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  One of the common fears people have is starting a business. This is because starting a business can feel like going swimming in the River Niger. When you approach it, you suddenly become unsure if you should dive in. You think about the risks involved, such as losing money, failing, and what people will say.
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This is not even helped by the economic challenges we face in Nigeria, which make the fear even greater. You often wonder what may happen if you invest and things don’t go as planned. But the truth is, every successful entrepreneur once felt the same way. Fear is normal, but you shouldn’t let it stop you. If you’re experiencing fear of starting a business, this post will help you understand why you feel this fear, how to overcome it, and steps to confidently launch your business.

Why Are You Afraid to Start a Business?

  1. You’re Afraid of Failure

The reason why you’re afraid of starting a business is probably because you fear that your business will fail. A report has that about 80% of small businesses in Nigeria fail within their first five years. As scary as these statistics are, you need to understand that failure is often a stepping stone. Many successful entrepreneurs failed before they got it right.

  1. You’re Afraid of Financial Loss

Starting a business requires capital, and losing money is a major concern, especially given Nigeria’s unstable economy and high inflation rates. However, you can reduce this risk through wise financial planning, such as starting small and reinvesting profits.

  1. You Feel You’re Not “Good Enough”

You might think you don’t have enough experience, skills, or education to run a business, but many successful Nigerian entrepreneurs started without formal business training. For instance, Aliko Dangote, Africa’s richest man, built his business empire through experience, not just classroom education.

  1. You’re Afraid of What People Will Say

Society sometimes discourages entrepreneurship. Family and friends may question why you’re leaving a stable job to “sell things.” But remember, those who criticize you today may admire you tomorrow when your business succeeds.
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How to Overcome the Fear of Starting a Business

  1. Change Your Mindset

Every fear exists in the mind. Changing how you think about it will free you from its hold. Instead of seeing failure as a disaster, view it as a lesson. Every failed attempt teaches you something valuable.

  1. Start Small and Grow

You are probably thinking that you need millions to start. But you can begin with what you have. If you want to start a fashion brand, begin with a few clothes, sell them, reinvest the profit, and expand gradually. Most successful businesses you know today all started small before becoming giants.

  1. Do Your Research and Plan Well

When you fail to plan, you plan to fail. A well-planned business is less likely to fail. Before launching your business, take time to carry out market research, understand your competition, and create a solid business plan. This understanding gives a form of confidence and reduces fear.

  1. Build a Support Network

As an entrepreneur, especially an early-stage entrepreneur, it is important to surround yourself with people who believe in you. You can join business groups or get a mentor. Learning from those who have walked the path before you can significantly boost your confidence.

  1. Take Small, Bold Steps

Don’t wait until everything is perfect before you start. Begin with what you have, learn and adjust as you go. The best way to overcome fear is through action. If you want to start a baking business, take a few orders from family and friends, improve, and scale up.

  1. Learn from Others

Success leaves clues. As an early-stage entrepreneur, it should be a priority for you to immerse yourself in knowledge resources. Read books, listen to podcasts, and watch interviews of successful entrepreneurs. Their stories will inspire you and help you realize that every great business started with uncertainty.
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Concluding Thoughts

Fear is normal, but shouldn’t stop you from pursuing your dreams. You might face challenges, but you won’t be the first, and you will certainly not be the last. Every successful entrepreneur once stood where you are now. So, take that step today. Your business idea could be the next big success story.
Did you find this article useful? Contact us: editor@connectnigeria.com
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This article was first published on 26th March 2025
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victor-ifegwu-mbonu

Ifegwu-Mbonu Victor is a Personal Growth and Leadership Trainer who provides training and coaching to individuals and organizations.

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