Conquer Your Fear - A New Entrepreneurs Guide

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Transcript of Conquer Your Fear - A New Entrepreneurs Guide


    A New Entrepreneurs Guide

    What You Need to Know Before You Start Your Business


  • Why I Wrote This

    An accomplished, bright and successful friend of mine applauded me for having the courage to

    explore my urge to setup my own business. I wish I didnt have so much fear, she said honestly.

    Thats what starting anything new in life is about - getting rid of that fear to free yourself to engage in

    following your true path in life. When a career change lays ahead, and you consider not working for someone else, fear creeps in. We doubt our abilities to work for ourselves. We worry that we will fail. We worry we wont fulfill our potential.

    Once, I even worried that Id be broke and as my partner so smartly put it, oh dont be foolish there will always be a bed and food around. She was trying to say, stop fearing the really impossible and free your mind to explore your dreams.



  • As Ive started to live the life Ive always dreamed of, Ive written down a few observations from setting up my business. I want to share with you

    my insights from leaving the safety (and relative mediocrity) of salaried life. If youre pondering a move or just feeling stuck in life I hope that my experiences can reassure you that youre not alone, that I can help give you an ounce of courage. Most

    of all I want you to conquer your fear of the unknown.

    Before you read on let me assure you that most of us have doubts, worries and many sleepless nights

    as we develop the courage to make change. Its normal. Its natural. It will make you a stronger, smarter, wiser and more colourful person.



  • Contents

    I. Intuition 5

    II. The Opportunity 6

    III. Research. Research. Research. 7

    IV. Fear - Get Rid of It 9V. Dont Listen to Your Parent/s 13

    VI. Big Minded Friends 15

    VII. A Business Plan 18

    VIII. Cash Flow 20

    IX. Alright Isnt Good Enough 23X. To the Ladies 24

    XI. Its Not Work! 27

    Copyright 2010 by Naomi MatthewsAll rights reserved. If youd like to reproduce or use any part of this work, please request permission from the author.



  • I. Intuition

    Have faith that your inclination is the right one. Listen to your gut and follow what it tells you to do. Indulge the voice that is urging you to move on

    this idea, your concept. Remember to disengage the logical part of your brain - for just a while.

    P u r p o s e f u l l y p u t o n p a u s e t h e h e l p f u l contributions from family members, namely

    parents. Their influence can be powerful as may be their underlying authority. Remember that theyve had their life. And theyre living it. Now go live yours.

    Follow what your heart tells you.



  • II. The Opportunity

    You have a great idea - well, brilliant! It could be a new angle, it could be just doing something better than how its done today (which seems to be the

    case for many successful businesses). Let me remind you of one thing though - good business ideas will keep coming along. If you dont move on this idea, thats fine. There will be another one. To misquote Richard Branson, business opportunities

    are like buses. If you miss one there will be another one along.

    Dont panic today if you miss the idea or it doesnt work out. More will come along.



  • III. Research. Research. Research.

    You have the gut instinct that your idea and your timing is right. It seems to be a good opportunity. Youre excited - you might be on to something

    here. It could help people improve their lives or its a new technology. Or just a fun new product with brilliant branding. Maybe youve decided to skip working for someone else and hang out your sign as a professional in your field.

    This is the Hard Work stage where we find out if you can make a go of it. Ask yourself - does any one want what I have to offer? Its your life, your money and likely, others money. You might be

    married and have a spouse and children. Its all rather daunting. Fear and doubt might be creeping in as your venture into what feels like an unsafe zone.

    To reassure yourself and others, you need to steady your compass to guide you along. Now is the time to hit the books. Talk to people. Read industry reports. Conduct surveys. Whatever it is



  • that you need to do to convince yourself (and your banker, if you have one) that there is a viable market, a need for your product or service, your

    research needs to settle this.

    A word of caution about research. An article once said, Science can be used to prove or disprove anything. Be unbiased and ruthless as you

    explore your idea. And also be realistic. If youre doing your sales projections, do them, then reduce by 50% for the first few years and add 15% for cost overruns. I guarantee that your project will go over on its initial projected costs. Plan for it. Nine out

    of ten new businesses fail in the first year for just this reason. (Well talk more about cash flow in a minute.)



  • IV. Fear - Get Rid of It

    This is the most important topic that Ill write about.

    To be successful you must remove the barrier that limits your creativity.

    Conquer your fear that you will be broke.Conquer your fear that the worst can happen.

    Conquer your fear that you will fail.

    Without fear ideas will grow into action!

    Know that you are bright, talented, and capable of

    amazing things when you put your mind to the task.

    Know that you will always have shelter and that you will always have food.

    Know that failure is only a limit that other people set upon you.



  • Live your dreams. Your ideas. Live your life.

    Success is to be measured in your freedom, your

    health and your happiness. It is what you create and what you give back to others. Your success can be intangible - be it an idea or how you affect others - and it can be building a business from nothing. It can be conquering a fear, learning a

    new skill, or changing careers to something that youve always wanted to do.

    Wealth and public profile is often seen as a measure of success. My personal opinion is that I

    deeply respect those that have earned it themselves, free of shady deals and less than ethical conduct (which is subjective in its own right). There is no doubt that in my own mind that I want to profit handsomely from my venture. For

    me, profit is an indicator of how well Ive done as a leader and I love having a goal. Define your own measure of success and go for it!



  • When you think its impossible, that all of this just isnt sensible, think of the mobile phone salesman who had a dream to be a famous opera singer. He

    dreamt it and it happened. Paul Potts appeared on the stage of a UK talent show. He sold cell phones for a living. He looked like a very average person. His dream, since he was little was to sing opera for a living. He wanted to be on stage and to have

    people come to his performances.

    Stepping outside of his comfort zone, Paul went on the talent show With his talent that hed taught himself and his innate ability, he won the show

    and was vaulted into the public eye. A cool 1m contract later, Paul started travelling the world to entertain others. Paul is living his dream. He stepped out on stage.

    Breath in as deep as you can, sit up straight, put your shoulders back. Now go on and step out on your stage.



  • V. Dont Listen to Your Parent/s

    Every eight year old would love to be reading the heading of this section. There would be peas left on every plate across the nation. Now is the time

    for you to unlearn what decades of being parented has taught you. True, remember to respect your elders. Also know when to respect yourself and to trust your capability and your knowledge.

    This adventure of exploring your idea is a good exercise in having confidence in your given abilities and the learnings youve absorbed along the way. You are a capable human being. (And I know you are because you are reading this which

    means you are considering a change.)

    Switch off when your parents ask out loud why youre quitting a perfectly good job to explore less known territory. You can handle this how you like

    but I recommend that given their use as future potential investors, and because they are your parents, treat them with kindness and good manners. Be patient with them. Listen to them but



  • dont let them stop you. Forget about limits. Boundaries are what other people who are afraid put on others. This is their fear. Dont let

    it spread to you.

    The incredibly talented and focused Olympian Carl Lewis summed this up perfectly. In reference to the possible he exclaimed, Scientists have proven

    that it's impossible to long-jump 30 feet, but I don't listen to that kind of talk. Thoughts like that have a way of sinking into your feet.

    This following exercise helped me to dream and to

    stay focused (when