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Fear is very dangerous and very common amongst entrepreneurs. Starting investors are especially more prone to this form of anxiety. Therefore, if you are venturing into an investment idea or you’re thinking about launching an investment platform, then this post is for you.
The Fear of Loosing
Fear is a sore enemy of progress. It inhibits action and obliterates goals. It creeps in even when the resources needed are enough and you are sure the way is viable. It is said that “fear kills several times over before an actual death.”
An athlete with fear automatically begins to doubt his athleticism. He asks too many questions, whose answers are ambiguous.
“People are usually motivated more by the fear of losing than by the desire for gain” — Michael Leboeuf
How Does This Apply To Business?
Repeatedly, I see people that I consider greenhorns and rookies; claim to be business pros. However, it becomes a mere flipping of the tongue until what is professed is practiced. The financial education upon which many investors brag remain ineffectual until it brings to fruition a profitable business venture or investment.
“The young soldier will remain a militia until he gets out on the battlefield.”
Nevertheless, even as you try to get rid of the mere theoretical financial education syndrome, it doesn’t get funny and altogether interesting. Fear, self-doubt, and the shattered focus syndrome shows up.
The young entrepreneur begins to ponder
- Aren’t there too many competitors already? Will my knowledge suffice? What if I lose everything
- The investment platform is already saturated. The big guys will harvest the tubers while I pick up the crumbs.
However, this surely leads to no action at all. So stop asking yourself questions that only time can answer, whilst there are better things to do that could make you calculatedly determined.
- Instead of thinking, consult a mentor
- Start very small
- Bash the thought of the competition and focus on the trend.
- You mustn’t be all-knowing…. Success doesn’t demand all the knowledge in the world.
- Stop the fearful self-interrogations.
Courage and calculated analysis are what’s needed to get you into that investment platform. However, getting that courage entails that you…
1. Control Your Mind
Fear is an enemy of progress. It kills at a rate statistics can’t and will certainly never decipher. It thwarts plans and obliterates dreams. But of course, that’s if you give it space.
The Fear of losing engulfs the mind so that it can’t envision rightly. When it gets hold of a person, it whispers enchanted voices that do the magic. It gets you out of control and controls you. How sadly this happens even unconsciously. To get out of this heavy state of mind, you first have to discover it, determine to let it go and then push it out. You need to immediately start controlling your mind and never allow an imposter to control you.
“Don’t let the fear of losing be greater than the excitement to win” — Robert Kiyosaki
2. Begin Small — it helps all the time.
Most times, tasks that are practically too big for you to handle at a stroke is what you’d rather go for. Perhaps you need to start handling little things efficiently rather than big things in the reverse.
It is true you need to dream and think big. Starting big is a different thing altogether. It is a show of fame, ego, and mastery. Therefore, if you’ve not attained mastery in what you do, it is rational to start small and grow your way up.
In my own philosophy, everyone gradually develops from the embryo in the womb to the statuesque figure he/she finally assumes. So let’s apply the same formula to business.
Don’t take on a project or a business that you don’t have the capacity to handle. That’s practically a conscious invitation of doubt. Even if you have the resources, it’s easier to grow up than to plummet after a purported show of fake fame and egotism.
Therefore, instead of taking on something that can cause me to do nothing at all, I will rather dream big, but start small to grow.
Of course, you should keep your focus high, be the successful entrepreneur you wish to be. But not in a day. Cases of instant success are very rare. Break the long streak of tasks to smaller and simpler ones.
To be clear, it’s good to have that big plan but it’s wise to split them into a smaller action plan. It does the trick of getting you immediately started.
When I was first introduced to the Forex market, I registered into a demo account. But I made the mistake of selecting a $5 million funding. My wins were huge but so were the loses. However, at some point, I started to get better at picking the right take profit and stop loss points. And obviously, I became better at deciding when to enter the market or exit.
With this success, I was now ready to open a real trading account. But my real trading account funding was comparatively small and so, trading with the little funding I had, was almost impossible and tiresome being that I had practiced with $5 million. And you know what this resulted? I lost all my funds then I had to start the demo account all over. Guess what I did this time!
Don’t go for the summit when you haven't perfected down the stem — Raw suicide. Start from small; it will pay off handsomely and even beautifully in the long run.
3. Bash The Thought Of Competition And Focus On The Trend.
There will always be a competition. Everyone wants to be the next big thing that pops up on the screen; everyone wants to be recognized, so we keep struggling and competing in the market.
You are a potential competitor. Stop spending time worrying about businesses and other competitors who may not be as equipped and talented as you are. Get into business and begin in the smallest way you can to compete. Let them worry about the Rising star and what he is up to. Don’t let yourself get lost in the thought of a very high competition. Just get started and momentum will locate you.
4. Stop Doubting Your Financial Education And Potential
No one knows it all. If you agree to that fact, why do you still look yourself in the mirror and mutter, “he needs more education.” Well, let me say this, “You actually don’t need more education; what you need is more action.”
Jeff Bezos CEO of Amazon came up with the 70% rule. He explains that the best decisions are made with just 70% of information. If a person waits for 90%, he is actually being slow.
You should take action immediately. What you want to focus on is not whether the education is enough or not but on your ability to quickly recognize mistakes and correct them.
5. Discover The Right Person To Ask
With my experiences in working with different clients, I discovered that it is a common tendency to become infected with the imposter syndrome. We tend to wonder if we are capable of the task especially if it’s our first time.
The aftermath of these self-doubting questions is a discouraged state of mind that leaves you unwilling to embark on your capital projections. You get dissuaded from what you may have done perfectly if you gave it a shot.
Now I discovered that if I could find a mentor that I trusted; someone I am comfortable with. Instead of doubtful self-interrogations, I would say it aloud to a mentor whose words will break my underlying doubts and defenses thereby equipping me for action.
I recommend that if you want to overcome the fear of losing, you need to be a little vulnerable to your mentor. Instead of asking questions you will only realize answers to after you start, say it aloud to that trusted mentor or fellow. That word from him has a way of pushing you to action.
I hope you start taking control of your financial life today. Forget about the down trends and focus on the trending. There are still many opportunities to utilize. Remember we are in this together. So while you make progress applying these principles let us know and I will be sharing my experiences as we go on.
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How has fear hindered you from starting up a plan? How did you overcome it? Share your experiences in the comments below.
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