It’s Shmoney Monday – today we’re talking about overcoming the fear of failure in business.
Alesha from Atlanta wrote me saying :
I watch your Money Monday videos and they are so motivating. I have a great idea for a natural skin care line but I’m afraid of everything that might happen if I fail… I’m a wife and mother of two and we need my paycheck to make ends meet, so failing would cost me and my family so much. I’m stuck. I feel like I have to choose between my business dreams and continuing to support my family. Can you help?
I know change can be a scary thing. When you’re going after your dreams and you begin taking the steps toward owning your financial future, you find yourself in a position to make all of the important decisions but along with that comes the weight of knowing that if anything does go wrong, it’s all on you. That fear of failure is what stops most of us from reaching for more. Especially when it’s not just us, but we have our kids and partners also relying on us to provide that stability that is so necessary at home.
So how can we overcome our fear of failing in business? I’ve broken my answer down in two parts: mindset and strategy.
Let’s start with the mindset portion of my answer:
It starts with us understanding the opportunity cost we’ll have to pay if we choose fear over freedom.
Many women consider shrinking back, not going after their goals and settling into a life they know is less than the one they really want to live a service or sacrifice they’re making for the greater good of their families. But they’re wrong. Especially if they have daughters that’ll internalize the idea that it’s not only okay but expected for a woman to sacrifice her dreams over fear masked as comfortability.
That’s opportunity cost.
In every situation you have a number of choices – including quitting or giving up before you even start – but with each choice you make, you have to understand that you are giving up the opportunities that comes with the alternatives.
So, when you choose fear over pursuing your financial freedom, what are you giving up?
The opportunity to show your kids the real role a woman is supposed to play in life – one where she takes ownership over her circumstances and isn’t shrinking back but is leaning in to ensure the best possible reality for herself and her family.
You’re giving up the chance to push yourself to new heights and really show yourself what you’re made of – which I can promise, is so much more than you think.
You’re giving up the opportunity to join the millions of women around the world that are changing the status quo of workplace politics, not because a group of men are allowing them to but because these women who empowered themselves financially – and weren’t beholden to the whims of any men – decided it was time to change things for the generations to come.