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Marketplace

6 Effective & Practical Ways to Overcome the Fear of Failure when Starting a Business

It is true that there are many risks present on the way to building a successful business. However, it is equally true that every successful businessperson in this world has fought a set of unique problems in order to achieve the goals. The willingness to take actions and the confidence to overcome the challenges with prudence and hard-work are the two major factors that separate a dreamer from a successful entrepreneur. The self-doubt may prevent you from starting a business despite having the experience in the field of your choice. You may have doubts regarding the popularity of your brand/service or the availability of financial support during the crisis. In reality, the obstacle that is present in your way of starting a business is not about the products or money; it is about the fear of failure.

It is possible for every novice entrepreneur to overcome this fear of failure with some changes in the mindset:

1.  Preparation for Success

There are two types of failure in life. You may experience one type of failure due to lack of action and may experience another type of failure in the absence of judicious actions. You may avoid the aforementioned failures with adequate preparation before starting a business venture. It is prudent to learn the details of the industry of your choice. With this knowledge, you may identify the factors that may drive you towards success. It is equally essential to make sure that you have everything that is necessary to fulfil your requirements.

  • You may collect information regarding the demand of the product/service you are planning to cater.
  • You may research the performance of other businesses in order to maintain a practical expectation regarding the profit. This information also helps you gauge the strength of your competitors.
  • You may research about adding a special component to the product of your brand or offering something additional with your service. These efforts may increase the appeal of your brand/service amongst the potential customers or may ensure the success of your business.

2.  Acknowledge the Shortcomings

To become successful in the competitive world of modern commerce, an individual needs a collection of skills. It is impossible for anyone to become a master of various activities. Hence, there is no shame in acknowledging your weaknesses along with your strengths. It enables you to retain the service of other professionals. For example, a web developer and designer may create a website that represents your vision in order to strengthen the online presence. You may not have these skills. Hence, it is prudent to acknowledge your shortcomings for better results. With an expert’s assistance, you have more confidence and less fear.

3.  Practical Objective

It is extremely essential to set a practical objective and to raise the level of expectation in calculated steps. You may have impractical expectations from the start of your business and you may fail to fulfil this expectation due to lack of preparation or experience in this filed. The chance of failure reduces with smart and lean objectives which may push away your fear.

4.  Using Smart Application

In this digital age, there is a software application to simplify all types of tasks. You may even find some software applications that may simplify the management of a business or may integrate different sectors of a business into one platform. These applications may bring efficiency into your entrepreneurship and help you overcome the fear of starting a business.

5.  Taking Action with Confidence

It is prudent to thoroughly research a market or to assess the strength or weaknesses of a particular industry. However, it is impossible to measure the actual strength/weakness until you take actions and start a business. It is equally important to change your vision towards the failure during this journey. Instead of feeling depressed, it may be prudent to learn from your mistakes and to take the next step using a different set of rules. This simple change in your mindset may boost you with confidence and help you lose the fear of failure.

Choose Practical Objective

6.  Mentor’s Advice

The novice entrepreneurs may learn the steps of success from successful entrepreneurs of any field. The basic rules of success usually remain the same in any field of business. You may seek the guidance of the entrepreneurs who want to share their professional experience and their practical knowledge in order to motivate others in following their passion or dreams. Many successful entrepreneurs mentor the interested individuals in order to boost their confidence and to drive the fear of failure away from the mind. With the guidance of a compassionate and learned mentor, it becomes possible to drive away the fear of failure.

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Marketplace

10 Habits Most Successful Entrepreneurs Have In Common

Successful entrepreneurs are creators of new business ventures. They take on financial risks in order to establish a brand, to market an innovative invention or to profit from a venture. It is not easy executing these tasks and there are many risks involved at each step on the way to entrepreneurship.

Most successful entrepreneurs have a few habits in common

Habits that has helped them reach their goals despite fierce competition and gave them the ability to lead the way in their respective field.

As a novice here are ten things we can learn, from the most successful entrepreneurs and may even follow to emerge as a winner:

1.  Practical Planning

It is crucial for any entrepreneur to maintain a practical plan for the highest productivity. You may break an entire day into productive blocks of time and may perform each task in accordance with this planning. It is equally essential to prioritize the tasks on your list. It allows you to complete the vital tasks in a timely manner despite facing challenges which is a part of entrepreneurship.

2.  Reflecting Upon Activities

It is crucial to contemplate your vision and mission every day in order to remain on the right track. With this practice, you may ensure that your daily actions reflect your vision along with your priorities. There are many possibilities of diverting from the right track in the roller-coaster ride of life. Contemplation of your activities at the end of every day may reduce this risk.

3.  Facing Hardest Challenges at First

It may be prudent for an entrepreneur to face the toughest challenge at the start of each day if possible. It gives you the opportunity to execute the hardest task with the highest level of enthusiasm at the beginning of each day. If you complete the toughest challenge of the day at first, then it may give you the satisfaction of accomplishing a worthwhile task and may give the energy to take on harder tasks. It also gives you the opportunity to finish important tasks as early as possible.

4.  Identifying Goals

An entrepreneur is supposed to look after a variety of matters. At times, it may become overwhelming for a novice businessperson. Hence, it is essential to identify and set new goals for every day. This practice may prevent you from losing your focus from the vital tasks and push you towards bigger achievements.

5.  Taking Actions upon Your Goals

It is essential to take actions in order to reach the goal. It is impossible to determine the right track or to determine the necessity for any changes in your action if you are afraid of acting upon your dream. It is equally important to modify your actions in accordance with your changing requirements.

6.  Making Plans for Tomorrow

It is essential to stay prepared for the challenges that you may experience tomorrow. It is possible for any business to run into a financial crisis; however, any entrepreneur may avert those crises with advanced planning and with esoteric measures. An advance planning of the tasks of tomorrow also prepares you to face all types of challenges with better efficiency.

Making Plans for Tomorrow

7.  Staying Updated with Latest Trends

The trends in any industry go through continuous change depending upon the invention of new technologies or changes in consumers’ demands. If you do not remain updated about the changing trends, then you may lose your old and potential customers to your competitors. Hence, the habit of remaining updated about the latest market trends may ensure profitability.

8.  Tracking Progress

It is extremely important to acknowledge your progress at the end of each day. Whether you achieve something worthwhile or notice some success through your latest efforts, an acknowledgment of this fact may give you the strength to move forward towards bigger achievements.

9.  Ditch Ego Conflicts

It is essential to pay heed to the queries and suggestions of others in order to identify your mistakes and to take necessary action. Many successful entrepreneurs believe that there is something to learn from every person in life keeping aside their ego conflicts.

Ditch Ego Conflicts

10.  Following Healthy Lifestyle

It is equally important to maintain a healthy lifestyle. The food you ingest may greatly impact your mental and physical wellbeing. You may even maintain a daily routine of workout or relaxation to rejuvenate the body and mind. It enables you to face the new challenges with vigour.

The most prosperous entrepreneurs aren’t the most efficient money-man or most renowned public speakers. They’re those who can blend with the change in the world. What’s your consent? Let us know what you think makes a thriving businessperson in the comments below.

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Leadership Marketplace

What The Market Wants

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Inspiration Marketplace

Two clues to finding your passion

Eddie: Hello, and welcome to Mentoring Platform. My name is Eddie.

Bola: And my name is Bola

Eddie: Alright. Well this is our first time this year of doing this.

Bola: Yeah Happy New Year!

Eddie: Happy New Year. Happy New Year. And I think today, very briefly, we want to talk about your focus this year.

Bola: Yeah.

Eddie: And one of the things we want to focus on this year is your passion. We want you to find an area of interest. Alright?

Bola: Yup.

Eddie: I think, right now I’m currently working with a group of people, helping them find, I’m helping them to find their area of passion and see how they can save their world on that platform. And then also create, see how they can actually earn an income from that passion, and do it full time. So I think it’s good when you function in the area of your passion. When you do things that you really, really love. And I think that’s one area I will love you, I will love you, to work on this year.

Bola: Yeah. We’ve come to realise a lot of people don’t even know what they are good at. They don’t know what their passion area is. Maybe because all your life you’ve been told what to do. Or you’ve had to work on that necessity. Or on that leader that tells you to do things in a particular way. Or mum and dad want you to do things in a certain way. But whatever it is, many of us have either lost it or have never found what we are good at and it’s so, so easy to find. Eddie, what are the ways?

Eddie: Yeah. Well I think it’s very, if anything else, this should be your New Years resolution this year. In other words, I found my purpose in life. I found my passion. And I’m walking in it. And I’m being blessed doing it. And not only that, I’m being a blessing to my community doing that. So one of the ways you can look at this is to ask yourself, “What exactly do I really, really enjoy doing?” What do you love doing?
If I wake you at three a.m. in the morning, right? What will you talk about? If I pulled together 2000 people in a room, and I come to you and I say “2000 people are in a room somewhere, or in a hall somewhere, that wants you to come in and teach them anything, what will you teach them for an hour?” Alright? So I think that’s one good place to start from.

Bola: It’s a very good place to start from. The second one is, just in case you’re not made for it, no matter how tired you are, no matter how exhausted you are, what extra thing will you do that you’re not being paid for. Nobody’s gonna pay for it, but you just find it in yourself to do it anyway, because you love doing it. That one more thing you would do before going to bed. What will it be for you?
So look at those, cause I know when you were younger, what did people used to say you were really good at? What did you used to love doing when there would be no interruptions of life or challenges of life, what did you love doing then? What did people say you were good at doing?

Eddie: Well I figure this are those two-

Bola: Little pointers.

Eddie: Yeah. You need to start from. But whatever you do, identify this year. Okay? Because at the end of the day when you are 70, 80, 90 years old, your gonna look back and one of the things your gonna ask yourself is “Did I really do what I enjoy doing?” So throughout this year, we want you to work with us as much as possible. We want to bring this message across to you, find your voice. Find your heart. And live for purpose. Alright.

Bola: Alright.

Eddie: That’s it from us here at Mentoring Platform. Once again, Happy New Year, and we’re gonna be talking through all these issues throughout this year at one point or the other. So have a great day and God bless.

Bola: Bye.

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Marketplace

How To Stop Limiting Yourself

I trust you’ve been well. What I wanted to talk to you today about how to stop limiting yourself. How to stop limiting yourself. One of the worst things that could ever happen to you in life is subjecting yourself to limiting factors that actually come from you, where you tell yourself: “I can’t do it”, “I’m not good enough”. I cannot, I cannot, I cannot …

 

So how do you turn I cannot into “I can”? The first thing to note is limiting factors or limiting yourself comes from belief. It’s a belief you’ve had. So we need to work on the belief. You need to change your belief system. You need to start taking in new pieces of information that will let you know that you can rather than dwelling on not being able to. Start looking at the good qualities about yourself. Start looking at how you are able to.

The second thing is to look at the things you’ve done in the past and you’ve been able to successfully do them. So, if you believe you couldn’t in the past and you have done something, always go back to it. “I thought I couldn’t lose weight.” I did. “I thought I couldn’t get that kind of job.” I got it. So make a note of those things.

Firstly, get the right information. Change your belief system. The second thing is look at what you’ve done right in the past. The fact then is the company you keep. The people you keep around you, if they are possibility thinkers, if they are people who know that they can and they say they can, you will likely find yourself thinking like them.

If you have people around you who are quite negative, start moving slowly away from them. The more time you spend with possibility thinkers, people that negative … people that are positive, who are going somewhere with their life, the higher your chances of taking on the same personality.

The very last thing. Change your words. Consciously change what you say about yourself and about your situation.

So four things to help you deal with limiting factors, particularly the ones that come from you. Four things.

The first one is your belief system. Start working on it by taking in positive information that lets you know you can. The second thing is looking back at what you have done in the past, where you’ve had results in the past and on that basis, talk more about that. Look at yourself. I said I couldn’t do that and I did it so I’m gonna try something new. The third one is the company you keep. Be mindful of who you hang around. Hang around with someone who will encourage you, that will have possibility thinking, that will have big achievements in their mind and you will do the same.

And the very fourth one change your words.

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Marketplace

How To Unleash Your Inner Greatness

Virtually everyone has dreams and desires within them that they would like to achieve, but many question whether they have the ability to achieve those dreams and desires.  They lack the self-confidence in themselves and their abilities to believe that their dreams and desires are achievable.  They often think that their dreams and desires are just wishful fantasies that can’t be realistically achieved.  In order to achieve your dreams and desires, you must realize that you have the capability to achieve them, you have the greatness within you to achieve those dreams and desires.

How To Unleash Your Inner Greatness

Everyone is capable of achieving great things and accomplishments, but many times in our society, we are held back by one or more obstacles that prevent us from realizing this capability.  The obstacles can vary; one such obstacle is that we are instilled with a limiting belief when we are very young that we can only achieve so much in our lives.  It can be if we come from a poor family with very limited means and resources that we can’t get enough education and/or enough opportunity to raise ourselves out of poverty and into a higher wealth status.  Our family has been poor for so long and our opportunities so limited that we just come to “accept the fact” that we can’t break out of that status and must continue to maintain that status.

Another obstacle is that our family has had many people enter into a specific field, and due to pressure from family members, we may feel that we have to enter that specific field as well, even though our true talents and greatness may lie within another field or occupation.  If all of the members of a family have entered the military, a family member who doesn’t feel it is the best fit for him/her may still attempt to follow in his/her family’s footsteps and attempt to make a career in the military because other members of the family have done so successfully.  To do otherwise may be considered an offense to the family or be looked upon as turning one’s back on the family, even though that person’s best talents and greatness lie in a career outside of the military.

It is obstacles such as these that often prevent people from finding the real greatness within them, that leads them to choose paths that they manage to do well enough, but that really don’t fulfill or satisfy them as another career path or life could do for them.  That is unfortunate, as our true greatness will lead us to skills and career paths that both fulfill us in terms of what we want to do with our lives and being able to make the greatest difference in the world that we can.  Fortunately, we don’t have to be bound by these obstacles, and we definitely shouldn’t if we want to find our true greatness and achieve the most success and accomplishments in our lives.

How To Unleash Your Inner Greatness

As human beings, we are most capable of doing our best work when we do something that inspires us, that truly motivates us to do our best work.  Too often in our society today, many people just go through the motions of the tasks required by their occupation, just to obtain a paycheck in order to pay their bills, support their families, and keep a roof over their heads.  In truth, many of those people are NOT satisfied by their current occupations, but they tolerate them and put up with them because they are skilled enough at the positions for the businesses to keep them, the salaries paid are high enough to maintain a decent or better quality of living, and the situation is better than having no work at all.  However, in truth, many people are not satisfied, and they are not tapping into the greatness within them because they haven’t found their true calling and the occupation or tasks where their best skills and passions lie.

Therefore, it is important that we take the time and effort to try many activities and challenges in our lives to find out where our true skills and interest lie.  This is often easiest to do in school and why many incoming college freshmen take their time to try many courses in an effort to determine what they are interested in and what they are good at.  This is often why they do not declare a major until the end of their sophomore years (though some intensive career choices, such as business or medical degrees, can require them to declare by the end of their freshman year).  However, if you are not a student (i.e. are older than a student), that doesn’t mean you can’t take on new challenges and activities to see if your best skills and your greatest interests lie elsewhere than what you are currently doing with your life.

For instance, you can volunteer for various charities that involve tasks and challenges that are outside of your “comfort zone,” what you are most used to doing.  For example, if you are involved in the business world, such as an accountant, marketer, or chief executive officer (CEO), volunteering to help homeless people will likely involve different skills and attributes than you’d normally do in your everyday occupation.  For instance, you may be cooking food, carrying supplies, and building homes, tasks you would not do in accounting, marketing, or business management.  Volunteering can help to add new skills to your profile, plus it can give you insight into you as a person and help you find out if you can make a greater impact on our world in another way, find your true greatness within you and use it to help the world, and yourself as well.

Many people are afraid to go outside of their comfort zones and push themselves to do other things.  One reason why is because they just don’t like feeling uncomfortable; as human beings, we like comfort and we like things that are familiar.  We just have a tendency to avoid unfamiliar situations, partly out of natural instinct, and partly out of fear of the unknown.  Another reason is that we are afraid that we will perform poorly at these new tasks and challenges we sign up or volunteer for, and as human beings, we are often fearful of performing poorly at tasks, partly because we are afraid we’ll get replaced by someone better in a work environment, and partly because we just don’t like performing poorly at something, as this brings down our self-esteem and self-confidence.  A third reason is that, if we are performing poorly in front of others, we fear we may receive ridicule and/or criticism by them because we performed poorly in front of them.

To find your greatness, you need to overcome these fears and hesitations.  It’s natural to feel these tendencies; even some of those who have done great achievements and accomplishments (i.e. found their greatness) have admitted they’ve felt butterflies or apprehension over trying something new, performing in front of other people, and/or just doing something different from what they are accustomed to doing.  However, they found the courage and desire to overcome these fears and push themselves to do these different tasks and activities in order to expand their skill set, learn more about themselves, and determine where their true greatness lies.  The key point is that, you can also do this; it is not limited to the successful or famous, as they were in a similar situation as you are now, just looking for their calling or greatness to help enrich their lives and enable them to provide the most value to the world.

You need to remember that no one is good at every activity that they do; most people need time to master a new skill or learn a new activity effectively.  Therefore, you should not feel as if you are out-of-place or deficient because you try something new; in fact, you should be commended for doing something unusual and out of your ordinary routine because many people don’t even bother to do so (and why they often don’t find their greatness).

Additionally, if people would happen to ridicule or criticize you for trying and learning a new skill, that reflects poorly upon them, not you.  You’re trying to better yourself to have a more enriching life and to make a better contribution to the world, both of which should be commended.  It is likely that most people will welcome your effort to learn something new and to improve yourself rather than ridicule and criticize you for attempting to learn something new and not doing well with it at first.

It is said in Malcolm Gladwell’s book Outliers that to become an expert at something, you need to spend a minimum of 10,000 hours (i.e. 20-hour days over a period of 10 years) of focus and practice on that topic.  Very few people will reach that status, so this is another reason why you should not allow the criticism of a few people to deter you from trying something new, as it’s quite possible that those people are not “experts” themselves according to that definition.  Additionally, even “experts” by that definition do not know everything, as they can always learn something new about their field of study as well, so these facts should reassure you in your effort to try new challenges and activities in an effort to expand your skill set, increase your knowledge of yourself and your abilities, and find the greatness within you.

By trying new activities and tasks, you should get a better understanding of who you are as a person and what drives or inspires you to increase your effort to do the very best work that you can do.  First, you should learn your strengths and weaknesses of what you do well and what you struggle with.  This will give you a better indication of what tasks/occupations you want to work with to achieve your inner greatness.  Second, you will learn more about what inspires you to achieve greatness.  What causes or goals do you want to achieve with your skill set that will drive you to go those extra steps to achieve them?  This will also lead you to find out what you should be doing to achieve your inner greatness that will lead to a more fulfilling life and lead to greater contributions to the world.

Third, you will learn how to deal with adversity and setbacks by trying new activities and challenges.  Life is often full of them; by dealing with adversity and setbacks during a new challenge or activity, you will learn the skills and attributes needed to handle more challenging setbacks in life, such as the loss of a loved one, the loss of a job, or even the loss of your home due to some disaster (fire, tornado, hurricane, flooding, etc.).  When you willing put yourself out there to try to do something new and don’t do it very well, you have to deal with the unfamiliar and uncomfortable situation of not doing something well when you normally do your usual tasks well.  This says much about your character and your willingness to improve your skill set and your effort to find your inner greatness, what you were truly meant to do to make the greatest positive contributions to this world.

Also keep in mind that no one is born great; they have to work at it in order to bring out that greatness within them.  While some people figure out what they are most capable of doing and like doing at a young age, many people don’t really figure out what they are best at and most like doing until they are older.  This is why many people in their 40s, 50s, and even 60s change professions and embark on a new “path” in life, looking to find a happier, more satisfying way of life that brings more positive contributions to their world.  Many times, this is due to some activity they’ve been involved with on the side, such as volunteering for a cause such as the environment, or volunteering in their hometown and enjoying conversing with people and helping out those in need, etc.

This is why it’s important to always expand your horizons and take on new tasks and activities- you never know when one such task or activity will open up your eyes to a new path in your life that can lead to greater enrichment for you and lead to you making greater contributions to the world.  It can lead to you finding your true inner greatness that is within you, just waiting to be discovered and utilized to the fullest extent possible.

Therefore, all people have greatness within themselves, but it is often difficult to find out what that greatness is and how it will manifest itself to where it makes the greatest contributions to our world.  Many times, it’s due to limitations we ourselves and/or our society put on us, such as not believing we can change our status in the world or not wanting to do something different than what other family members have done.  It’s also due to our own fear of trying new activities and tasks, partly because we don’t like to do something unfamiliar to us out of fear of embarrassment of not doing it well, plus the fear of being ridiculed by others because we didn’t do that new task well.

In truth, when we allow ourselves to be bound to our lives out of fear and avoid trying new tasks/challenges, we are limiting our own greatness because we’ll never know where our true talents lie and where our greatest passions and interests are.  We may do our current tasks and occupations well enough to get a paycheck, support our families, and put a roof over our heads, but those tasks and occupations may not give us the emotional and mental satisfaction we really want out of life, plus they may not give us the opportunity to show the greatness we truly have within ourselves, including the opportunity to provide our best contributions to the world.

This is why we must always strive to try new activities and tasks in an effort to expand our skill set, to learn from the failures and difficulties of undergoing the new activity/task, to learn where our strengths and interests lie, and to grow as a person.  No person knows everything; even experts in a field of study don’t know everything about it.  To truly reach our greatness and our maximum potential as a human being, we must always be willing to grow, try new activities/tasks, and learn from the experiences we encounter, including the mistakes we make.  Just doing the same mundane, usual tasks we always do will limit our potential and greatness as an individual, as we’ll never know whether we were capable of doing another task or occupation better, making better contributions to the world, and receiving the richest fulfillment from our work.