Menu
Business Tips / Lifestyle

Fear of Failure May Be Stopping You From Launching Your Business

Recent research indicates that female-led and owned small businesses thrived and even excelled during the pandemic.

Despite the stresses and challenges of the previous year, women in business powered through and scaled their companies.

You can presume that a time when opportunities are lessened, there is no room for hesitation and fear.

Get out of your own head

An even more recent survey by Lending Tree found that 1 in 4 Americans have thought about starting a business in the past year, despite the pandemic.

Notwithstanding this compelling data, there were hiccups to launch.

The respondents gave reasons for not starting their businesses and the second most given reason for not starting a business is easy anxiety and fear of failure.

In the survey of 2,050 consumers, LendingTree researchers learned what is driving that inspiration to kickstart a business and who is acting on it.

Purpose and Passion Drive Big Moves

The findings also validated something about the human spirit: that we are inately driven to want to do work that matters, and to not waste our time here on earth.

The need for finding purpose was the number one reason given for wanting to start a business

When surveyors asked those who said they were thinking about starting a business what steps they had taken to advance that desire, the highest response came from 36 percent (36%) who said they had done nothing.

The combinded results of certain key segments of this report paint a distinct picture.

In sum, despite the human need to fulfull a purpose and to pursue what fuels and excites them, they let fear and fear of failure hold them back.

Consequently, that fear is so strong and powerful that it paralyzes some of us. Fear stops us from advancing our self interest and our inate need to have a meaningful and purpose driven life, whether we realize it or not.

And the generation data confirms that the older we get, the less we will be to strike it out on our own.

Analysis: Fear Holds People Back From Fulfilling their Purpose

It doesn’t have to be like that. We can overcome the apprehension and anxiety over starting a business. Of course, it is hard. Dissolving mental blocks is hard work. It’s a deeply personal task.

There is an easier way:

We can form coalition to lobby local, state and federal governments to adopt policies, funding and legislation to provide more financial resources and assistance for small businesses.

Those who are in the power of leadership can use their influential to join or encourage public private partnerships and philanthropy, where available. Be an advocate for the StartUp.

Those in government can offer tax incentives to companies to create programs, with lower interest rate, credit minimums and other qualifications for newer businesses, or to invest in activity that train and prepare micro and small businesses.

The philanthropic community can join to establish empowerment and knowledge centers.

The possibilites can be endless and there are plenty of models and scholarship that show the investment in new businesses can be worth it.