Trying to navigate the business world as a health entrepreneur can be daunting. I hear you. I see you.
When you have so much on the line, it's natural to ask yourself questions like "What if this doesn't work out?" or "What will people think?".
This fear of failure could stem from feeling overwhelmed by your responsibilities, doubting your capabilities in a sector that is continuously changing, comparing yourself to more successful peers, or not feeling confident in your own abilities.
For many, the thought of transitioning from employment to entrepreneurship is daunting and even a bit too risky. For me, it took over 10 years of careful consideration before I finally decided to take that leap. At first, failure was my biggest fear, but as time went on and I got more comfortable with the idea, I began to see all the potential growth it could bring. It’s something I’m happy I did in the end!
But now I want to ask you—what holds you back? Fear of failure? Maybe you don’t know where to start? How can we turn those fears around and use them as motivation to take on this entrepreneurial journey together?
Is the fear of failure stopping you from launching or growing your own health-related business?
Don't let it. The risk is part of any entrepreneurial endeavour, and while it can seem like an insurmountable barrier to success, giving into fear and avoiding taking the necessary risks to start or scale your venture will only lead to more regret in the long run.
You may have all the skills and knowledge necessary but this won't be worth much unless you have the courage and resilience to actually take that first step.
Take for instance an entrepreneur who wants to open their own wellness clinic, which will offer preventive healthcare services. Despite being passionate about this project, that same entrepreneur could be held back by fears of failure.
Even when someone has achieved some success with their business, it doesn't necessarily mean they immediately become immune to this obstacle. Although now there may be more familiarity and comfort with taking risks, a successful health entrepreneur may still hesitate to expand into uncharted territories for fear of reducing their current level of success.
It's understandable to be wary of the unknown - after all, failure is not something anyone ever wants to face! The fear of failure has the potential to cause you a lot of anxiety and stress in the short-term, and can even have long-term effects on your mental and physical health. It can also directly impact the quality of your work, leading to poor decision-making and reduced productivity, ultimately interfering with your morale and motivation.
What's worse is if not addressed properly, it can become a vicious cycle - unsuccessful attempts reinforce your belief that you will fail again and again, which further delays you from taking action while simultaneously amplifying feelings of inadequacy.
Thinking you’re going to fail isn’t a bad thing – in fact, it may be the best thing for your future advancement and success! While we never want to put others at risk of harm, it’s important to remember that some fears of failure are rational.
As a health leader or entrepreneur, taking calculated risks is the best way to grow. For instance, I always think of each piece of work I take on as an experiment. I come up with a hypothesis and try my best with testing it out, knowing full well that failure could occur along the journey. By acknowledging this possibility upfront, I can use any missteps as learning experiences that help pave the way for success down the road.
I’ve also found tremendous benefit in surrounding myself with peers who motivate and support me in striving to reach my goals. Seek out someone who can offer a blend of mentorship, coaching, consulting, and training.
I believe that having someone in your corner who understands the unique challenges of being a health entrepreneur can be instrumental in overcoming fear of failure. With their guidance and support, you can develop an action plan to move forward despite any obstacles. They can also provide extra motivation to stay on track by helping you set milestones and goals that are within reach.
By giving both positive reinforcement and constructive criticism, they can help build confidence while also allowing for honest reflection. Through active listening, they can identify areas where you may need additional training or support. Such tailored feedback is essential in improving decision-making skills and overall performance as a health entrepreneur.
Ultimately, having a trusted advisor gives you the opportunity to gain new insights that will benefit you into the future.c
The Entrepreneur’s Doctor helps entrepreneurs create a healthier, happier world through a unique blend of consulting, coaching, and training.
Founded in 2020 by Dr Behrooz Behbod, a Harvard & Oxford trained public health physician, Behrooz applies 25+ years of international experience across health, business, and education.
Host of Tribe Talks, his vision is to see a world where every individual has access to better health and wellbeing. This includes quality preventive, wellness, healthcare, and public health services. It also includes products and services that address the wider determinants of health, across all sectors.
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DISCLAIMER: The content is provided for information only and is not intended as a substitute for medical or any other professional advice. The content is not necessarily representative of any organisations affiliated with Dr Behrooz Behbod. The views or opinions expressed by guests are not necessarily shared or endorsed by Dr Behrooz Behbod. Individual’s experience may not represent the typical participant. Your background, education, experience, and work ethic may differ. This is used as an example and not a guarantee of success. Your results may vary.