Sidney Halpern, Chartered Accountant, Winnipeg, MB, CYBF Mentor

Addressing the fear of failure

  • The best way to address fear is to thoroughly research the idea, service or product on which the business vision is predicated. Then, based on the evidence, assess the risk and determine whether the business’ chances of failure are small or not.
  • The next step is to develop a business plan with a clear vision, specific goals, a specific marketing and administrative plan and an a reporting and evaluation system that enables you to change direction as necessary
  • The plan should include daily, weekly and monthly actions that allow you to measure success and assess failure.

Addressing the fear of success

  • Success can be as dangerous as failure because it leads to potential arrogance and complacency – two traits that can be detrimental to business success.
  • Success should be addressed by a process and strategy of continuous improvement in developing growth, improving processes to bring effectiveness and efficiency close to 100%.
  • Developing and embracing new ideas and change should be an inherent element of the organizational culture.

Build connections to gain confidence

  • Entrepreneurs in their business should always seek advice from successful entrepreneurs, academics, bankers and ordinary people in the community and try new ideas without becoming too ego-driven and defensive.
  • Pick the brains of wise and successful people from various demographics in the community.
  • Keep in constant touch with customers and suppliers for new ideas.
  • Establish a quasi-Board of Directors as advisors and have them monitor operations and business plans.

Drawing inspiration

  • Inspiration comes from achieving success, watching the business grow and compliments from colleagues and customers.
  • Inspiration comes from family and friends

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