The Money Mustache Community
Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: lifejoy on March 12, 2019, 01:09:48 PM
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I’m starting out and it’s exciting but also terrifying. What tips or resources do you use to push past the fear?
Thanks! <3
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Breathe deep, look in the mirror and say "Now you're living!"
Seriously, the intensity of feeling that you have right now is what life is all about.
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I never took risks initially with the business so there was limited fear involved.
I was able to work as an Independent Contractor while building up my own clientele. Once I was able to secure enough of my own clients, I stopped working as an IC. When my own clients surpassed what I was able to manage, I brought on employees. I initially signed a one year lease which was a limited risk and then expanded and renewed leases only when I knew we were finanancially secure enough.
People who start out too big. Who take out loans and exceeed their financial resources. People who have the 'if you build it they will come' attitude are the ones who have a lot to be fearful of. If you are a good money manager and you don't throw all your chips in and hope to make it big--but rather carefully and strategically grow a business from the ground up...there may be very little risk and fear involved.
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I’m starting out and it’s exciting but also terrifying. What tips or resources do you use to push past the fear?
I recently quit a well into the six-figures job to work on a business that might not, in the end, be very successful. It pays me nothing now, and it might never pay me anything. I have to admit that that's scary, and I'm scared. I'd be a fool not to be a bit scared. That said, here's how I push past the fear:
1) I saved some money first. I could live for four or five years on my savings if I had to, assuming nothing went terribly wrong.
2) I'm frugal- my rent is a bit higher than I'd like, and I have a nice computer and an iPhone, but aside from that I spend very little, so...
3) I've assessed my situation carefully, and thought about how to make it less scary. For instance, if I do some work on the side to sustain myself it won't take much to at least extend my runway. 300 hours a year of contracting would cover my expenses (see point 2.)
4) I haven't done anything irrevocable. If this doesn't work out I can get another job.
5) But isn't it great to have a company instead of a job? I hated my job, but I love working on this company. I'm pre-revenue, but I'm much happier than I was when I was getting a big paycheck. I could die tomorrow, and wouldn't it be a shame if my last day were spent working for people I detest? _That's_ a real fear. And that's the fear that drives me, and the fear that balances all the others. I'm old enough to know that I am going to die and I'd like to enjoy myself a bit before I do.
The other fears- well, see point 4. The little scared voice in the back of my head whispers about homelessness and destitution, but the reality is that I'm unlikely to ever be homeless or destitute. That's not a real fear, so I shouldn't let it drive me.
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Really good advice in here. Thanks everyone! I've been doing it, baby step after baby step!
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I have my own business made up of several streams of revenue that I've built up over 5 years+.
I desperately wish I would have read Company of One by Paul Jarvis 5 years ago, but it just came out a few months ago. I would have saved myself a lot of time and frustration.
A couple of the main points:
- start serving paying customers. If I could go back and get the time & effort I spent on "I'm sure they'll want this!" instead of "What do you need? How much would that be worth to you?"
- all of the blogs & podcasts focus so much on scaling and charging for value (i.e., as much as you think you can). Jarvis focuses on starting small, serving customers exceptionally, scaling (looking for automation) when you're overwhelmed (but not before). Serving and reserving current customers. I have had a terrible habit of forgetting about my customers as soon as I deliver the goods/service and receiving the payment.
Good luck!!
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Just keep doing wothout thinking much about possibly bad consequences.
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You plan for both success and failure. Your failure plan is to make sure you fail in such a way that it won't interfere with you starting over. I call it "Failing forward".
Check my tag line for a link to my various business ventures. Hope you find them useful.
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Well, is it fear or discomfort? Because there's a huge difference between the two.
Are you genuinely afraid of some of the possible outcomes, or have you considered them and evaluated them as worth the risk?
If you are genuinely afraid of possible outcomes, you need to do something to mitigate those risks.
If you are okay with the possible outcomes, then you aren't afraid, you are uncomfortable and nervous about the discomfort. The way to get past that is to just do it, and over time, that discomfort becomes less and less intimidating.
Like a little kid, you just plug your nose and jump into the water and know that no matter how intimidating it feels, that you will be just fine.
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Realize that if this is something you want to do then you have to take action. You can't wait for the 'perfect' moment because it will never come. There are always going to be obstacles, but at least now you are doing what you feel your purpose is. I once read "Waiting for everything to be right before starting a business is like waiting for all traffic lights to be green before leaving for work." That's pretty accurate if you ask me.
Also consider the alternative. If you don't like working for someone else and enjoy being your own boss then you have already reached your goal.
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Create a backup plan in case you fail. Save money. Think "what would I do if xyz happens?" Seek out mentors in your field, or who have experience you lack.
Tell yourself you are a badass. No, seriously. I consistently tell myself that I am a wild and vicious Viking against whom none can stand. That is me giving myself permission to go out on the figurative seas and engage in sword fights.