To support that notion
1. Write a simple business case - mission, vision, goals and objectives - laying out what success will look like. Identify the risks and describe mitigation steps the manage the risks. This will give you confidence.
2. Network the case with business partners, other stakeholders, peers, friends and ask for advise and feedback - update the case - and share again for endorsement. This will give more confidence.
3. As your plan evolves celebratevquick wins. To build confidence.
4. As you work your plan new issues will evolve that you did not think about - prioritize these in terms of urgency, just ensure you have plans in place.
5. Modern leadership encourages failure - using the mantra to ‘fail fast’ ( Elon Musk). Try - fail - learn - try - fail - learn fast - try, etc.
Do not be afraid of failure - but have a mindset of succeeding and when you do fail then fail fast.
Doing your homework (research) about market opportunity, operations and start-up costs, etc., and preparing a first business plan before opening the business is important. Then, continuing to adjust plan toward success as the business grows and changes.
I recommend you speak with experienced business owners, as well as find mentor to help you along the way.
I have found that the best approach, during the planning cycle, is to PLAN FOR SUCCESS AS WELL AS FAILURE
Every company investor wants to know your expectations, plans and milestones you have focused upon. Milestones that when reached will allow a prudent investor (or you) to be satisfied with your progress and be comfortable releasing additional funding to grow your business to profitability. At the same time, every prudent investor wants to know your plans should you fail to meet milestones for revenue and profitability. The FOCUS AT EACH STEP OF THE BUILDING PROCESS IS TO CREATE SIGNIFICANT VALUE. So, even though the business does not move forward, you have created enough value to return to investors (or yourself) invested capital.
One can add value in each step of the investment process. For example, have you patented, copy written, software protected your work? If so, you have added value that can be sold. Have you demonstrated an actual product or service that can be, not only protected with intellectual property, but be sold to another company in the same business? Is your product, software or service of such value that if sold to another company, they will hire you to continue to develop it?
Every decision you make is focused upon adding value at each step of the business building process. Although planning for success is key, planning for failure is required as well.
James Constantine Frangos
James Constantine’s Answer
Here's a friendly guide on how to overcome the fear of failure when starting your own venture, be it a building or a business.
It's completely normal to worry about failing when you're about to start something new. But don't worry, there are ways to shift your focus from fearing failure to embracing success.
Set Achievable Goals: Start by setting goals that you can realistically achieve. These can be short-term or long-term. This way, you can concentrate on making progress rather than worry about failing. Breaking down big goals into smaller tasks can help you build confidence and momentum towards success.
Adopt a Growth Mindset: See challenges as stepping stones to learning and growing, not as roadblocks. If you view setbacks as valuable lessons, you'll be less afraid of failure and more resilient when facing challenges.
Find Support and Mentorship: Build a network of mentors, peers, and advisors who can guide and encourage you. Their experiences can give you reassurance and perspective as you start your own journey.
Focus on Solutions: Don't dwell on potential problems. Instead, use your energy to find creative solutions and strategies to overcome any challenges that might come your way. This forward-thinking approach can help you succeed.
Celebrate Small Victories: Celebrate every achievement, no matter how small. This can boost your confidence and motivation. Remember, every bit of progress is a step towards success.
Visualize Success: Imagine yourself achieving your goals. This can be a powerful way to overcome your fear of failure. By visualizing success, you can foster a positive mindset and lessen your worries about setbacks.
Keep Learning and Adapting: Be open to learning and adapting. This is key in navigating the unpredictable world of entrepreneurship. Embrace change and look for growth opportunities. This way, you can effectively respond to challenges and lessen the impact of potential setbacks.
By using these strategies, you can address your fears about failure when starting new ventures like opening your own building or starting a business.
The information provided is based on authoritative references such as Harvard Business Review, Entrepreneur, and Forbes.
Wishing you all the best!