Entrepreneurs do not lead easy lives. Trying to add value in the marketplace is one of the most challenging things that any human being ever has to do. You somehow have to break new ground in a way that people like and are willing to spend their hard-earned money on. It’s not easy at all.
Because of this, entrepreneurs have all sorts of fears. There are things that they are afraid of every day. Here’s a rundown:
Making A Catastrophic Error
Every decision that entrepreneurs make changes the direction of their enterprise. And while this can be a thrilling experience, it is also terrifying. A simple decision early on can radically change the trajectory of their business.
One of the best parts of being a business leader is that the buck stops with you. But that’s also one of the biggest sources of stress. If you make a mistake, it’s all on you. Nobody else can take the blame.
Missing Out On Big Opportunities
Entrepreneurs hate to miss out on big opportunities, but many do, even the best. Warren Buffet, for instance, always talks about the opportunities that he’s missed during his life, despite having made billions for his shareholders over the years.
Fundamentally, entrepreneurs want to have an impact on the world. Therefore, when they miss out on opportunities, it cuts deep. They want to make a difference in the world, but when the moment of truth arrives, they clam up and fail to make the right decision.
Being The Victim Of An Attack
Modern businesses are under constant threat, both physically and digitally. That’s why they invest so much in intercom and access control installers, security equipment, and network monitoring. They want to prevent catastrophic breaches that could render their businesses impotent.
Not Scaling Fast Enough
Entrepreneurs also know that they need to scale rapidly if they want to be successful. Failing to reach a critical mass can mean the difference between succeeding long-term, and outright failure in a few months.
Scaling, though, is difficult. It often requires going into debt, and that means that entrepreneurs constantly have to convince lenders to give them more money.
It’s also risky from a business perspective. Many firms that work in niche markets don’t do as well when they attempt to scale their operations.
Not Enjoying The Work Anymore
Entrepreneurs know that they need to be passionate about what they do to do their best work. But if they find themselves bored or tired of their enterprise, that could lead the whole thing to ruin.
Worse still, they’d have to confront some fundamental existential questions. Many entrepreneurs start new businesses because they want their lives to be better. When they discover that running a successful company still leaves them feeling empty, they wonder what will fill the hole.
Letting Their Team Down
Lastly, entrepreneurs fear letting their teams down. If they fail to meet their targets, they worry about how it will affect the lives of other people they feel responsible for.