by Thembe Khumalo
Sometimes when you’ve taken a big leap, you are so conscious of the magnitude of what you’ve done that you don't think you can or should take any more major steps. That was me after leaving home at 22 years old - I was so determined to make my life work and validate the choices I had made, that I found it difficult to think beyond my immediate activities. This kind of paralysis can also hit entrepreneurs in the early stages of building their business, particularly when a huge risk has been taken to get to the start-up stage.
Entrepreneurship is a continuous process of risk assessment, mitigation, and adaptation. The process doesn't stop after mitigating risks. Entrepreneurs need to be adaptable to changing markets, customer needs, and unforeseen circumstances. This means constantly learning, innovating, and pivoting their strategies as needed. More importantly, for their businesses to grow, they need to be willing to take the next risk, the one after that, and the one after that.
Unlike a steady job, in entrepreneurship, significant rewards come from leaving your comfort zone.
Calculated risks open new markets, test innovative ideas, and grab fleeting opportunities. But it's not a gamble. Successful entrepreneurs meticulously assess risks, plan for mitigation, and course-correct when needed. This willingness to embrace calculated risks, learn from failures, and adapt is the entrepreneurial spirit that fuels growth.
Facing Your Fear
Fear can be a funny thing - at once elusive and also pervasive. It seems to magically change form and function, and that is why it's really important to get to grips with your fears early on. Understand what it is exactly that you are afraid of - is it losing money or is it losing face? Is it an internal sense of failure, or the judgment and scorn of your peers. Taking yourself through this skype of conversation can help you get clarity and give you greater perspective on your fears.
Fear often whispers worst-case scenarios, and you can challenge those thoughts by practicing reframing. Instead of thinking "This will definitely fail," reframe it as "There will be challenges, but I can overcome them with planning and effort." Instead of thinking “What a fool I am not to have seen that coming.” reframe it as “What a valuable lesson I’ve learnt about planning”. By continuously adapting your point of view you can shift your mindset from risk aversion to embracing the possibilities within every risk.
Focusing on Action
Sometimes we become paralyzed by fear to the extent that opportunities pass us by while we are still considering our options. Overthinking can be harmful, not just to your business but also to your mental health. The solution in such a situation is often just to act. Either step forward and lean into the risk or turn your back on it completely and focus on something else. Both options can be good, and making a definite decision instills a discipline that will serve you well and prevent many a chewed fingernail!
Supportive Networks
An essential survival tip for entrepreneurs is to get into a community of support. If you can’t find one that suits you, then create it! You can proactively build and nurture supportive networks of peers, mentors, and advisors who can provide guidance, feedback, and encouragement along the way. Attend networking events, join entrepreneurial communities, and seek out mentorship opportunities - online and offline.
One of the most powerful networks for entrepreneurs is a Mastermind group. These consist of just a handful of people with whom you can share more deeply and develop high levels of trust. Knowing that there are others walking alongside you and making valuable input into your business can make a world of difference in helping you overcome your fears.
Fear as a warning
Sometimes, fear is a signal to gather more information. Do more research, run the numbers again, explore different scenarios. As you become more familiar with the issue, the fear should lessen. As you become more familiar with the issues you are preparing to tackle, the fear should dissipate. But don't get stuck in analysis paralysis – make a decision!
Starting Small
Remember that you have control over the scope and scale of your ventures. While it's tempting to want to make a big splash, you have the option to start with small, manageable projects or experiments to test your ideas and gather feedback before committing to full scale execution. Launching a Minimum Viable Product (MVP) limits risk, saving you time, money, and potential embarrassment.
Entrepreneurship is a study in calculated risk-taking, essential for innovation and growth. It's a skill you can learn and master. So, embrace the fear, take that calculated risk, and fuel your entrepreneurial journey!.
Thembe Khumalo is one of Zimbabwe’s leading voices when it comes to brand-building, business growth and personal development. A winner of multiple awards both at home and in the region, she is the founder and Managing Director of Brandbuilder, a high-performance brand strategy firm that helps entrepreneurial leaders and SMEs achieve visibility and growth through comprehensive brand strategy, creative execution and social media content strategies. Known for her clarity and courage, Thembe Khumalo’s leadership track record includes board positions in listed, unlisted and not-for-profit entities. With more than 20 years in the media and communication industry, she delivers a network of high-level relationships across many industries in several African countries. | thembekhumalo.com | www.brandtobuild.co | askus@brandtobuild.co
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