The journey of an entrepreneur is full of very high highs and very low lows. It requires a lot of sacrifices, but it is also very rewarding. As Chris Shipferling shares with us in this episode, it is vital to find ways for overcoming fear of failure and push through the hard times to reach your full potential!
Chris Shipferling’s career began in customer product sales, and he has held sales and digital marketing executive roles at a wide range of companies. Today he is the Managing Partner at Global Wired Advisors, a digital investment bank that focuses on optimizing the business sale process.
Changing your perspective on risk and overcoming fear of failure
Entrepreneurship is a risky business. There’s no way around it. You need to work your way on overcoming fear of failure. In fact, if you want to be successful as an entrepreneur, you need to change your perspective on risk. Here are some tips:
First, reframing risk as an opportunity for growth can transform your mindset as an entrepreneur. Instead of perceiving risk as a hurdle to avoid, embrace it as a chance to learn and develop. Each risk you take expands your knowledge and experience, nurturing your growth as a businessperson. By approaching risk with this perspective, you open doors to valuable insights and innovative ideas that can fuel your entrepreneurial journey.
In addition, you should conduct a thorough research to navigate the risks associated with any venture. The more you understand the potential pitfalls and rewards, the better equipped you become to make informed decisions. While you may not have all the answers, dedicating time and effort to understand the landscape of your endeavor empowers you to minimize risks and seize opportunities. Knowledge is your ally when it comes to mitigating uncertainties and positioning yourself for success.
It’s also important to set realistic expectations for yourself and your business. Although you may execute all the right strategies and work diligently, there’s always a chance that things may not go as planned. Recognizing this reality and preparing for it will help you avoid unnecessary disappointments and setbacks. Setting achievable goals and understanding that success may involve setbacks and course corrections will enable you to maintain a resilient mindset and keep moving forward.
Finally, never hesitate to seek help when needed. As an entrepreneur, you are not alone on your journey. Many people are willing to offer their support and expertise to help entrepreneurs succeed. It is essential to recognize when you require assistance and have the courage to ask for it. Whether it’s seeking guidance from business coaches, collaborating with experienced professionals, or joining a supportive network, reaching out for help expands your resources, knowledge, and opportunities for success. Remember, even the most accomplished entrepreneurs have relied on the support and wisdom of others to reach their goals.
So, there you have it! These are a few tips on how to change your perspective on risk as an entrepreneur. Remember, risk is a part of the entrepreneurial journey. But if you’re willing to take calculated risks, you can increase your chances of success.
Episode highlights:
- When you are building something with other people, or have a responsibility to others, they will help you mitigate “shiny object syndrome” which will keep you on track with your goals. (23:26)
- It’s important to know what you are good at (and what you are less good at) so that you can plan from day one to replace yourself in certain areas of your business. (24:02)
- Keep pushing! You will go through very high highs and very low lows on your journey as an entrepreneur. There’s a big difference between the low 7-figure stage and the low 8-figure stage, and it’s worth it to push through the hard times. (26:16)
- If your business model isn’t working, don’t be afraid to pivot. Change isn’t failure. (32:07)
- Successful entrepreneurship involves risk. If you are risk-averse, find a mentor who can help you overcome this so that you can reach your full potential. (32:32)
Chris’s best advice for entrepreneurs:
“Push through. Push, push, push. Don’t give up. If you’ve got the lows, fight through the lows. Know that where you’ve made it today, at that mid 6 figure to low 7 figure, is dramatically different from a financial perspective than having that mid 7 figures to low 8 figures. ” (31:00) From where you are now, it may be difficult to imagine how you are going to get to where you want to be, but don’t give up!
