To Succeed, Business Owners Must Embrace Their Fears-Then Overcome Them

Success demands you face your fears. It involves pushing yourself past risks, obstacles, anxieties, doubts, and more.

For business owners, these fears are magnified to a startling degree. But that only means that if you want your business to grow, you’re going to have to push forward even stronger. Entrepreneurs are, by necessity, a hardy lot, because of the emotional fortitude they develop to get past the fears that hold them back.

To take your business to the next level, you need to understand just how strong you really are. You need to know that, with the right support, you can overcome your fears. Here are some fears that every seasoned entrepreneur knows well and new entrepreneurs should anticipate:

Fear of Irregular Income

For many people, employment comes with a sense of stability. The fact that you’re guaranteed a fixed amount of money on a predictable schedule is a safety net around which to plan your life.

That all goes out the window when you decide to start your own business. Your income is now directly tied to how the business performs, and performance in the early days of any business tends to fluctuate. And because getting a new business off the ground demands a lot of your time, you probably won’t be able to keep your day job alongside it.

It’s a risk you’ll have to take. But when you tie your personal comfort to business growth, you’ll find the drive to make it succeed, no matter what.

New entrepreneurs would do anything and everything for their business, as if it were their child. So it’s natural to want as much control over any situation as possible.

Fear of Entrusting Your Business to Others

New entrepreneurs would do anything and everything for their business, as if it were their child. So it’s natural to want as much control over any situation as possible.

But doing everything on your own sometimes isn’t a feasible option. You can burn out if you allow yourself to fill a dozen roles at once.

It might be a scary prospect to hand over some parts of the operation to someone else—essentially, to delegate—but this a leap of faith you need to take. If handing over the reins—even just a little—lets you stay at the top of your game, the delegation is more than worth it.

A business loan is a risk, for sure, but the chance to take your business closer to your vision justifies the debt a million-fold.

Fear of Taking Out a Loan

Debt casts a shadow of doubt over any endeavor, but that doubt balloons when you’re talking about the scale of a business loan. Not only are you borrowing a much larger amount, there’s also the crippling uncertainty of being able to pay it on time.

But there’s truth to the adage that you have to spend money to make money. Without a substantial amount of capital, how are you going to grow your business to its next level? A loan is a risk, for sure, but the chance to take your business closer to your vision justifies the debt a million-fold.

That’s why products like BDO SME Loan are valuable to entrepreneurs. To help mitigate risks, the bank does as much as it can for you, from analyzing your proposal for its viability to offering terms that allow you to find the most comfortable method of paying the loan back. With a minimum loan of just P1,000,000 and a maximum of P20,000,000, you can secure an amount that addresses your needs at nearly every growth stage of your business.

Starting a business is a frightening endeavor. Growing one can be even riskier. Greatness, however, is never achieved without throwing caution to the wind.

Leave your day job. Find a partner. Secure the financing you need to take your business to the next level. Take all sorts of other risks. Play them smart, and you’ll find yourself enjoying the success you used to just dream of.

Learn more about BDO SME Loans by following this link. Get updates on the loan and other offerings by following BDO on Facebook.