Common fears associated with startups are different for everybody, but at Fundwise, we’ve found these fears to be the most common as we’ve grown:
It’s easy to feel inadequate when running a business, having employees, putting operations in place, etc. When it’s just you, and you’re making a little money every month, it’s not that big of a deal. But when you have to hire people, and you’re responsible for their paychecks and managing a team, it’s a whole different ballgame.
As long as you trust yourself, trust the process, trust your team, and trust your product, then there’s no reason to feel inadequate. In addition, you need to have the self awareness to realize what your strengths and weaknesses are in order to hire the right people that will make your team stronger. This requires some humility—be honest about what you can and can’t do and what a potential hire could do for you and your team.
People are scared to fail. They’re scared to jump in the water and take the initial step to start their business. They might have to pull out money from their savings or retirement. It’s scary! But if you can begin with the end in mind and really focus on why you’re going into business, then you can easily dispel that fear. Whether you’re driven because the product changed your life or you’re sick of working for the man, you really need to know your “why.” There’s going to be failures throughout the process—not everything is going to be smooth sailing. Keep your why in mind so you can move forward, despite any failure or setback.
When you start your business, there are all kinds of different success metrics or goals you could hit. Different things motivate different people; perhaps weekly money goals motivates one person, while having a certain number of employees motivates another. Every business is different. One of our biggest success metrics we track is weekly revenue goals, because each of our departments brings in a certain amount of revenue.
Having those metrics and goals in mind from the very beginning can help you see business is functioning, despite setbacks or fears. The most important thing to realize is building your business is a journey; it’s not going to happen overnight.