Sunday, November 16, 2008

How to Lessen Your Fear of Business Failure

NOTE: This article is quite long (over 700 words) and some parts are written in Tag-lish (combination of Tagalog and English). If you don’t have time to read it now, feel free to bookmark it or print it out for later. And if you can’t understand Tagalog, then you can go directly and read my summary (in English).

Most of us, especially those who have never had business before, and are just starting now, are always troubled by fear of business failure. Some people never even get to start a business because of this. Luckily, there are ways to lessen those fears. Read on.

I was able to watch Pax Lapid on GO NEGOSYO BIG TIME, and he talked about the 3 ways that we can do to lessen our fear of failure. He was asked by a woman for advice, because she was worried that her would-be business (together with a friend) may only lead to failure. And this was Pax’s advice:

Pax Lapid: “Tama ang pangamba mo, pero mas importante ‘dun, Aling Ernita (name of the woman), p’wede kang matulungan ng GO NEGOSYO BIG TIME. Ang aking advice sa’yo is that, you’re fear of failure, tinatawag nating fear ng pagkalugi ay p’wede natin maiwasan or mabawasan sa tatlong bagay, either START ONE TIME – pumasok ka ng bazaar lalo’t palapit na tayo sa Christmas. May mga bazaar d’yan so p’wede mong testingin lang muna, so start one time. Or START PART-TIME – hindi buong-buo agad ang gagawin mong pag-negosyo, p’wedeng pa-part-time-part-time ka lang, meron ka pa rin ‘yung regular mong trabaho or regular mong pinagkakakitaan. And then, START SMALL TIME – dream big, sinabi natin, but start small. Tama ‘yung iyong pananaw na mag-partner muna kayo ni kumare mo, if you can start one time, or you can start part-time or start small time muna, siguradong mababawasan or matatanggal ang iyong pangamba para malugi sa uumpisahan mo. So having said that, a, I wish success in your entreventure, a, this is Dean Pax Lapid once more, manood po ulit kayo next time, kung anuman ang mga questions n’yo, padala n’yo lang sa atin dito sa GO NEGOSYO BIG TIME. Maraming salamat sa inyong lahat.”

SUMMARY: How to Lessen Your Fear of Business Failure

Mr. Pax suggested 3 ways that we can do to lessen our fear of business failure (I added my very own comments at every suggestion). They are:

1. Start one time. Test the water first, don’t plunge right away into having a brick-and-mortar business. You can join bazaars or trade fairs first. Participating in such activities will not only help you gain understanding of the products that other people are selling, or the products that consumers are buying, it will also give you opportunities to come in contact with your would-be target market, and of course, very important, you can network with other businesses.

2. Start part-time. If you’re not yet confident with your would-be business, then you can start part-time first. This way, it’s less risky on your part. You can continue working with your day-time job, but at the same time, while you’re doing business part-time, you’ll slowly gain experience running your business, and this will eventually help you gain more confidence in yourself and in your business. If you’re already confident with your business then you can go full-time.

3. Start small time. Starting small time is a very nice way to start a business if you don’t have a big capital, and are not yet confident that the business will succeed. And even if you have the capital to put up a very large business, if it’s your first time to run one, then I recommend going small-time first. Like what Pax said, “Dream big, start small.” Like what I’ve mentioned in my other posts, don’t be in a haste to grow your business, you need to have a very strong foundation first in order to succeed. And that “foundation” can only be strengthened by years of hard work and experience. And what is this “foundation” that I’m talking about?

Well, this “foundation” is your knowledge. If I may also add, in my opinion, one can lessen his fear by becoming educated. Know your business. Know the ins and outs of your industry. Know how to properly and effectively manage your money first. Knowledge can be your priceless asset. And remember, knowledge is power. Invest first in your education. Know what you’re getting into. This way, you’ll be able to manage your business effectively, increase your self-confidence, and eventually, lessen your fear of failure.

But really, in my opinion, the question that we should be asking our selves is, “What can I do to boost my self-confidence?” instead of, “How can I conquer my fear of failure?”

1 comment:

Small business loans Philippines said...

Opening your own business is an exciting venture. One of the first things you should do to ensure your success is write a business plan. Anyway,you have a very informative blog!