Insecurities

Starting one's own business can generate a lot of insecurities, especially for first-time entrepreneurs. These insecurities are usually conditioned by a series of factors that focus on the lack of preparation or planning, which is why knowing how to identify the original sources of these insecurities will allow us to face them with creative and intelligent strategies.

During the development of this guide we will be addressing some key aspects that revolve around this topic, analyzing three of the most common insecurities that arise among those entrepreneurs who start their business for the first time.

Financial insecurities

A first important group of insecurities that arise when starting one's own business are economic insecurities. These are provoked under the feeling of economic instability that can arise when we form the idea of leaving our stable employment and try to live on the income generated by our company. It is clear that not everyone can cope very well with the pressure of living conditioned to achieve certain economic results in our business to be able to support ourselves and cover our needs. However, there are some strategies that can be useful to combat this type of insecurities.

Plan your savings: planning your savings is a good strategy to combat economic insecurities. To do this, the idea is that you can organize your work income in such a way that allows you to always have a surplus that you will accumulate, so that when you separate from work you can cover your expenses for a few months. This will allow you to have a period of time in which you can measure the growth potential of your business while you can afford to be unemployed.

Keep your job: Another common strategy to overcome financial insecurities is to stay employed while you start your business. If you are unable to plan your savings and have the ability to manage your time efficiently, you may want to opt to keep your job for the first few months of your business. In general, the beginning of any business is extremely tough, as this is the time when we start to build our clientele and our sales are usually low.

Personal insecurities

The second important group of insecurities that we will refer to in this guide are personal insecurities. Personal insecurities are those that are generated as a result of not knowing if we have the necessary skills to successfully carry out a certain task. This leads us to rethink the idea of starting the business or not, because as we have no experience, we are overcome with the fear of not being sufficiently prepared. The best way to combat personal insecurities is to invest money and time in our preparation. Our knowledge and skills are among the most valuable assets we have, so we should not hesitate to invest in them wisely. If we prepare ourselves beforehand for the task we intend to perform, it is very likely that personal insecurities about it will disappear.

Insecurities caused by fear of failure

The third most common group of insecurities is the insecurities generated by the fear of failure. Fear of failure is a very common phenomenon, from the expectations generated by our close group of friends and family members, to those who have trusted us and helped us, the idea of being seen to fail is something that is hard to deal with.

We do not want to disappoint those around us and believe that if we fail we will be judged as incapable. The truth is that failure is a very important piece on the road to success. It is difficult to achieve great things without having failed before, the sooner you accept failure, the easier it will be for you to learn from it and take advantage of it to improve your strategies.