The Real Ego Risks of Entrepreneurship

The primary concern for most non-entrepreneurs is that, in the event that they fail, they will become known as the man who could not cut it on his own. They worry that others will view them as an utter failure & they will lose whatever credibility they had before. They figure it will be more difficult to discover a job after a business failure because their elderly industry contacts will query their competence.

Starting a business is not for everyone. Aside from the perceived risks to your personal finances, lifestyle, & career, some folks cannot cope with the thought of failure. Damaging one's personal brand (fundamentally, the ego) is a devastating thought for some, but that can be managed before, in the work of, & even after your entrepreneurial experience.

Most people will be impressed at your willingness to try. In general, entrepreneurs hold high esteem in our society, even those that don't succeed the first time out. Avoid the error of disappearing one time you commit to your startup full-time. Keep in contact together with your professional contacts, including employers, colleagues, & clients. Not only can these relationships provide references for your new venture, but they will keep you connected to the outside world. Most fear of failure is in our own heads, & maintaining communication with others who think in your abilities & ideas can go a long way in mitigating the risk to your personal brand.

The reality is that going out by yourself is of the most difficult decisions can make. You are putting yourself on the line for a shot at a better life. Most people will respect that, even in the event you fail. Those that don't are probably envious because they don't have the backbone to do it themselves. For those who choose to think less of you for striving for independence, keep in mind that they likely have a crooked to cut everyone down for thing or another - somehow it makes them feel better about themselves.

If your first startup does fail, do not let it destroy your will for independence. If anything, a business failure ought to provide valuable lessons to send you eagerly back to the lab to get to work on the next idea. In the event you need to return to work for someone else, the relationships you maintained in the work of your startup ought to be nice references for locating a respectable job. Those that supported you likely respect the characteristics that make you an entrepreneur & see their value in the workplace.

The trick to dealing with feasible failure comes down to the way you handle it. For successful entrepreneurs, failure is nice news - now they know what not to do. A large majority of the most successful business owners failed multiple times before finding the right formula. Fortunately, much of the information they had to learn by trial & error is now available to help you succeed that much sooner.

The best defense against ego or personal brand destroy is not to fail. True entrepreneurs are rabidly risk-averse - they will do whatever it takes to remove risk from their ventures. The more work you put in to the front finish of your business idea, the more you increase your odds of success.