Entrepreneurophobia: Conquering The Fear

ENTREPRENEUROPHOBIA: Conquering the Fear!

NOTE: This version of Entrepreneurophobia has been updated and revised exclusively for life beyond the year 2000, and exclusively for readers of Turn Your Passion Into Profit.

Naming the fear:
Being an entrepreneur has the glamour of being in charge, calling the shots, setting your own hours, more personal freedom, and just possibly the chance of making it really big with that new idea, service or product. On the down side, there are long hours, uncertainty, and of course, risk. Success is not guaranteed, and the money doesn't always come with the regularity of a paycheck from a day job. Every day, more people are jumping out into entrepreneurial waters with the goal of improving the quality of their lives. Many others have an equal desire to be free, but can't seem to rid themselves of the "employee mentality" that's weighing them down. As a result, many choose to suffer in silent desperation making others into millionaires, while their own dreams of success go unfulfilled. There's no shortage of opportunities out there. So, what's stopping more of us from taking advantage of them? What keeps many of us shackled to the nine-to-five grind is plain, simple FEAR. Fear of the unknown. Fear of failure. Fear of success. But, don't worry, even successful entrepreneurs experience fear. It's part of being human. The trick is not to let it scare you into inactivity. The first step in our task of conquering this fear is naming it. What you are experiencing is a common malady known as Entrepreneurophobia, the fear of being an entrepreneur. And while you won't find it listed in any of the medical or psychiatric journals, I've encountered it often enough to know that it's real, that I had to give it a name, and that it needs to be addressed.

How to tell if you suffer from Entrepreneurophobia:
How can you tell if you suffer from Entrepreneurophobia? Here are a few questions to help you make a quick self-diagnosis. Does the thought of being CEO of your own company make you break into a cold sweat? Is the security, and regularity of a constant paycheck more comforting to you than the uncertainty and risk of being on your own? When you hear of others who are jumping out into entrepreneurial waters, do you think deep down that they're destined for failure? Or, do you think that the constant pressure they must be under would be too much for you? When you think of starting a business, do you become paralyzed with fear? Do you think that being an entrepreneur takes some magical powers, or a level of intelligence that you believe you don't have? If you answered yes to any of these, you might be a victim of this common malady. But, fear not. Many others share your apprehensions, and it's certainly not life-threatening. But what is it that we're actually afraid of? Is there something about being an entrepreneur that is really so intimidating? Or, is there something else going on?

Fear of failure or fear of success?
Most of us have been programmed all of our lives to believe that "success" is simply going to school and getting a good job. While these are admirable goals to pursue, they don't encompass the entire realm of ways to live our dreams. Unfortunately, the programming is so powerful, that any endeavor which we consider that's not based on those norms feels threatening to us and to those around us. Starting one's own business is a bold move which little of our life's teaching actually prepares us for. It is often seen as an impetuous and difficult undertaking reserved for special people. As a result, we are likely to suffer discouragement and even ridicule from family and friends who view such plans as silly and destined for failure. In addition, we often have to overcome our own insecurities: What if I can't sell my product? What if my business fails? What if I get sued, or end up in more debt? How will I pay my rent? What will my family and friends think of me if I fail? What will I think of myself? Overcoming these self-doubts and negative influences doesn't mean you'll be successful either. In fact, overcoming fear of failure may be just the beginning of your "troubles." Because, while many of us suffer from a fear of failure, an equal number suffer from what we can only call a fear of success! It's true. There are many individuals who don't know how to handle success and, when things are going well, appear to do everything in their power to destroy everything they've worked hard to achieve. The story of the superstar who "had it all" and then threw it all away on drugs, sex or gambling is the classic example. Even after we have achieved success, our own low self esteem may come back to haunt us. What happens is that the public image we've created--the one that everyone else sees--doesn't quite match the one we have of ourselves. We subconsciously do what we can to get the two to match. We sabotage our own success in an effort to bring the two images into agreement. Eventually, the facade of wealth, confidence, and success comes tumbling down, soon to be replaced with the old self-image of poverty, lack and negativity. At that point, what's now on the outside matches what you've always believed about yourself on the inside. That's what fear can do to you. And while the bad news is you may never get rid of your fears completely, the good news is that you can learn how to manage them, and succeed despite them.

Fear Management:
When you're in business for yourself, you become a manager. Sales, employees, expenses, taxes, growth and everything related to your business all require effective management. Fears too, are as much a part of being an entrepreneur, and also need to be managed. Many potential entrepreneurs fail even before they write their business plan, simply because they don't practice fear management well enough in advance and, just as importantly, during the life of their venture. To help you get a handle on your fears and practice fear management, here are a few basics facts you should know.

1. Fear is at the basis of most of human activity. It's one of the two reasons why we humans do ANYTHING. (The other reason is love). From working our job, to war, to religion, to politics, to sex, practically every aspect of what we call civilization is in response to some fear or another. Fear of starvation leads to the development of agriculture; fear of poverty leads to the pursuit of wealth; fear of the elements leads to construction of shelter; fear of death leads to the development of religion. Fear of losing freedom, independence and territory leads to war.

2. All fears are learned. Behavioral psychologists say that the only fears we are born with are the fear of falling and the fear of loud noises. All other fears are learned, and like bad habits, can be unlearned. So there's hope!

3. Fears are not real. Fears are illusions. Fears do not exist. They are your responses to ideas that you've created from unreal beliefs. They have power only because you give it to them. Remember the first time you spoke or performed in front of an audience? The first time you dove into a pool? The fear at those times was so overwhelming that you thought you wouldn't survive into the next day. Well, you have survived, hopefully with the knowledge that the fears themselves are usually more powerful than the thing we fear. In other words, fears rarely equal consequences. As you face your fears, ask yourself: what's the worst that can happen? If your idea doesn't sell, will the death penalty be imposed? Doubtful. Many of us would probably realize that our deepest fears are actually unfounded if we did a realistic assessment. But many of us never do because it's often easier to magnify our fears than to admit that the only thing holding us back ..... is us.

4. Fears signal opportunities. The only way to grow in life is to take yourself out of your "comfort zone." As long as you keep doing only what you're comfortable with, you will never grow. If something you're considering doing causes fear, the fact that you feel the fear is probably an indication that this is something you NEED and MUST do to grow into the next stage of your life. As a child, you couldn't walk until you conquered your fear of standing. You couldn't run until you conquered your fear of walking. You can’t ride a bicycle until you conquer your fear of falling. Fears are the body's and mind's way of identifying areas in your life that you need to work on. And as you do, you may sometimes stumble, or even fall, but you ALWAYS learn and grow.

ICE-ing your fears:
Like most entrepreneurs, I struggled to make my business more and more successful. At times, I encountered numerous obstacles which I feared were threatening my dreams. There were times I knew exactly what I had to do, but just couldn't bring myself to do it. For instance, I remember at one point being afraid to send out too many advance copies of my first how to book, for fear that some more established person or company would simply steal my idea and run me out of business. However, once I learned the four truths of fears, I developed my own technique for conquering them: I call it ICE-ing. To ICE your fears, you must first (I)dentify, then (C)onfront, and finally (E)liminate them. Let's take a closer look at each step.

Identifying your fears. The first step in conquering your fears is to be honest with yourself. Once you've admitted to yourself that fear is the reason you are not doing what you should be doing, then ask yourself, what am I afraid of? Try putting into words exactly what the consequences are that you fear. Write them down. Don't be surprised if at first you can't come up with any real reasons. (Doesn't it seem silly to be paralyzed by something you can't even name?) With practice, however, you'll become more aware of what's really going on in your heads and hearts, and you'll be able to put it into words. You then need to find out what's really going on. Often the first fear we identify is not the one that is paralyzing us. Keep asking yourself "why am I afraid of that?" As you keep questioning each answer, you'll get to the bottom line. Forcing yourself to put your feelings and fears into words helps you to make sense of them, and to understand yourself. This exercise alone can be quite empowering. Confronting your fears. Confronting your fear means accepting that you have them, and accepting what they say about you. In other words, you may not like that you are the type of person who is frightened by what others think of you, and so you'd rather remain a definite failure than a possible success. But, unless you accept these truths about yourself, you won't be able to get to the next level. Remember:

Our fears are based on false beliefs
that our ego's vested in
We strive to be what we are not
and see what we are as sin

There's struggle in opposing truth
For what's denied will last
Resist it and it pushes back
Accept and it will pass

It's what you say does not exist
that lingers on for years
What's railed against is given life
What's seen then disappears

The man who sees things as they are
can then be free to grow
For 'til you hold a thing in hand
you cannot let it go

Untitled
Walt's Friday Inspiration #119
©Walt Goodridge

Eliminating your fears. The final step in ICE-ing your fears is eliminating them. The basis of fear is uncertainty. Fear is how we react when we "don't know." You are fearful of what you perceive might happen, but you do not actually know what will happen. Your goal then, in conquering your fears, is to find the answer to the "what will happen if?" question. For example, if like me, you get paralyzed by approaching an attractive woman to initiate a conversation, you know that it's not so much what she'll say or do that is so intimidating, but what paralyzes most is "not knowing" what that response will be. It’s the same with any type of fear. Once you realize this, you'll also realize that only one thing can eliminate the not knowing: Action! In a later chapter, when we discuss personality types, I’ll offer some more tips on how to reframe your fears so that it’s easier to take action.

Action nullifies fear. "Knowing" eliminates it. Notice I said nullify. To nullify is to render ineffective. You may still feel fear, but your action has the effect of nullifying it. The knowledge that comes from doing, then removes the uncertainty factor. Remember, we said that your fear is based on the fact that you don't know. So, once you take action, you'll immediately "know" what the consequences are. You may fail, or you may succeed, but at least you'll know the answer to the "what will happen if....?" question. It may help to remember that

"whenever I'm afraid,
there's really something I don't know.
I’ll take actions to find out
and cause the fear in me to go"

If you don't take action, you'll live the rest of your life with that single burning question: What if I had? Remember: A fear avoided lingers for eternity. A fear confronted dies in a second.

Of course, if the memory and pain of rejection, or failure, or whatever is holding you back from taking action is greater than the pain of living in regret, then you may never act. But, if you decide that the relief of knowing, and the growth that comes from facing your fear, and avoiding a life lived in regret is a greater incentive, then in time you may remove this fear altogether. The fear may come up again the next time you need to act, but it becomes less paralyzing over time, if dealt with repeatedly. Now none of this is intended to imply that it's going to be easy. Being an entrepreneur is about taking risks. Risk taking requires courage. It's often said, however, that courage is not the absence of fear, but action despite the fear! Action is the key. I'm reminded of the powerful title of a book which deals with this very subject. It's called Feel The Fear, And Do It Anyway by Susan Jeffers. The fears never stop coming. But you always have the option of action. As you conquer one, the same one, or another appears to take its place. What you can change, however, is how you react to them. Eventually, what others will consider your fearless approach to life, you'll know simply as a commitment to action in the face of fear. You wont be eliminating your fears, you'll be eliminating your fear of your fears! And that, dear future entrepreneur, is the key to success! To help you on the journey of developing the courage you need to act in the face of fear, here are some other tips:

Start small:
Building up the courage to tackle your fears takes practice. Start with the easier challenges and work your way up to the bigger issues.

Do daily affirmations:
An affirmation is a statement of a desired outcome stated in the present tense. "I am a successful entrepreneur." "My company is making enough money to support me." These are examples of effective affirmations that you can write on 3"X5" index cards and read them to yourself in the mornings and in the evenings. What you'll be doing is reprogramming your mind to think in terms of success!

Focus on the Good:
Decide that you'll focus on the times you acted and got good results, rather than the times things didn't quite work the way you planned. In other words:

Live in the thoughts of your most treasured experience
not in the pain of your last

See from the heights of your loftiest dream
not from the depths of your past

Judge and be judged from your best creation
not from what you didn't do

Your power in life comes from which thoughts you keep
and which you let pass on through

Which ones to keep
Walt's Friday Inspiration #23
©Walt Goodridge

Read motivational books:
As you go through life, it's normal that your energy level will fluctuate. Several good books exist which can help you keep the motivation high. They can usually be found in the self-help or psychology sections of your local bookstore. Check out chapter 10 for a list of books, including The Psychology of Achievement by Brian Tracy, Unlimited Power by Tony Robbins, Live Your Dreams, by Les Brown, The Master Key to Riches and Think and Grow Rich both by Napoleon Hill.

Hang out with positive people like you Misery (and failure) loves company! Stay away from negative thinkers and align yourself with people who are on their way to or are already where you want to be! The people you keep in your circles have a tremendous effect on who you will become. Hang out with people who challenge you. Seek out people whose ideas help you to think differently, and whose lives give you something to aspire towards. It's well known that:

The people who affect us most
are those who make us think
For growth comes from the gusts of thought
that push us to the brink

In thought is where we find ourselves
if lost or on a quest
from thought is where the visions come
that make us act our best

Think long and hard on who you are
and what you've come to be
and trace it back I'm sure you will
to one who helped you see

they made you think in different terms
around their lives your tide did shift
they changed your thoughts of who you were
a new direction was their gift

These people were your signposts
who offered what cannot be bought
Yes, life's turning points are the people
who change the level of your thoughts!

Turning Points
Walt's Friday Inspiration #104
?Walt Goodridge

Learn to follow your "gut":
Your "gut", what scholars refer to as intuition, is an important tool for success. Your feelings of fear are gut messages that you need to recognize. They indicate that there is a lesson to be learned; new ground to be covered; a challenge to be met. Seek out those feelings and move in their direction. Eventually, with enough practice, your gut will send you messages not just of situations to avoid, but of the dreams you wish to pursue. For just beyond the feelings of fear are equally powerful feelings of excitement that indicate when your dreams are about to come true.

I'm learning how to hear it;
it's often faint and gets drowned out.
Like a guide who tells me where to go,
but chooses not to shout

It sends me signals from another plane,
and shows me things I might not see.
Who to avoid and who to embrace
it clears my path and sets me free

At times I might feign deafness
and vainly choose another course
But usually look back in regret
when the road I take gets worse

So now I practice getting silent
to hear the falling of a pin
Yes, I'm learning how to listen well
to the still small voice within

The Promptings Come In Whispers
Walt's Friday Inspiration #56
?Walt Goodridge

The world is filled with opportunities. Becoming an entrepreneur is one pathway you can take to claim your share. The only reason more of us aren't taking the plunge is due to fear of the unknown brought about by years of conditioning. Entrepreneurophobia is just a fancy word to describe our old habits, beliefs and fears. Those of us who sit on the sidelines will forever wonder what might have been. Those of us who are willing to think differently will grow beyond these old ways, conquer our fears, and eventually be able to live our dreams.

Copyright ?2000 Walt Goodridge.