We’ve run a handful of articles encouraging readers to overcome their fears and press forward as they launch and/or grow their businesses. It turns out you may want to keep that fear around to motivate you to greater success.
In a recent Entrepreneur.com article, author, inventor, and entrepreneur Stephen Key explains, “For better or for worse, one surefire form of motivation is fear. Start thinking of fear as your best friend, be it fear of failure, or fear of financial ruin.”
Key believes that fear is best fostered when you have “skin in the game” or something to lose. He argues that spending an investor’s money is much easier than spending your own, so when you have something tangible on the line, you’re more likely to expend all your energy ensuring the venture is successful.
Key suggests two keys that will ensure your fear doesn’t get the best of you:
- Continue to reduce risk. There are smart ways to assess risk before moving forward. But throwing your own money at a situation isn’t the best use of fear, and it also won’t ensure success. You should use common sense, and a little research, to determine if the risk is worth it.
- Only commit to projects you’re certain about. As Key explains, “If you’re unsure, that’s a good sign this opportunity may not be the right one. Trust that there will be others.” But don’t second-guess yourself either. If you have passion for a project and a good idea of how to get started, don’t procrastinate!
Once you commit to a venture, you need to give it your all! As Key says, “The times I’ve been successful were the times it was make or break. There is no halfway. You’re either in or you’re out. There’s nothing casual about being an entrepreneur.”
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Key, Stephen. “It Turns Out, Fear is Your Best Friend.” 29 January 2014 Entrepreneur.com