Don’t Let Fear of Failure Stop You From Starting a Business

Jimmy offered an advice to one forum member who asked for some insights on how to get over the fear of business failure. He said:

I think talking about it with some older or wiser people is your first step.

It is not safe to post about your ideas online because others can easily pirate your ideas – so keep it hush-hush with trusted people. Try to pick an CEO, another business management professional, attorney and a CPA ifyou can gain access.

If you don't know anyone like this directly, try asking your friends if they can get you 15 minutes with one of these types that they know.

Keep asking around. Eventually, if you push hard enough, the doors will open.

Once in there, be organized with your time. Explain your idea in 2-3 sentences. Practice your sentences on your friends and family, and make sure each word counts. this is known as an elevator speach. You've got to be able to say it like it rolls off your tongue.

Then, ask 3-4 questions about it. Then sit back and keep your mouth shut. Let them talk.

After your 15 minutes are up, thank them and leave. If they offer you more time as you walk out the door, then turn around and make an appointment right then and there. "Tuesday at 4 PM is good for you, sure I'll make that work for me. Thanks again." And leave.

You never want to overstay your time when you are getting free time. Be respectful of them and they will want to help. If not, keep looking until you find some that do.

Once you do, come right out after meeting them a few times, and ask directly if they will "mentor" you. If they ask what that means, it means talk to you on a regular basis, whatever works best for them. Maybe once a month or twice a month, for a phone call, or maybe they will let you buy them lunch – whatever works for them.

Good luck and let us know if any of these ideas make sense. If they do, tell us which you will try first.

Jimmy

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