Are you someone who gets overwhelmed with fear and anxiety when it comes to the thought of potential failure? You’re not alone. The fear of failure is an incredibly common thing, especially among entrepreneurs and business owners. It’s a normal emotion that most people have felt once in their lives – but for some, it can become immensely overwhelming and stop them from taking necessary risks needed for growth. In this blog post, Tommy Shek discusses why this happens and what strategies can be used to see failure as a learning opportunity rather than something to run away from.
Tommy Shek On Fear of Failure
Fear of failure is a very common emotion amongst business people, says Tommy Shek. It can be caused by external influences such as not meeting performance expectations, or it can also come from within due to a lack of self-confidence and an underlying belief that one is not capable of achieving success. It can lead to feelings of anxiety, insecurity, and even depression in some cases.
The impact of fear of failure on business leaders has been studied extensively, and the findings are startling: over 70% of entrepreneurs have reported feeling fear when making decisions and taking risks; 67% feel an overwhelming sense of pressure when trying to meet team goals; and 56% experience intense worry before launching a product or service. These statistics clearly show how pervasive this issue is, impacting the behavior of both small and large business owners.
According to Tommy Shek, another way fear of failure can manifest is through procrastination. Many people delay important tasks, either because they don’t feel prepared or capable of completing them or simply because of a lack of confidence in their abilities. This can be extremely detrimental to productivity and growth, as it prevents people from taking action and moving forward with their plans.
For example, one entrepreneur we spoke with had developed an innovative new product but was unable to launch it due to fear of failure. He was overwhelmed by the idea that his product wouldn’t be well-received and that he would end up losing money on the venture. In the end, he decided not to pursue the product and instead took a more traditional path in his business.
Tommy Shek’s Concluding Thoughts
Fear of failure is a very real problem for many people in the business world, and it’s important, as per Tommy Shek, to be aware of its effects and how to combat them. Strategies such as goal setting, building strong relationships with colleagues, staying organized, and taking regular breaks can help reduce anxiety and fear. Furthermore, surrounding oneself with positive role models who have achieved success despite setbacks can provide encouragement and inspiration. Finally, being mindful of one’s own thoughts and feelings is key; acknowledging that mistakes are part of the learning process is essential if one wishes to reach their goals. If you or someone you know is struggling with fear of failure in business, there are resources available to provide support and guidance.