Concise Accountancy

Accountants and Registered Auditors

Entrepreneurs mindset

Fear of failure in business

Fear of failure in business is inevitable. The keyword is FEAR. We must learn to handle our feeling of fear. Fear comes when we have to make a decision about something that may lead to an uncertain future. But, you never know until you try.

Zig Ziglar quotes fear has two meanings. Forget everything and run or Face everything and rise.

Fear has two meanings. FEAR – Forget Everything And Run or Face Everything And Rise.

– Zig Ziglar

It is up to you, how you would like to handle your fear. I must say the latter FEAR (Face Everything and Rise) makes you strong and is more empowering.

The other FEAR – Forget Everything and Run, – this method does not make our problem go away. The question is how long you can keep running? When you tired and stop running the problem would still be there.

Nothing is certain but we can learn to use what we have to keep going

A man called Paul has a company with a steady stream of work coming from a family connection. Suddenly, Paul lost his steady income stream. This was scary for him. The question for him was that does he dissolve his company and go back into employment? or find a way to get new customers? He talked to his spouse. They found a way to turn the business situation around.

Handling FEAR – Face Everything and Rise

His spouse designed and printed mini cute brochures for him to distribute to residential homes in the area he wanted to serve. Paul paid youngsters to distribute the brochures for him. Yield nothing. Then his spouse took on the responsibility to distribute brochures for him, printed out a map of the area, and plan the targeted distribution area and marked it as done as she went along. 2 months into it, a man walked into Paul’s office holding the mini cute brochure and asked for a quote to renovate his house. Paul took on the project. He completed the project satisfactorily. The client was very pleased with his work and service. Good words spread to friends in the area, another client was on board and the company was prospering from there.

Paul’s first brochure distribution assignment failed and he tried again with a more organised and targeted way of distributing. It worked the second time.

In brief, don’t give up so easily. If you tried and failed, you try again. Keep going. Change the way you define “failure”. Your project/assignment/task/business may have failed but NOT YOU. People say “you have failed”. Don’t take this comment personally. We can only fail at something. We cannot fail as a human on our own. Similarly, we can only succeed at something.

Define your own “Fear of failure”, give the meaning that can empower you to do things. People asked Thomas A Edison how did he feel to have failed a thousand time in his attempt to create the light bulb? He replied, “I didn’t fail, I found 1000 ways that won’t work.” He sees failure as a learning curve.

Dr Wayne Dyer famous quotes “if you change the way you look at things, the things you look at change.” Change your perspective on how you define failure to empower you to keep moving forward. We live and we learn in life. If possible, reduce contact with people are negatives about life.

If you change the way you look at things, the things you look at change.

Dr Wayne Dyer

You never know until you try

Whenever the fear of failure comes to mind, empower yourself to choose to Face Everything And Rise. Say, you received a reminder from Companies House to submit your company accounts. You have yet appointed an accountant to act for you.

Choose to face everything and rise. You decide whether to hire an accountant or do the accounts yourself and then you act on your decision. You get your accounts prepared and file on time with Companies House and avoid a late filing penalty.

Say, you worry seeking help from an accountant because you reckoned it will cost you a fortune so you postpone to act on the reminder.

The consequences of ignoring the reminder in this situation are:

  • Companies House will change your company’s status to “proposal to strike off” and eventually dissolve it. Your customers will lose confidence in your products or services.
  • Consequently, you would have to restore your company which will cost more in accountancy fees and time to restore your company.
  • When you apply to restore your company with Companies House, you must submit your company accounts at the same time and pay the late filing penalty.

In short, you are better off to act on your reminder promptly than postponing it to a later date.

On the same note. non-filing of your confirmation statement will lead to your company being struck off as well.


Share this post

%d bloggers like this: