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Entrepreneurs: How to Overcome Your Fear of Failure

Welfont Joe Johnson, Ph.D.
 Entrepreneur. Investor. Startup Expert.

Fear of failure is the most common fear experienced by new entrepreneurs when starting a business. As I discussed in an earlier post, the fear of failure can be broken down into categories and is widely accepted as part of the entrepreneurship journey. The question is, how do you overcome the fears you face? Here are several ways in which your fear can be transformed into a profound learning experience, one that will benefit your future venture in significant ways:

Failure is Part of the Process

While failing can be a frightening prospect, the more we fail, the more tangible experience we gain. This experience can be used productively in the future to ensure that the same mistakes are not repeated. Mari Vavulski, the CEO of Startup Estonia helps entrepreneurs to grow their business ventures. She promotes the productive use of failure, stating,

“In order to succeed, you need experience. So, you test, you fail, you pivot, and you start over again. The problem comes if you don’t learn anything from those failures.”

She is far from alone in espousing this philosophy. Many of the most successful entrepreneurs have experienced failure after failure, Walt Disney being a prime example.

Case in Point #1: Walt Disney

Disney founded his first cartoon studio when he was just 22 years old, after having received multiple rejections as a cartoonist. He made an early business decision that resulted in his venture going bankrupt. He then headed off to L.A. — sans belongings and money — to become an actor, an effort which also failed. He then proceeded to found his own cartoon company with his brother. During the Second World War, his studio was transformed by the military into a repair shop for tanks and artillery. This led to Disney being in debt, at war’s end, by over four million dollars! Talk about a living nightmare. Despite these setbacks, he still persevered. By means of producing a feature overseas, Disney was able to rebuild his business from scratch. His name is now one of the most well-known in children’s entertainment and film throughout the world.

Identify Your Fear and Understand It

The enormity of the emotion can, itself, engender powerful negative feelings. If this happens, remember to take deep breaths and set aside time to sit with the feeling. Oftentimes, we are scared of unknown negative possibilities, and, by fearing them, create our own self-fulfilling prophecy.

It’s important to pinpoint your fears and understand why they’re present. Instead of backing down from a fear, investigate it. Discover its root cause and determine where the risk truly stands in reality.

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