In harsh economic times or at the onset of your business journey, things may seem fearful. You may even feel a little desperate to jump at every opportunity to earn. However, it is critical that you do not make decisions that are prompted or tainted with fear or desperation. Ensure that your decisions are founded upon careful thought and strategy.
Scarcity Based Insecurity
Scarcity refers to the limited nature of resources. Scarcity can leave you feeling insecure and cause you to make desperate actions; however, note very well that certain actions can cause you more trouble in the long run. Coin a long-term strategy that will give you stability in the context of scarcity. If you believe in what you are offering to the world. No matter how scarce resources are, if your product is solving problems and improving the life of your customers, you will always have sales.
Why Do We Make Fear-Based Decisions?
We tend to make fear-based decisions because of our desire for financial freedom and survival. We work with customers or clients that present major red flags very early, but because we want to earn, we still proceed to work with them. In the long run, this usually proves to be very counterproductive.
Another reason is based on the “you don’t know what you don’t know” theory. This is a limited perspective that leads people to accept whatever comes their way, whether it is against there personal and business morals. People entertain thoughts that would suggest that they don’t know if they will get such a big figure coming from a client any time soon. The dollar value that you might receive will likely cause greater damage in the future.
A lack of due diligence often leads us to make harmful decisions. To get to the financial benefit that they want, most individuals overstep their great responsibility of doing the work of investigating the customer and their proposal. No matter how badly you need business, be sure to analyze the arrangement carefully so as to protect the reputation and feasibility of your operation.
The Impact of Fear-Based Decisions
Fear-based decisions will spell danger for the long-term success of your business. Those who make fear-based decisions typically have uncertain and uncertain goals. They are like a ship that has ventured into the deep blue with no navigation system. This uncertainty will be evident in all your operations.
Both customers and employees will be affected by fear-based decisions. The psychology of the business’ decision-makers can be felt during product or service delivery. Low and “shortcut” quality offerings, the lack of diligent customer support and the difficulty in getting issues resolved reveals a company that is not founded upon solid decision making. Employees do not like to follow leadership that is driven by fear. The way you make your decisions will be similar to the way you treat your workers. Inevitably, you will have a high turnover.
If decisions were birthed from a rational and prudent decision-making process, the daily operations would be easy and systematic. On the other hand, if the opposite is true the daily operations of a business will be tedious and sloppy. In such a situation, the business operator will only be left to hope that things come together.
Have A Plan of Action For When You’re Afraid
When you set out to achieve anything in life, fear will always present itself. Nevertheless, this fear can be used as fuel. It can be used to boost your business to a higher level of problem-solving. To cushion your business from the ills of fear, put a system in place that will guide your organization safely. Oftentimes, simply having several competent persons involved in the decision-making process can be a strong safeguard. The strength of the optimistic can serve as help for those who are temporarily wounded by fear and uncertainty.
Ask for Support
Given that fear is a common experience, do not be afraid to ask for support. You may have business savvy colleagues or relatives that can help you to get over the hump of fear. Do not feel too proud to reach out. Fear can be multiplied in the presence of pride. It is good to secure a mentor or two from very early. These are not necessarily friends but people who have safely navigated the rocky waves of entrepreneurship. The advice you will get from them will be less tainted by emotion and can serve as a rope when you are stuck in a fearful pit.
Success Can Be Just as Scary as Failure
Ironically, success can produce a similar level of fear as failure. This being said, you will need to be mindful of that. Implement a system to manage the progress of your business. You may have plotted a financial forecast for your business, ensure that you have a plan to deal with the additional growth in funds and customer base. When you do not have a plan to deal with this, you will be likely to make terrible mistakes that will jeopardize your business.
Take Your Fears Head On
The popular saying tells us to take the bull by its horn. Fears are usually conquered, not by ignoring them, but by confronting them. While the emotions and results of fear are evident, it is often the case that the things we fear are, in reality, harmless or unreal. Face that organizational change that you are so fearful of making that you have seen on paper to be beneficial, face that process of certification that will bring your business to higher heights but might expose some of your weaknesses and connect with that leader in your field who has achieved great success. Most of the times, facing these things result in your personal and professional growth. Do not be afraid but be bold and rational.