Why Do People Fear to Fail in Business Setup or Business World?
My view is because they fear to fail meaning that until one takes a risk as an entrepreneur then you re not ready for success. Don’t fear to fail but you will discover that there are thousands of ways to fail.
Let me quote this by one philosopher:
“It is more risky not to take a risk.”
Yes this is usually correct ie bad management. A lot of people fail to prepare a business plan and some also fail to do their research on the market that they are intending to trade in.
It is key that if you are going to start a business you prepare a plan and do your research and if you lack certain skills to run a business then you should seek advice.
Information is power.
Starting up any business is a risk itself.
- You must be ready to take risk.
2. Acquire the necessary skills and training.
3. Have a good relationship with the veterans in that business.
4. Keep a positive mind.
People fear to fail especially in business because they have low income to start business,imagine many individuals start business after getting loans from banks at high interest rates.in case it fails you can sell your household property and people around you will fear to start any business.
Fear is a weakness, we all have weakness but we just stand strong and overcome it.
Fear of failure is indeed the number one factor that leads people to inaction. The ability to have a dream and stick to those dreams need courage. Unless they change their views and definitions of failure, they cannot be successful in any endeavor.
The first thing they need to do is to redefine failure. For the majority of people, failure is daunting and associated with a lot of uneasiness. This definition should be changed. They have to view failure as an opportunity to learn what didn’t work.
But, more important, they should never see failure as a permanent state. Nothing is permanent but change. Thus, instead of viewing failure as a dead end, they should see it as a temporary defeat. And they need to take action to pass it through.
Any business has an element of risk associated with it. If the risk is low, and you can afford to lose whatever is to be lost, then the fear is diminished. But this is normally not the case, and that’s why many people fear to fail. If it is proven business plan then there’s nothing to fear,
I think this is just phsycological, but an Enterprenuer always knows that, failure is part of the game. You can fail even 10 times but giving up makes failure worse.
Most people fear to fail because they think failure means incapacity,lack of capacity, weakness or impossibility. They do forget that failure is part of the game. They don’t know that everything business has a risk,
In fact there is a risk in everything, we just have to be positive and try several times .
Fear is usually an indication you shouldnt be setting up a business!! You need to have the right mindset from the beginning. Preparing yourself for business, do your research, test your market, know your risks. The old saying failure to prepare is preparing to fail