Fear of failure is a popular theme for today’s entrepreneurs. There are powerful stories of entrepreneurs failing at their businesses, and how they respond. Some go on to achieve great things; others let it define them with tragic results.
What could be worse than failing at your business?
Failing at your business is horrible so I’m not diminishing it when I say there’s a much larger failure to fear: Big Failure. What is it? Imagine getting to the end of your professional life and feeling like your career failed. Not once. Not twice. But for your whole life. Big regrets. Big. Failure.
(And I don’t agree that all true entrepreneurs successfully start and run businesses. People are more complex than that. A topic for another post.)
Fear of failing at your business can make your business fail.
My father went through this. On a personal level he was very successful. In business his fear of failing at individual ventures kept him at a corporate career he hated. For decades he stifled his entrepreneurial instincts. We never talked about it. But it was obvious that, ironically, his fear of smaller failures resulted in feeling like his entire professional life was a failure. I think it was his only real regret.
Entrepreneurs are naturally consumed by the immediate future. They’re not thinking about how they’ll feel in 40 years. They need to win now and are often terrified of failing. But that fear can create failure by paralyzing them. They hesitate while their bolder competitors seize opportunities.
Big Failure kicks other failures’ asses.
Having no fear is great. But if you’re gonna fear failure, harness the fear of Big Failure. Use it to mitigate the fear of individual business failures. The goal should be a successful career and a career is more than one company. Think massive, be bold, and follow your instincts. Your older self will thank you for it.