yourself, there’s nothing you can’t do. Get out of your own way.

7. Fear of the Unknown

Finally, many business owners balk at completing certain projects or making certain decisions because they don’t know what the outcome will be. How will it turn out? They are scared, and they let this fear cripple them. But, in reality, nobody knows what the future holds. You can’t let this stop you.

How to overcome a fear of the unknown: If you have a trusted mentor or friend in your life, approach them and share how you’re feeling. They will likely challenge some of your assumptions and give you the confidence to move forward even if you aren’t sure what will happen. This advice might be all you need to take the leap.

A Final Word From Tuesday P. Brooks, Owner of AJOY 

Everyone experiences fear, uncertainty, and anxiety at different stages of their business journey. This is natural and normal. With practice, you can overcome these feelings and stop them from disrupting your plans and goals. So, keep at it, and don’t give up. Show your fears who’s boss!