Overcoming The Biggest Challenge In Entrepreneurship: The Fear Syndrome

The biggest challenge to an entrepreneur is the entrepreneur him/herself: fear, self-doubt, lack of focus, and self-sabotage can bring down even the most brilliant entrepreneur with the best idea. ____ James Simpson

This quotation seems to summarise all the reasons accounting for low entrepreneurial spirit in Africa and for that matter, Ghana in simple terms. Fear has always been part and parcel of Homo sapiens since creation. But it seems the fear in the African is at a degree that easily denies him/her eminent opportunities. It is as though it shatters our very existence, affecting every sphere of our endeavours.

Many individuals who could have been business moguls are dying with their brilliant ideas because of fear of not succeeding should those ideas be put into practice. Becoming an engineer has a clear-cut procedure to follow; however, the same can't be said for starting or running an enterprise. Deciding on what is most significant to focus on is sometimes just as hard as doing the work. And at times, the biggest barrier is getting over your insecurity to take action, even when you're not sure things will work out.

Psychiatrists like Dr. Elana Miller have noted that the 'psychology of doubt' has itself actually been the fuel for many entrepreneurs. Turning your fear into an opportunity to plunge into business is the greatest asset any entrepreneurs can have.

Forms of Fear
Fear that is gripping many entrepreneurs comes in different shapes: fear of not having enough experience or lack of a degree, fear of not being good enough, fear of being too old, fear of making the wrong decision, fear of not coming from an affluent home or lack of funds, fear of rejection and fear of failure.

Indeed, we live in a society that is so preoccupied with disseminating fearful messages about what could go wrong if we don't watch out: the economy has collapsed, AIDS or malaria is going to kill you, the food you eat is poisonous, there are no jobs, you're too old, and you're too young, you don't come from an affluent home. These messages are so reiterated such that as Dr. Joseph Goebbels said 'they [have] become the truth' and have entered our subconscious mind and we now believe in them, whether they are true or not. This corners us and puts us in a situation where we feel powerless to act even when we have the idea and zeal.

The Crux of the Problem
The concept of entrepreneurship itself is not native to every culture or society. Therefore, the fear of failure can be a barrier in itself. Ghana's social systems have the tendency of creating a sense of dependency and desperation. There are sections of the society who feel that women and minorities need role models to demonstrate the positive outcomes to innovation and risk-taking. Akin to this inhibition, is the overarching mindset that entrepreneurship is an art rather than science. While it is true that some individuals are gifted with ingenuity to develop new ways of doing things, creativity alone is not sufficient. Even though, matching ideas with basic skills and understanding business practices can help budding entrepreneurs create successful businesses, many do not have the support of the society and government. Education that should help build such skills and knowledge has also become very expensive if not irrelevant to the very skills needed in business spheres.

It is fascinating to note that the Global Entrepreneurship Monitor (GEM) 2010 Report reveals that Ghana's 'fear of failure' for new enterprises stand at 10.4%. The fear syndrome has actually eaten into the fabric of society.

Ghana is witnessing a period of gung-ho foray into its market by many foreign investors, yet, businesses of many young entrepreneurs are still in the doldrums not because they lack the capacity and ideas, but simply put: they lack the courage to move forward and approach the appropriate individuals or institutions as well as executing those ideas.

Overcoming the Fear
'Sometimes you just have to have faith in your own ideas. If you don't someone else will. Why should it be them and not you? The only difference is who is willing to take a chance. __Jennifer Ritchie Payette

Payette's message is profound and depending on how you appreciate it, it will influence immensely how you approach your business. If you do not have faith in your own ideas and think you live in a hostile environment, you will act accordingly. That is to say the Ghanaian entrepreneur will be in constant fear and anxiety and will stop themselves from doing things that will occasion job creation, improve lives and enhance a nation's economy. We'll accept a life less than great because very likely we don't believe we can have it. If we've been taught that life is full of vicissitudes and depression and we can't have what we want, we won't bother bettering our life. Those who take chances, turning challenges into opportunities and going all out to risk their money, ideas, logistics, pride and time are the true entrepreneurs.

I agree with Lao Tzu that 'There is no illusion greater than fear;' a fear conquered is a fear harnessed. It is unequivocally clear that believing in oneself and one's environment is the first step towards overcoming deep-seated fears which have often impeded the progress of African entrepreneurs.

As the popular Ghanaian saying goes 'country broke o; country no broke o, we dey inside' (whether the economy is good or not we shall survive); it suffice to say that it is better to be optimistic about Ghana's business environment and your ideas; have courage; defile the negativity pouring in from all angles and the obvious challenges and begin to push your ideas into reality expanding your goods and services and exploring more markets, taking advantage of the Ghana Free Zones Programme, the Internet and other incentives provided by government and other non-governmental institutions like the Ghana Chamber of Commerce and Industry (GCCI).

The GCCI is a formidable association that assists the Ghanaian entrepreneur to not only enhance his/her business in terms of providing excellent goods and services but also to understand government policies and regulations regarding business operations within and without Ghana. The association also engages in business/market research whose findings are likely to influence policies and help boost business. Facilities from the Ghana Private Sector Development Fund (GPSDP), National Board of Small Scale Industries and Busy Internet & the BusyIncubator Program can also be accessed.

What to Do When the Fear Lingers
'If I was down to my last dollar I would spend it on PR' ___ Bill Gates

To the business icon and one of the wealthiest men on earth, PR is as much an attitude, a process, a set of beliefs, and a way of behaving positively as much as it is about employing all communication stratagems in solving and improving an organisation's problems and reputation and identity. This includes but not limited to protecting, maintaining, building and managing entrepreneurs and their enterprises. Employing the professionals can help flush out the fear in you and bring out the hidden courage that is stale in you.

Finally, let me echo Ritika Puri of the American Express OPEN Forum and Forbes, by saying that becoming an entrepreneur is a gambleon oneself, one's ideas or team. It has never been so rosy to start a business anywhere in the world, and it is highly probable that when you start your own business, the fear of failing can cause you to shun further risks like exploring a new market or borrowing additional capital. It is however, significant to note that risks like these are integral to building a successful enterprise and 'overcoming your fear of them is a vital step toward growing your business.'

The writer is a Communicator and Researcher
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