They say that the more you know, the less you fear. Perhaps that’s why so many entrepreneurs have a thirst for learning as they build their businesses. Often a fear of failure is at the heart of that desire to learn as it is often rooted in doubts about personal abilities or lack of practical business experience. Education, training and information seeking are a powerful antidote to such fears, and they can take many forms – it does not mean you have to return to a formal classroom. You might need to develop specific skills in business administration, it’s why some entrepreneurs choose to do a part-time MBA whilst they are building their businesses.
I did my MBA in 2010 when my business was already successful and many people wondered I exerted myself on a very grueling schedule of classes, assignments, running 2 fairly large businesses, being involved in business member organization at leadership levels, and still being managing the social part well enough. Why, they asked, as they thought I had arrived and did not need to put myself through what I was going through.
There is a need to implement more stringent quality controls around the products you are developing for your customers, and as a result, you need to undertake a specialist training programme. Whatever the need, a commitment to continual learning on your entrepreneur journey can help you to deal with the challenges and the unknowns you will face. Ultimately, it will help you to mitigate the fear of failure and give you self-actualization at the same time.