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3 SCARY TRUTHS ABOUT BECOMING AN ENTREPRENEUR

 

OCTOBER 30, 2019
 

You may have thought that feeling scared was reserved for Halloween, haunted houses, or childhood nightmares. As you’ve probably discovered by now, starting a business—especially as a first-generation entrepreneur—comes with its own unique set of fears.

 

Fortunately, you don’t need to be a Ghostbuster to overcome them.

 

Here are three scary truths about becoming a first-generation entrepreneur:

 

Fear #1: Fear of failure

When launching a new business, most first-generation entrepreneurs have moments of panic and self-doubt, and they ask themselves, “Is this going to work?”

 

Fear of failure is extremely common, but most FGEs view failure as a stepping stone for success. If an FGE does fail, it’s a temporary one, meaning they pull themselves up by their bootstraps and try again. What I love about FGEs is they are wonderfully resilient.

 

Fear #2: Lack of experience

It’s their first go-around as an entrepreneur, so it’s typical for FGEs to have a fear of the unknown. They often question if they know enough to “pull this off.” They may realize that they don’t know what they don’t know. This self-awareness is what makes FGEs able to push through the unknown and persevere.

 

Fear #3: Facing your naysayers
Most FGEs have dealt with their share of intentional and unintentional naysayers as they’ve launched their businesses. The last thing FGEs want is to not be successful, and to face those who doubted them with an “I told you so.” This alone can motivate FGEs to thrive.

 

Why these fears are unique to FGEs

Unlike other occupations, first-generation entrepreneurs have no clear path to success because there are so many different ways to get there. Even second or third generation entrepreneurs can do what’s been done before, but an FGE is truly working in unchartered territory. There’s no road map, and that can be scary.

 

How to bust those ghosts

Here’s how we recommend you face those fears of becoming an entrepreneur:

 

·         Identify your core values. Your core values will serve as the guiding principles that define who you are as a company. They will become your moral compass that you and your employees will align with.

 

·         Develop a mission statement. Your mission statement identifies your WHY, your purpose, and your reason for existing. As your business grows, your mission will probably change.

 

·         Seek advice from FGEs who’ve been successful. So many people make the mistake of getting advice from the wrong mentors. It’s vitally important to immerse yourself in an ecosystem with other first-generation entrepreneurs who’ve achieved success. Go big. If you’re running a $10 million company, seek out mentors who are running $20-$25 million companies. They will be able to advise you and answer questions you didn’t even know to ask.

 

How have you overcome fear as an FGE? Share with us on Facebook, Twitter and LinkedIn!

 

Any opinions are those of the Gerber Team and are not necessarily those of Raymond James.



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