Wednesday 17 December 2008

Sum of all fears

No, this isn't a critique on that crap film with Morgan Freedman and Ben Affleck.


It was recently suggested that I should focus on what keeps me awake at night on my little project so I can bring to life my fears and face them down.

I feel I have lots of fears, and that in some way these fears are holding me back in some shape or form. The following is not an exhaustive nor thought-through list, but just a list at precissely this point in time...

I fail completely - I've put a great deal of emotional energy into my idea and told lots of people that I want to start my own business. And that's deliberate to keep me motivated and commited to the idea. But the other side of that commitment benefit is the risk of embarrassment and failure.
I lose money - I've already put in quite a bit of cash into my idea. Not big, life changing amounts of cash, but the several hundred of pounds here and there, that would have gone on more interesting things. The real worry is that I lose other people's money (should I be able to / need to get people to invest).
My business doesn't live up to my expectations - My business doesn't give me the challenge, rewards, prosperity, confidence in my future that I expect. This is the biggest worry I have - that I get to the destination and realise I don't enjoy it.
Somebody else nicks it before I've started - this was for a long time my big worry, but as time has gone on it has regressed p[artly because there have been other people out there with a similar idea but just nnot the same execution.
Somebody else produces a ME Too once I've started - now this really is a worry, but I hope that by keeping my costs low and having a great offer, that the chance of a ME2 starting is reduced. I also hope that by designing my terms & conditions that it would become less appealing for others to come along and immediately nick my customers.
I can't meet demand - I worry that I've not got enough resource (cash, people, time) to meet any rush (hark at me!) and I miss the opportunity...
I can't find anybody to stock it - this is a real worry. I don't have any direct experience in the market I'm in, but I'm confident I've found a proposition that works for them. But its still a risk and I worry that my ignorance means I'm doomed for disaster.
Its too expensive and nobody buys it - again another little worry that its just not perceived as being value for money.
I don't enjoy it - similar to the one about it not meeting my expectations, in that I really just don't enjoy running my own business and struggle to get motivated
I lose support - again similar to the first one about being a failure that I worry that my friends & family think less of me for trying and failing.
I can't get the start up capital - right now in the middle of recession, this really is a big worry for me. I could have a great idea, lots of energy and passion to start something but not a penny to get after it. I don't know how I would cope with that as it would be massively frustrating...
I lose my job - my plan is to go on sabatical to offset a risk of my business failing but there could be potential that I lose my job before or after my sabatical. Either of those would bring about a big decision to be made.

I'm sure that those are only some of the fears I have and I'm not sure I'm really facing them, but a bit of denial goes a long way...

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