Why Am I Afraid to Start a Business & How Can I Overcome the Fear?

ByLaura Harvey
fears on starting a new business

Starting a business is one of the most exciting and challenging things you can do, but it can also be incredibly nerve-wracking. I know this from personal experience. When I first considered leaving the comfort of a regular paycheck to dive into the world of entrepreneurship, I was filled with uncertainty. The idea of stepping into the unknown, not knowing if I could become successful, was daunting. I felt like I was about to embark on an experiment—one that could either teach me valuable life lessons or end in failure.

But despite the fear, I felt a deep desire to create something of my own. I envisioned a business that reflected my values—a place where I could work with people, clients, and contribute positively to the world. I wanted my business to be supportive, hard-working, responsible, accountable, and honest. And while the safety net of returning to a traditional job was always there, I knew I had to give this a try.

Understanding the Fear of Starting a Business

Fear often stems from the unknown and the risks associated with it. When it comes to starting a business, there are many factors that can trigger fear, including:

  • Fear of Failure: One of the most common fears is the fear of failure. What if your business doesn’t succeed? What if you invest time, money, and energy, only to see it all fall apart? This fear can be paralyzing, but it’s important to remember that failure is a part of the learning process and an opportunity for growth.
  • Fear of the Unknown: The uncertainty of entrepreneurship can be daunting. There are no guarantees in business, and the thought of venturing into unfamiliar territory can cause anxiety. However, this fear can be managed by educating yourself, seeking guidance, and preparing as much as possible.
  • Fear of Financial Loss: Starting a business often requires financial investment, which can be intimidating. The fear of losing money or not being able to support yourself or your family can hold you back. Careful planning and budgeting can help mitigate this risk and give you a clearer picture of your financial landscape.
  • Fear of Judgement: Many aspiring entrepreneurs worry about what others will think if their business doesn’t succeed. The fear of judgment or criticism can be a significant barrier, but it’s essential to focus on your goals and not let the opinions of others dictate your actions.
  • Fear of Success: Interestingly, the fear of success can also be a barrier. Some people worry about the responsibilities and changes that come with success, such as increased pressure, higher expectations, or loss of work-life balance. Embracing the potential for success and planning for it can help ease this fear.

How to Overcome the Fear of Starting a Business

While fear is natural, it doesn’t have to stop you from pursuing your dreams. Here are some strategies to help you overcome your fears and take the first step toward starting your business:

  • Educate Yourself: Knowledge is one of the best tools for overcoming fear. Take the time to learn about the industry you want to enter, the steps involved in starting a business, and the potential challenges you may face. The more informed you are, the less intimidating the unknown will seem.
  • Start Small: You don’t have to dive in headfirst. Consider starting your business on a small scale or as a side project. This approach allows you to test the waters, build confidence, and make adjustments before fully committing. Small wins can build momentum and reduce fear.
  • Seek Support: Surround yourself with a supportive network of friends, family, and mentors who believe in your vision. Having people who encourage you and offer advice can make a significant difference in overcoming fear. Don’t be afraid to ask for help or seek guidance from those who have been in your shoes.
  • Create a Solid Plan: A well-thought-out business plan can provide structure and clarity, helping to alleviate fear. Outline your goals, strategies, financial projections, and contingency plans. Knowing that you have a roadmap to follow can make the journey feel more manageable.
  • Embrace Failure as Part of the Process: It’s important to reframe your perspective on failure. Rather than seeing it as something to fear, view it as a valuable learning experience. Every successful entrepreneur has faced setbacks along the way, but they’ve also learned from those experiences and emerged stronger.
  • Visualize Success: Take time to visualize what success looks like for you. Imagine your business thriving, your customers happy, and your goals being achieved. Positive visualization can boost your confidence and help you stay focused on your end goal.
  • Take Action: The best way to overcome fear is to take action. Even small steps can make a big difference in reducing anxiety and building confidence. Each step forward, no matter how small, brings you closer to your goal and further away from your fear.

Inspiring Quotes for Your Business Journey

“I’ve learned that the difference between being successful and being unsuccessful is simply the will to try. And the heart to keep going.”
— Taylor Swift

“Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.”
— Jaspreet Singh (aka “Minority Mindset,” an entrepreneur and influencer)

“We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes—understanding that failure is not the opposite of success, it’s part of success.”
— Ariana Huffington, founder of The Huffington Post and Thrive Global

“You are not your job, you are not the clothes you wear, you are not the neighborhood you live in. You are way more than that.”
— Tyler Oakley, YouTuber and LGBTQ+ advocate

“The challenge is not to be perfect—it’s to be whole.”
— Jane Fonda, actress and activist

“You are the CEO of your life. Hire, fire, and promote accordingly.”
— Chantel Jeffries, DJ, model, and influencer

start a business - register now

Canadian Support Networks for to Connect With

BDC (Business Development Bank of Canada)

BDC is the only bank in Canada dedicated exclusively to entrepreneurs. It offers financing, advisory services, and capital to small and medium-sized businesses.

Futurpreneur Canada

Futurpreneur Canada provides financing, mentoring, and support tools to aspiring business owners aged 18-39. It’s an excellent resource for young entrepreneurs looking to start their own business.

Ontario Business Central

Ontario Business Central specializes in business registration, incorporation, and other corporate services. They provide a streamlined online platform to help you register and manage your business in Ontario.

MaRS Discovery District

MaRS helps entrepreneurs launch and grow the innovative companies that are shaping the future. It offers advisory services, workshops, and funding opportunities for startups.

StartUp Canada

StartUp Canada is a grassroots network that promotes and supports entrepreneurship across the country. It offers networking opportunities, events, and resources for entrepreneurs at all stages of their journey.

ServiceOntario

ServiceOntario provides access to a variety of services and information related to starting a business in Ontario, including business name registration and incorporation services.

Canadian Chamber of Commerce

The Canadian Chamber of Commerce represents businesses of all sizes across Canada. It offers resources, advocacy, and networking opportunities for entrepreneurs.

Mentor Works

Mentor Works provides information on Canadian government grants, loans, and tax credits for small businesses. It’s a valuable resource for finding funding to support your business growth.

Small Business Centres Ontario

These centers offer free consultations, workshops, and resources to help new and existing entrepreneurs navigate the challenges of starting and growing a business.

These resources provide valuable support, guidance, and tools to help you start and grow your business in Canada. Whether you’re seeking financial support, mentorship, or practical advice, these organizations can help you on your entrepreneurial journey.

Compassion & Support For Your Journey

At Ontario Business Central, we understand that starting a business can be both exciting and frightening. We want you to know that it’s okay to feel afraid—everyone does at some point. But more importantly, we want you to know that you don’t have to face these fears alone. We’re here to support you every step of the way, from registering your business to offering guidance and resources that can help you navigate the challenges of entrepreneurship.

Whether you’re worried about the risks, unsure of where to start, or need help creating a solid foundation for your business, our team of experts is here to assist. We’ve helped countless entrepreneurs turn their dreams into reality, and we’re ready to help you do the same.

Overcoming Fear & Embracing Your Future

Fear is a natural part of the entrepreneurial journey, but it doesn’t have to hold you back. By educating yourself, seeking support, and taking small, confident steps forward, you can overcome the fear of starting a business and set yourself on the path to success. At Ontario Business Central, we’re committed to helping you make your entrepreneurial dreams a reality. Let us be your partner in this exciting new chapter of your life. Together, we can turn your fear into confidence and your ideas into a thriving business.

inquiries@ontariobusinesscentral.ca
Toll-Free: 1-800-280-1913
Local: 1-416-599-9009
Fax: 1-866-294-4363
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Monday – Friday E.S.T.

Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.

Laura Harvey
Laura Harvey

Laura Harvey stands as a beacon of entrepreneurial support and expertise, embodying the spirit and drive of the community she serves. As the proud owner of Ontario Business Central Inc., Laura's journey is one of dedication, passion, and an unwavering commitment to nurturing the entrepreneurial landscape in Canada.

With over three decades of experience as a corporate specialist coupled with over 25 years of entrepreneurial ventures, Laura brings a wealth of knowledge and insight to her role. Her expertise is not just theoretical; it's built on the real-life challenges and triumphs of navigating the business world. This unique blend of professional and personal experience positions Laura as a relatable and trusted guide for those embarking on their entrepreneurial journey.

Beyond her role at Ontario Business Central, Laura has extended her outreach through the innovative YouTube series "Taking the Leap." This platform allows her to connect with new business owners, offering them a stage to share their stories and insights. "Taking the Leap" is more than just a series; it's a community where aspiring entrepreneurs can find inspiration, learn from the experiences of others, and gain practical advice on crucial corporate tasks like registering a business, updating business information, understanding tax account intricacies, and much more.

Laura's contributions extend into the digital world through her in-depth blogs for Ontario Business Central. Here, she delves into topics essential for entrepreneurs and business owners looking to start, manage, and grow their ventures. Her writing is a reflection of her passion for supporting entrepreneurial advancement and a testament to her deep understanding of the corporate sphere.

Laura Harvey is not just an entrepreneur; she's a mentor, guide, and fellow traveler on the path of business ownership. She embodies the ethos of "walking the walk," providing both the tools and the encouragement for others to thrive in their entrepreneurial endeavors. Whether through her written words, her YouTube series, or her hands-on approach at Ontario Business Central Inc., Laura is dedicated to uplifting and assisting new and established business owners alike.

You can follow her on social media channels and professional profiles:

Ontario Association of Professional Searchers of Records
Ontario Business Registry
Follow OBC on Twitter/X
Follow Laura on LinkedIn
Taking The Leap YouTube Series