You are not an entrepreneur if you live by what if. And that is only the beginning of conquering fears.
As a startup entrepreneur, you are headed towards great risks throughout every phase of the business, even after the startup stabilizes and begins to grow. While every app startup is unique it is important that you begin the journey by leaving your fears at the door.
However, that is easier said than done. Here are some of the common fears business owners face and actionable ways you can overcome them.
Fear of Low Capital
The biggest pressure and concern of every mobile app entrepreneur on the planet is running out of money or not being able to secure a lot of funds.
Starting a business and developing an app costs a lot of capital and that usually comes from the entrepreneur’s own savings or from a partnership with investors.
But that is not where your money concerns end. If you are unable to get the projected revenue you have spent your savings for nothing, and your business may be in trouble.
If this is what you are hesitant about when beginning your own enterprise, think about funding options such as crowdfunding. Another option is to apply for startup grants.
The Imposter Syndrome
For someone who has never run a business or has run a business and watched it topple on itself, you may feel like your skills and ideas are not good enough. Businesses fail for a lot of reasons and least of which because of particularly inexperienced entrepreneurs. The number one reasons that mobile app startups fail is because of an app that fulfilled a non-existing demand in the market.
The one thing that you have to remind yourself is that your product has a place in the market. It does not have to be the most flashiest application, but it must fulfill a need.
Once you have launched you can then use valuable market data and your own revenue to invest back into improving the app and taking it to the next level, while every step of the way you are playing to your strengths and your competitive edge over others.
If you are worried about not knowing everything about everything, hire people. Surround yourself with the right people who can elevate your project and impart knowledge in practice.
You will be surprised how easy it will be to feel overwhelmed when you have a team of developers working for you, investors rooting for you, and an organization relying on you. If you wanted to build your mobile app startup because you thought it make you rich quick and easy, think again.
On the other side of managing a company is control. Whenever you feel overwhelmed just remember that it is within your power to change things. If you think handling accounting is too stressful or time-consuming, get an accountant, and install a transparent software. If it’s about unsatisfactory work, replace people.
Fear of the Unknown
This fear is not common just amongst entrepreneurs. While you do not know what is up ahead, you can always prepare for whatever.
Most business owners manage by seeking help and wisdom from mentors in the industry. It gives you a good idea of what to expect and when to stay level headed, and what the real red flags look like.
Starting your own venture can be exciting and terrifying at the same time but in time it becomes a lifestyle.
Fear of Failing
This should be the number one pointer. Even entrepreneurs with the strongest strategies and slew of professionals backing them up feel like they may fail. With what most people have experienced post-COVID no one even knows what to expect anymore.
The truth is yes, failure sets you back, but it should not keep you from making a decision. Staying in limbo for too long can lead to you missing out on opportunities, worse to a direct competitor. Sure failures are learning opportunities and impactful.
There is no way around this one, you just have to exercise pure entrepreneurial spirit here and keep swinging.