Five Common Fears When Leaving A Day Job To Start A Business
Published on May 30th, 2015 | by Joan Makai
Being your own boss would appeal to almost everybody. But not many take the plunge into starting a business of their own. This is because fears hold them back from the amassing fortune that the destiny has in store for them. Eventually, there are regrets at not having dared to start up a business.
Here are some of the common fears that people generally face while switching over to a business from their day job.
- Fear of Financial Instability
Starting business enterprise may not be as much of a hurdle as anticipating it to start fetching returns. Obviously, everybody would like the company to start offering returns from the day funds are invested. But that never happens. It takes a few years before everything is in place, and profits start kicking in. It may take longer than the entrepreneur anticipates. Actually, it may deplete his or her resources, and increase the debt burden. Would the stress associated with it be worth it? That weighs on the mind of people who have a viable project in mind, but not enough courage and resources to take the first step forward.
- Fear of Failure
What would happen if the business fails? Would there be any possibility of me finding a job? Will I be in the same position as I am now, or will I have to work with people who are my subordinates now? Those fears hold back people from leaving their cushy jobs in which their stress is lower than that of their employers.
- Fear of not being Better off in Future Than They are in Present Scenario
The job that people have may be rewarding enough for them to hesitate moving out even if they are sure that the business venture they have in mind will not ruin them financially. This is more of an attachment to the fortunes in future aspect than fear of failing or financial woes.
- Fear of Unknown and Taking Risks
No business is without its share of risks. Responsibilities often hold back people from daring to start an enterprise. Risks may be related to new technological developments, calamities, or even thefts and riots. Should such a thing happen, would it be possible to fulfill responsibilities?
- Fear of Not Having Enough Knowledge
Successful businesspersons spend a lot of time studying what they want to do, and how they will plug in the loopholes. Wishful thinking cannot help to succeed in business. Knowing everything about the proposed business is as essential as planning finances. Depending upon others will also not suffice. If an entrepreneur is aware of his or her tendency to overlook things or not study and plan the venture properly, then the fear of failing becomes a real possibility.
Prospective entrepreneurs may hesitate to venture out because they are not confident that they have sufficient ammunition to make their business succeed. This could mean ability to sell products, ability to raise finances as and when needed, ability to recruit honest employees, and even ability to retain a sufficient interest in the business, based on personal attitudes. Lack of confidence also comes because another person fails. People generally hold others in high esteem, not knowing their flaws. If they did not succeed, how can I? That is the question that locks them up.
Many of the common fears when leaving a day job that any prospective entrepreneur faces are unreal. All they need to do is improve their outlook, abilities, and knowledge. Studying the lives of successful people can help them to break the shackles of fear that holds them back. It is necessary to remember that complacency has no role in success. Therefore, success requires them to continue and further innovate. In contrast, the job description may not expect much of them. It is, therefore, easier to work with others than to become a flamboyant entrepreneur. Weighing the real life entrepreneurs enjoy the mediocre life may also prompt some intelligent persons to step out of their fears and take a plunge in the business world.