How to overcome your #1 resale business owner fear
September 6, 2018
The fear is real
Every business owner has concerns. Can I pay my monthly bills? What is the economic future? Will anyone want my products? All of these questions and so many more are part of being a small business owner. Nonetheless, there is one business owner fear that runs deeper. It’s more than just a negative checkbook balance. Here’s how to overcome your #1 resale business owner fear.
Failure is the #1 resale business owner fear
By very definition, failure is the “lack of success.” Synonyms include “defeat, collapse” and “flop.” However, the fear of failure is not just a financial one. It includes the fear of losing control over one’s life; the shame of disappointing those around you and the fear that failure would somehow define who we are. Studies show we choose either “flight” or “fight” as a response to fear. The article, Fear and Entrepreneurship: The Psychology of What Scares Us, suggests a 3rd response…freezing or no action at all. If failure is the #1 resale business owner fear, can it be overcome? Yes, and here’s how.
Choose to fight
According to an article from The Balance, Don’t Let The Fear of Failure Stop You from Starting a Small Business, the first step to fighting the fear of failure is “Prepare to Succeed.” Knowledge is power. Begin by understanding the financial aspects of running a small business. Entrepreneur writes, “financial ignorance is one of the main reasons eight out of ten businesses fail in the first 18 months of business.” Get educated about finances. Do your groundwork upfront by creating a strong business plan or if you’re already in business, improve your current business plan. Arm yourself with greater knowledge about the resale industry. Look nationally as well as locally. Study your own market and understand it thoroughly. Do your research. Part of fighting the fear of failure is also getting the support you need to make decisions. Read, Do not be terrified of the dreaded Consignment Competition. Don’t go it alone.
What happens when you freeze
I have a confession. Yes, I’m sharing a deep, dark secret with you. Sadly, I really liked the 1985 movie, “Pee Wee’s Big Adventure.” One of my favorite scenes takes place inside the mouth of a Cabazon dinosaur in Cabazon, CA. Pee Wee is challenging a waitress, Simone, who he’s met at the diner next door. She has a dream of going to Paris, France. She shares her dream with Pee Wee, but…
Pee Wee says, “But what? Everyone I know has a big ‘But.’ C’mon, Simone, let’s talk about your big ‘But.'”
Fear can be paralyzing. It can keep us from moving forward. Do you have a big “but” in life? “We would be more particular about the consignments we accept, but…” “I’d open my own resale store, but…” “We need to spend more on marketing, but…” Freezing, as well as flight, can be a result of fear of the unknown. No one can know everything about everything. That’s what Google is for. The unknown is what makes entrepreneurship so exciting. You’re stepping out of your comfort zone and into the unfamiliar.
Flight comes with its own fear
If you choose flight as your response to the fear of failure, you’ll live with a number of “what ifs.” Plus, flight comes with the fear of wasting the years and money you’ve already invested. Flight means you’ll never know if success was in your future. Instead of flight, consider having a fall-back plan. Find other business partnerships, a smaller location or bringing in an expert where you lack knowledge.
Remember, no one ever dies because of the fear of failure. Embrace your fears and put on your boxing gloves. It’s time to fight back!
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