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This month is regarded as mental health awareness month, with October 10th recognized as World Mental Health Day. It therefore allows us to remind ourselves how closely linked our mental well-being is to our fears, especially in a high-stress environment like entrepreneurship. While the fear of failure can sometimes push you to do better, it can also hold you back if not properly managed. This post will provide you with tips on how you can overcome this fear as an entrepreneur.
Understanding the Fear of Failure
Fear of failure, known as “atychiphobia,” is more than just being scared of making mistakes. It can cause you to put off or avoid any activity or scenario that has the potential for an unsuccessful outcome. It can also stop you from seizing opportunities, expanding your business, or even starting one in the first place. Someone with this condition may be scared to try new things, take risks or embrace growth for fear of failure. This fear can be even more intense due to factors like financial uncertainty, high cost of things, unfavourable government policies, and fluctuating markets. You might often feel that if your venture fails, you will lose face, disappoint your family, or struggle to recover financially. This fear might also lead to anxiety and stress, both of which affect your mental health. So, it’s important to address it head-on.So, how do you deal with the fear of failure?
1. Accept that Failure Is Part of the Journey
To overcome the fear of failure as an entrepreneur, you must change your notion about failure. Many successful entrepreneurs, including those in Nigeria, will tell you that failure is part of the journey. It’s a learning process. When you start seeing failure as a learning opportunity rather than a dead end, you free yourself from the grip of fear. Understand that setbacks are temporary and can be the stepping stones to greater success. In a previous post, I wrote about practical strategies you can adopt to help you turn failure into your advantage.Sign up for the Connect Nigeria daily newsletter
2. Embrace a Growth Mindset
One powerful way to overcome the fear of failure as an entrepreneur is developing a “growth mindset.” This means you believe your abilities and intelligence can grow with time and effort. When you have a growth mindset, you see challenges as opportunities to learn, rather than threats. Adopting this shift in your perspective can allow you to embrace the unknown and take calculated risks without being paralyzed by the thought of failing.3. Plan and Be Prepared
Another way to reduce failure fears is to plan and prepare thoroughly. When you understand the risks involved in your business and make adequate preparations, you can feel more confident. Many entrepreneurs fear failure because of poor planning or lack of resources. But this can effectively be addressed through an effectively executed market research, and also by seeking mentorship from more experienced coaches or entrepreneurs.4. Surround Yourself with a Supportive Network
Entrepreneurship can often feel like a lonely journey, but that does not mean that you should go through it alone. It can be helpful to surround yourself with a strong network of mentors, advisors, and like-minded entrepreneurs. Through these networks, you get the chance to share your fears and experiences with others who have walked similar paths. Sometimes, hearing from someone else who has faced and overcome failure can be the motivation you need to move forward.Register to attend the CN Business Mixer
5. Take Care of Your Mental Health
Finally, it’s important to reiterate the importance of mental health in this conversation. Fear of failure can take a toll on your mental well-being, leading to stress, anxiety, and burnout. It is important to prioritize your mental health. As an entrepreneur, you may find yourself caught up in the hustle and grind of entrepreneurship that you may forget to take care of your mind. This is why you need to put in place a system to ensure you’re taking care of your mental health. Things as simple as taking regular breaks, meditation, exercise, or even therapy can help you manage your fears and improve your performance.Got a suggestion? Contact us: editor@connectnigeria.com