5 Smart Questions to Ask Yourself When Fear Holds You Back from Taking Business Risks

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By Shelly Leroux · July 05, 2024

5 Smart Questions to Ask Yourself When Fear Holds You Back from Taking Business Risks

Let's face it, running a side hustle or building a business from scratch is a wild ride. One minute you're basking in the glow of a new client, the next you're staring down a mountain of "what ifs" that threaten to bury your entrepreneurial spirit. Fear, that pesky little voice in your head, can be the ultimate roadblock, keeping you stuck in neutral when you crave the freedom of fifth gear.

The good news? Fear is a natural part of the journey. It's that flashing yellow light before the intersection, urging you to be cautious. But sometimes, that yellow light turns into a full-on stop sign, halting progress entirely. That's when it's time to reframe your perception of risk and turn fear from a foe into a focused fuel source. Here's how:

1. Is This Fear Based on Reality… or Just Reruns?

Fear often loves to recycle old anxieties. Remember that time you launched a product that flopped? Fear might whisper, "This will happen again!" But is that truly the case? Analyze the situation. Did you have a solid marketing plan in place? Was the product addressing a genuine need in the market? Be honest with yourself about past missteps, learn from them, but don't let them paint an inaccurate picture of your current venture.

2. What's the Worst-Case Scenario (and How Likely Is It, Really?)

The worst-case scenario can feel like a monster under the bed, but dragging it into the light often reveals it's more teddy bear than terrifying beast. Take some time to imagine the absolute worst outcome of your risky move. Will you lose everything? Probably not. Will your business take a hit? Maybe. But what can you do to mitigate that damage? Can you scale back temporarily? Lean on a support network? Having a plan B in your back pocket can calm the fear monster and keep you moving forward.

3. What's the Potential Upside?

Fear thrives in the shadows. It keeps you focused on the dark corners of what could go wrong. But what about the sunshine on the other side? Imagine the best-case scenario for your risky move. Will this open doors to new opportunities? Help you reach a wider audience? Increase your earning potential? Visualize success, feel the excitement, and let that positive energy fuel your determination.

4. What Have I Achieved by Overcoming Fear in the Past?

Think back to a time you pushed through fear and took a chance in your business. Did you launch that online course you were terrified of? Did you network with that intimidating industry leader? Chances are, you not only survived, you thrived. Reflecting on past victories reminds you of your resilience and your ability to navigate uncertainty.

5. What Will My Future Self Think If I Don't Take This Leap?

Fast forward a year from now. What would you say to yourself if you let fear hold you back? Will you feel a pang of regret, a wish you'd dared to dream bigger? Stepping outside your comfort zone is scary, but consider the alternative: the stagnant feeling of playing it safe and missing out on potential growth.

Remember, taking risks doesn't mean being reckless. It's about calculated action, informed by preparation and a healthy dose of self-belief.

Taking Action:

Now that you've considered these questions, it's time to take action. Identify a specific business risk you're facing. Write it down. Alongside it, list the answers to the questions above. By deconstructing your fear, you'll gain clarity and the confidence to move forward, focused and unstoppable.

The entrepreneurial journey is paved with challenges and triumphs. By learning to manage fear, you transform it from a roadblock into a launchpad, propelling you towards the business success you deserve. Now, go out there and conquer those fears!