The Safety Net - Scary and Crazy

Tuesday February 23, 2016

Dear Nettie at the Safety Net,

I have put so much effort and money into starting my business, but I am so scared now that it could all go wrong, and the closer I get to really launching it, the more scared I become, and crazy to think I can do this – can you help?

It seems there is so much focus on business failure as well; it makes me even more nervous.
Jenni

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Hi Jenni,

Thanks so much for getting in touch, straight away there are a couple of things to consider / ask yourself.

Don’t forget to some people you will always be a bit on the crazy side to start a business at all, and let’s be honest the safe and rational thing to do would be not to take any risks in life at all!

I think being a bit scared is a good thing – I would suggest that most business owners will feel like this at various times when running their own business.

The key is that as long as you have tried and tested your idea, and your market research and pricing stacks up, then you need to believe in your plans. Accept you may be a bit crazy and a bit scared, but if you never give it a go – you will never know.

The next thing to consider is that stats are just stats!! Depending on where you look, 75% of businesses fail in the first 3 years, or is it actually higher or lower than that? Many businesses are also never profitable according to stats, but a bit of reverse psychology is needed here – an incredible number of businesses are successful in many guises – whether that’s profitability, the number of people they employ or an invention that makes a difference etc etc.

Think of business like playing ten pin bowling, the idea is to knock all the pins down. You don’t just watch them fall and leave them; you set them back up and play again, that’s just part of the game. When problems crop up in business, think of it as part of the challenge, it gives you a chance to set everything up again and have another go at it, but this time possibly with more tactical knowledge.

So yes, starting a business can be scary, and, if you are looking to start your new business now, you do need to understand the risks but put your energy into how you will manage them.

Best of luck Jenni, looking forward to your first quarterly review.

Nettie

 

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