How to Eliminate Fear of Taking Risk
Taking risks can result in success or failure for you. There is no doubt that failure can be frustrated and disappointed. At the same time, this situation can help to comeback strongly. Experiencing failure in a supportive situation may assist entrepreneurs to learn how to cope with failure and to move on.
There are some tools and techniques to eliminate fear of taking risk.
Assess the Reason of Taking Risk: Most entrepreneurs are not adequately prepared to go into risk able business. While they have the motivation, aspiration and aptitude, many have not taken time to properly investigate and research the business they are attracted in starting.
- Some familiar reasons for taking risk include:
- Want financial independence
- Don't work well with others
- Dislike policy and procedures
- Want creative freedom
- Want to completely use your talent and knowledge
Gather Knowledge & Build Confidence:Proper knowledge about the risk factors can minimize fear of taking that. More knowledge about the industry, business, and the procedure of starting the business can increase self-confidence to take risk. Fear often comes from not knowing what lies coming on, and the more you arm yourself with relevant information, the more you turn into confident in pushing through. Way of gathering knowledge yourself by:
- Reading books on entrepreneurship, starting new business & publication of successful entrepreneurs or organizations.
- Discuss with other entrepreneurs, including those who are in the same business as you.
- Participate in business related seminar and workshop.
- Searching idea about risk related topic in search engine & acquire knowledge.
- Adding you at various groups and communities in social media sites & forums like LinkedIn, Facebook, and Twitter which are related with business and entrepreneurship.
Setting Realistic & Flexible Plan: A plan is a written description of your business's future; it's a document that tells what you plan to do and how you plan to do it. So, plan must be realistic and flexible. When you follow a well-constructed carefully-considered plan for business expansion, your risk of failure decreases.
SWOT Analysis: Evaluate the Strengths, Weaknesses, Threats and Opportunities. When you will use SWOT analysis, be practical about the strengths and weaknesses of your business. Differentiate between where your business is at present, and where it could be in the future. You should also remember to be specific by avoiding gray areas and always analyze in relation to the competition. At last, keep your SWOT analysis short and simple, and keep away from difficulty and over-analysis since much of the information is subjective. Thus, use it as a guideline and not a prescription.
Emphasis on Positive Outcome from Your Plan: An entrepreneur should emphasis on positive outcome from the risk. In that ways, fear of taking risk is possible to minimize by an entrepreneur. Positive outcomes may huge profits, facilities, goodwill & business establishment etc.
Take Acceptable Risk: Minimize risk whenever possible. Know what an acceptable risk for you. Look for lower-risk options in your business, specifically when financing business operations.
Build Relationship & Support Systems: Sometimes, you can't do everything by yourself. Find people who can know what you're going through, and you should know from on your own point of view. A support network that may your family, friends, people you meet in networking groups, or virtual friends — can be your cheerleader encouraging you to continue with your pathway and celebrating all your successes. Your network can also be your anchor when the going gets rugged. They can provide you suggestion, or introduce you to people who can help you. Most important that they can talk and listen to you when fear and worries start to set in.
Counseling & Sharing Risk with the Other Parties:Sharing the risk with other parties that may contribute by providing additional resources which could increase the likelihood of the opportunity or the expected gains.