Taking risks naturally brings about varying degrees of fear. The fear of rejection, failure, and change are typical examples. However, the problem is not fear itself but allowing fear to prevent us from moving forward. Fear paralyzes and brings doubt, while action gives us confidence and courage.

Some experts believe that a bit of fear helps us take that leap of faith. This is how many people react more clearly when under pressure or in an emergency. Authors like Harvey Mackay belong to this school of thought. Mackay is a writer of several New York Times best-selling books that address the fear of risk and suggests some recommendations to overcome it:

1. Review your responsibilities

Life is full of responsibilities, but not all of them are priorities. Which ones scare you? Which ones make you unnecessarily stressed at the end of the day? Why? Delve deeper into these questions and continue asking yourself “why” until you have found the root of that fear.

2. Imagine the worst possible scenario

When a particular situation brings about anxiety, try to think of the worst possible scenario that could happen. Imagine it realistically. It may seem counterintuitive, but it will help you ground the situation in reality. More often than not, the worst-case scenario is not as severe as one would initially believe it to be. 

3. Change focus

When faced with an overwhelming task, take a moment to think about all the positive benefits it will produce in the end. It is easy to get caught in the weeds of a project. Focusing on the result helps one let go of all the minor worries.

4. Try something new, something different

Take on a new task or a different responsibility whenever the opportunity is presented. Building on the previous point, stimulating your mind with new challenges will increase your risk tolerance. The new skills and perspectives will also increase your confidence when dealing with the core issues that initially created fear.

5. Analyze past risks

Look back and remember some of the risks you have taken. Most likely, many of them turned out well. As for those that did not end well, lessons were learned that have likely contributed to future success. Analyze what did and did not work.

Ask yourself: What external factors influenced your actions? Was everything really under your control? Can the good be repeated and applied to other situations?

6. Learn to live with the inevitable

Mackay argues that occasionally there will be moments when fears resurface. This is part of human nature and cannot be avoided. Therefore, he recommends preparing to live with the inevitable. As one faces their fears and looks back at their accomplishments despite their fears, fear’s grip lessens over time.

In the life of every entrepreneur, taking risks is a constant. From hiring talent to fundraising to expanding your business to the world, everything carries risk. The key? Go out and face it.

This article is a translation of “Lo que necesitás saber para perder el miedo al riesgo” by Endeavor Argentina

Author emmy

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The Doan family started Missouri Star Quilt Co. after they lost most of their retirement savings in the 2008 market crash. They started in their hometown of Hamilton, Missouri, a small town with a population of only 1,500. Realizing brick and mortar would not generate enough revenue, the family switched to e-commerce by selling pre-cut pieces of complementary fabric to make it easy for anyone to make a good-looking quilt. As their operations grew to employ over 400 people, 80 percent of them based in Hamilton, finding talent has become a constant struggle. “I spend a lot of my time recruiting. We also have a severe shortage in temp labor, so we have to employ every high schooler in the area.” says Alan Doan. While finding talent is difficult, rural entrepreneurs reported that retaining talent is easier. Entrepreneurs provide highly skilled people who are looking to move back home with opportunities to do so and retain their career paths. 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A challenge that local officials have been found to be extremely valuable in addressing. Interview data from Endeavor Insight shows that entrepreneurs in rural areas have more immediate access to local decision makers compared to urban counterparts. They are more likely to receive invitations to individual or small group meetings with their mayor or city council members to discuss entrepreneurship. Shelly Wilson attributes a lot of the business’ success to their location and within six months they had already scaled to over 50 employees. “We came to create jobs. Being outside the urban area has allowed us to pull from a completely different workforce.” Chime Solutions now employs nearly 1,000 people with operations expanding to Texas and North Carolina. Supporting Florida’s Rural Entrepreneurs The case studies above showcase entrepreneurs reaching out to networks beyond their local communities to grow their businesses within those same communities. Instead of waiting for local entrepreneurs to reach out to external networks, entrepreneurial support organizations should build connections with local and state officials to make the network building process more efficient. This streamlines access to talent and capital by having a network of educational institutions and investor groups ready to support entrepreneurs that are often isolated due to the relatively small size of local networks. In the same vein, entrepreneurs can connect with mentors that they otherwise would not have access to. In fact, Endeavor Insight findings show that rural founders who scaled their companies to 50 or more employees were 80 percent more likely to have mentors who were successful entrepreneurs themselves. According to the Rural Health Information Hub, approximately 2 million people or 10% of Florida’s population is considered rural. By making an active effort to find and support these entrepreneurs, support organizations in Florida can minimize or circumvent these three key barriers for successful rural entrepreneurship. Research for this blog post can be found on Endeavor’s Insight Report, “Rural Entrepreneurship in the United States”. Additional reporting provided by Endeavor staff member Eric Marroquin.

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