Aidi — Overcoming Fears as a Founder

The journey of starting and growing a business is always filled with many fears and uncertainties. At some point through the journey, founders face various fears such as fear of starting the business, failure/rejection, scaling, not pivoting successfully, financial inadequacy, etc.

Oftentimes, these fears are caused by assumptions of founders based on stories they have heard or read in the past. For instance, if you are scared to raise funds because of the tales of rejection from investors, you may never raise funds, and your business will have a hard time or end up crumbling. 

It is normal to have these fears at some point through the journey, as they often spur you to grow and desire to learn more. What is abnormal, however, is having these fears and not doing anything to overcome them. Below are some practical ways to overcome fear as a founder:

1. Be Growth-Oriented: As a founder, you must know that you are on a journey of growth regardless of what stage your business is in. If you are scared to take steps you are convinced can help your business grow, here is some advice- Just do it! You may make mistakes sometimes, but if you are growth-oriented, you will understand that you need to keep trying everything possible, the goal being to grow your business. So take that step, learn from your experiences, and strive to improve until you get it right.
2. Embrace a Strategic Mindset: You should be thoughtful in planning and proactive in decision-making. Ensure your business plans are clear and have well-refined operational and financial strategies. This way, you can reduce uncertainties and become more confident while running your business. Also, stay updated on market trends and competitive positioning, as these can help you make strategic and informed decisions to grow your business.
3. Be Part of a Supportive Community: Belonging to a community of founders like yourself cannot be overemphasized. A founder’s journey can sometimes feel lonely, but it does not have to be that way. Even if your product is the first of its kind, you do not have to run solo. Someone might not be building what you are building, but they may have more knowledge about the industry or helpful resources that can make your journey easier. Being in a community helps you network better, gain valuable insights, and navigate the challenges or fears of running a business.
4. Seek Financial Expertise: It is important to seek out experts in the financial sector who can advise and guide you on financial planning, investments, and business management strategies. Investment is a big part of every founder's journey, so you must have someone who can provide tailored advice on investment opportunities and how to manage cash flow. This way, you can deal with fears surrounding finances and focus on growing a profitable business.
5. Prioritize Continuous Learning: The entrepreneurial journey requires continuous learning. As a founder, you should seek knowledge and education in areas that build confidence in business operations. If it means taking a course on financial practices, investments, or marketing to make you more knowledgeable about a particular sector that causes uncertainty, then you should do it. You can also attend seminars, workshops, industry conferences, etc, that help founders expand their knowledge and refine their strategic approach to building profitable businesses.

Fear should not be a barrier or limitation to the success of your business. Rather, it should give you the necessary push to make tough decisions and keep trying new things until you get it right. You should embrace every fear and turn it into opportunities for growth and strategic development while you navigate your entrepreneurial journey with confidence and a desire to grow.