My biggest fear as a business ownerPosted by Nicole CoyneOn March 29, 2023

“What is your biggest fear as a business owner?” This was a question posed in a survey I completed last week from a business owner starting out on their own.

Every now and again having to put on the breaks and step outside of your day to day routine and reflect on things can be an excellent exercise, so I was grateful to have been asked to complete this survey.

Quite a loaded question, but an excellent one.

So, what is my biggest fear as a business owner? If you had asked me this question 10 years ago, when I was starting the business, it would have been, failure – not having a successful business. Not reaching my targets, not establishing myself as a professional coach in the market.

Now, my biggest fear has shifted. I will always have failure in the back of mind, or not reaching my version of success as a fear, but now it is about lack of growth and development.

When you start a business, everything is new and exciting and terrifying at the same time. You have lofty goals and aspirations. You are fueled by a deep desire to succeed and reach your goals. You are continuously learning from others and by your many mistakes.

After a wee while you become more comfortable and confident in your mission – things “seem” easier and you are used to feeling comfortable with the uncertainty, which owning your own business brings into the mix.

What can start to happen, if you are not careful, is allowing complacency to set in. You are so comfortable with the daily routines and tasks that at some time between the excitement of a new business and the goal attainment you get complacent.

The minute complacency sets in, we close ourselves off to any new learnings and development. We prevent ourselves from reflecting on our own strengths and weaknesses. We put up barriers and just stop learning. At the same time, we also lose that excitement, the energy and the drive. We stop becoming proactive.

That is my biggest fear – to be so stuck in my tasks and activities – to just be “doing the doing” that I forget to reflect. I forget to assess. I forget to notice a need to improve. Without reflection and learning my fear is also that I will lose my spark. My drive to be in my business, which in turn would negatively impact my clients.

Growth is essential to each and every one of us. It is a mission of mine to continously grow and improve. To never be complacent and think I’m done learning. To keep myself focused on this goal, I ensure I have a plan, which gives attention to 3 key pillars – business strategy, self care and the 3rd pillar, personal growth and development. Keeping these goals front of mind, consistently reviewing and prioritising these on a weekly and monthly basis.

What is your biggest fear as a business owner?