In my research, I found that there are 4 fears that hold most entrepreneurs and sales people back. Only one was a surprise, but I found it is the one fear I have. Maybe that’s why it surprised me. We all have fears. Psychologists who have studied our brains in depth understand our fears phenomenon. Fear is deep rooted in the “reptilian brain”. It is our basic need for survival. Even though our brains have evolved with other layers the limbic primitive brain is still activated. We feel the need to act instinctively to immediate and aggressively to protect ourselves from danger whether real or imagined. The fear of loss, be it loss of money, loss of life or loss of property is very real in our minds. These four fears, I believe do effect business owners, sales people, insurance agents and entrepreneurs alike.
- Fear of Public Speaking- It stated that fear of public speaking was greater than the fear of death in most people. That means at a funeral, more people would rather be in the casket than delivering the eulogy. No one ever started out loving public speaking. It is neither natural nor comfortable to stand in front of a crowd and be the center of attention. There are many things one can do and understand to help being a better public speaker. To continue on with success, this fear must be overcome, regardless of how terrifying it may be.
- Fear of Technology-This seems to be the fear of the older entrepreneurs and sales people. In other words my generation. I promise the internet is not just a fade, it is a huge part of our lives. You must learn to embrace technology, whether it is computers, tablets, smart phones or social media, it is too large to ignore. Older people struggle with their business because they struggle with technology. You cannot just hire someone to do it for you. Make it a priority to start learning it today.
- Fear of Leadership- This is especially a fear for the entrepreneurs among us. They would rather just have the business ran without leading their teams with training, hiring, firing, employee drama and building infrastructure. They hire managers to run the teams instead of leading themselves. This is a big mistake for the entrepreneur, because it is leadership not management that makes the team and ultimately the business successful. You cannot have a successful business without a successful team. The team cannot be successful without a leader.
- Fear of Charging What You Are Worth-This is the one fear that hit me between the eyes doing my research. I do not believe I am alone. I believe a lot of entrepreneurs and business owners have a fear of charging too much and ultimately undercharge for our services and expertise. This is a challenge to price ourselves correctly, but with that fear of overcharging living in our “reptilian brain”, it becomes even more difficult. I recommend using your trusted connections in helping you with pricing. If this fear exists, you will become paralyzed making the right decision. Don’t make the decision alone.
Now is the time to overcome the fears holding you back. Face your fears and set a goal to overcome them step by step. I wish you good luck as I am working on my fears as well.
“We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.”-–Plato
Image by Stuart Miles at www.freedigitalphotos.net
Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, author, blogger and team leader with over 28 years of experience in sales and marketing in the insurance and beverage industries.