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As an aspiring entrepreneur, you’re probably excited about all the possibilities and opportunities that lie ahead for your budding business. You might also be wracked with worry about certain aspects of starting and running a company — and if you don’t have a strong network of fellow entrepreneurs, you might even feel like no one else understands what you’re going through.
It may comfort you to know that many first-time founders have the same fears and concerns you do: What if I don’t find customers? What if people hate my product? What if I fail completely?
These are all normal worries, and fortunately, there are ways to overcome them. Here’s how six Young Entrepreneur Council members conquered their biggest worries as a new business owner.
1. Building a Product People Actually, Want
A successful company is built upon the foundation of building something people want, so initially the biggest fear is whether we built something that nobody wanted. The key is to figure out whether the idea will work or not by running a “Minimum Viable Test.” We cold emailed 20 high-profile engineers to gauge their interest in our product. We got a response rate of over 50 percent, and that really gave us the confidence we needed to move forward. – Weiting Liu, Codementor
2. Attracting Attention and Customers
My biggest concern was how I was going to attract attention to our company and find customers. I decided to focus on making sure the product was top-notch so that when somebody did buy it, they would understand the value and not want anything else. Then we launched a crowdfunding campaign to reduce our inventory risk and get feedback on what we created. – Paul Farago, Ace Marks
3. Nailing the Sales Pitch
I was worried about my sales pitch. You can try every day, but you never feel confident enough until you break the ice and get your first contract. Sales are icebergs: The top is just what people see, but underneath, there is so much more. I will never forget how everything changed when I got my first client. – Riccardo Conte, Kimonus
4. Establishing Trust With Users
I was most worried about how to establish trust with users. We knew if they tried us out, they would love it, but we were battling against a negative perception of career coaching. As long as you treat users right and give them a good product experience, they will become promoters. So don’t be afraid to use scrappy methods to gain users, as long as you’ve built a good product. – Kevin Wu, Pathrise
5. Not Having Enough Time to Devote to the Business
When I built my first company, I was still working as a surgeon. While this gave me unique domain expertise, it meant that I was unable to devote 100 percent of my time to running the business. I coded on my off-days, created content in sprints, and automated payment and support so that I could manage 99 percent of the day-to-day from my phone between cases during working hours. – Alexander Young, VirtiHealth
6. Failing Completely
When first starting out, I was most worried about falling flat on my face. As a mechanical engineering undergrad-turned-software company startup founder, this was a lot of stress in a whole new world of unfamiliarity, especially considering that we had raised money from friends and family. Overcoming this was actually quite simple: ignoring the pressure and getting to work learning every day. – Keith Shields, Designli LLC
April 1, 2019 at 08:58AM
Forbes – Entrepreneurs