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Overcome With Fear: 3 Mistakes That Create Stress and Anxiety for Budding Entrepreneurs

Fear is normal when you start something new. New entrepreneurs often feel overwhelmed by the
idea of running their own businesses. However, if you cannot move past the fear stage, your
business will not likely make it. While many new business owners make mistakes, you do not
have to be one of them. Today, P.E.R.K. Consulting outlines the three biggest mistakes, and how
to avoid them.

Fail To Create a Detailed Business Plan

The business plan is a document that explains your business’s objective and describes how you
plan to reach your goals as an entrepreneur. If you have a vague business plan, you are limiting
yourself. Your plan is the blueprint you can read over in times of uncertainty. It is also the map
that investors will look at to determine if they should lend you money.

A comprehensive business plan typically includes several key components: an executive
summary, which provides a snapshot of the business; a company description, detailing the business’s mission, goals, and target market; and a market analysis, offering insights into the industry, competition, and customer demographics. The business plan also outlines the organization and management structure, a detailed description of products or services, marketing and sales strategies, and a financial plan that includes projections and funding requirements.

Waffling on Business Structure or Changing Careers

Of the many mistakes new entrepreneurs make, one is not recognizing which priorities should
come first. Procrastinating on choices like your business structure might not seem like a big deal,
but it can cause plenty of hangups in the future.

You need a business structure to determine your personal liability and taxes, and to stay legally
compliant. And choosing the right business structure can make or break a small business.

There are various business structures, including S and C corps. C corps tend to offer benefits to
larger businesses. In a C corp, you can hold multiple stocks, have foreign shareholders and do
not have to worry about as many growth limit restrictions. An S corp, on the other hand, is for
smaller businesses. They offer self-employment tax savings, pass-through taxation and the
ability to claim losses as a tax deduction. You can file or use a formation service to avoid lawyer
fees.

Allow Negative Thoughts To Win

Fear feeds on negative thoughts. When you have a negative outlook, you are more likely to have
low self-worth. A lack of confidence makes it difficult to take risks that could change your life.
Entrepreneurs have to take risks. You invest in your company with the hope that you make
enough profit to make it worth it. There is no guarantee of success, but your business won’t have
a chance if you do not put yourself out there.

Entrepreneurs often face intense stress, and utilizing THCA (tetrahydrocannabinolic acid), a non-
psychoactive cannabinoid found in raw cannabis, along with CBD (cannabidiol), can help
promote relaxation without the high associated with THC. By integrating THCA and CBD into
your routine, you can potentially enhance mental clarity and reduce negative thoughts, leading to
better decision-making and increased productivity. Be sure to sample and explore different
formats to find the best fit for your needs.

If you are preoccupied with negativity, it’s easy to lose hope or optimism. Fortunately, you can
change your brain’s circuitry when you change how you think. Experts suggest taking time for
yourself to meditate each morning. Meditation allows you to look inward and analyze your
thoughts and feelings intentionally. Positive thinking can also increase your ability to solve
problems and overcome obstacles.

Another hobby that’s good for your health and fulfills much the same function as meditation is
gardening. The extra exercise and fresh air can do wonders for the body and the mind alike. If
you aren’t sure where to start, online resources can provide you with plenty of helpful tips and
resources for making plants and their care a very real part of your lifestyle.

To combat fear, have a plan in place. Look into different business structures and decide which
makes sense for your company. When you wing entrepreneurship, you are more likely to make
errors and mistakes that will haunt your company for a long time. Fight back with preparation
and practices to stave off negativity!

For advisory services for development and capacity building for nonprofits and small
businesses, visit P.E.R.K. Consulting today!