Is fear of failure holding back your business?

Every entrepreneur has those moments of terror when they think: what if this all goes horribly wrong? For some, these doubts can be crippling, and eat away at their determination. Fear can convince you to make bad decisions or lose confidence in your abilities – even walk away from an idea with great potential.

So how can you turn that fear of failure into something more constructive?

I put this question to entrepreneurs from around the country to find out how they cope with their fear of failure. I was inundated with hundreds of responses. Here are some of the most inspiring pieces of advice they had to offer.

“Try not to focus too much on the end goal or product, but more on the magic that happens in the process of creating something.” This was the advice from Jane ni Dhulchaointigh, the founder and inventor behind mouldable glue Sugru, whose business now turns over £3.5m.

Pat Dudley Williams, founder of British men’s accessories brand Reef Knots, says: “One is essential, one is fatal. You need to learn to have blind faith but avoid false hope.”

According to serial entrepreneur Duane Jackson, founder of accountancy firm KashFlow, the trick is not to overthink the possibility of failure. “You just get on with it,” he says. “You don't even consider the possibility of failing. You have to be a bit naive to the risks.”

Dwain Reid, entrepreneur and start-up coach, advises: “Remember why you are doing it in the first place. As long as your ‘why’ is big enough it will eliminate the fear of failing.”

Some entrepreneurs have a very pragmatic perspective on the issue. “Try a herbal sleeping tablet and a good run,” says Polly Buckland, boss of creative agency The Typeface Group. “After that, try a team brainstorm.”

Mark Ferguson, director of More Fire PR, says: “I tell my kids all the positive things they are doing and that I’m proud of them each morning, and that reminds me to apply the same thinking to myself.”  

Richard Alvin, founder of Audere Capital and an angel investor, tells his fellow business owners to break failure down into smaller chunks, so a single setback does not destroy their confidence. “Create achievable single-step milestones, a bit like a ladder, so you can only slip one rung at a time – not back to the floor,” he says.

Jo Partridge, of kids play class company Pyjama Drama, says: “Every failure acts as a lesson.” Philip Evans, of relish business Pelagonia, adds: “You don't learn anything from winning all the time.”

Other entrepreneurs prefer to motivate themselves with the stick rather than the carrot when they feel those familiar terrors rising. “Failure is not an option,” says Steven Woods, director of IT firm Lanilogic. “It simply has to happen or you starve. Simple.”

Tim Cameron-Kitchen, boss at digital marketing agency Exposure Ninja, adds: “Use the fear as a motivator. When others are chilling out at the weekend, I'm smashing work because I know what failure feels like.”

How do you deal with the fear of failure? Let me know on Twitter @sparky000.

For more advice on preparing your SME for the challenges of the future, visit HP BusinessNow