You’ve got a business idea. Maybe even a side hustle. But deep down, something is stopping you from taking the leap.

Fear.

If that word made your stomach twist a little, you’re not alone. According to the 2023 Global Entrepreneurship Monitor, fear of failure is the #1 reason people don’t start businesses—even those with solid ideas and clear goals.

I get it. I’ve been there.

And now my team and I are here to support you on your entrepreneurial journey. Today I run multi-million dollar businesses, coach entrepreneurs, and teach entrepreneurship at the university level. But my journey didn’t start from comfort. I grew up with financial insecurity, periods of homelessness, and a father in prison. I was the daughter of a single mom who worked multiple jobs to keep us going. My journey to where I am today has been anything but linear.

That’s why I want to talk about the 5 fears that hold most people back from starting a business—and exactly how to move past them.

1. Fear of Failure

The voice says, “What if I mess up?”

This fear used to be constant for me. As a younger woman, I had a fixed mindset rooted in “not being good enough,” which I now recognize as trauma-related. Fear whispered, “You’re not cut out for this.”

Today, I reframe that voice. I see fear as a sign that I’m growing. When I’m doing something new, I expect fear. And I respond with this mindset:

“Failure is not the opposite of success—it’s part of it.” — Arianna Huffington

Instead of seeing failure as a stop sign, I see it as data. Try. Learn. Adjust.

Pro Tip: Keep a “lessons learned” journal. For every mistake or setback, write down one takeaway that made you stronger.

2. Fear of Not Being Ready

You want all your ducks in a row. But perfectionism is just procrastination in a pretty dress.

I used to believe I needed everything lined up—capital, branding, a perfect website—before launching. Now, I’ve learned:

“If you wait until you're ready, you'll be waiting the rest of your life.” — Lemony Snicket

My rule today? 60% ready = go time. You build the plane as you fly it.

Your Move: Pick one thing to start before you’re ready. That momentum will create clarity.

3. Fear of Judgment

People are going to have opinions—whether you play it safe or go all in.

In the past, I was a people pleaser. I didn’t want to let anyone down. But now, I measure success by one standard: Am I creating value? If yes, I keep going.

“Don’t take criticism from someone you wouldn’t take advice from.” — Morgan Housel

Let go of the need for universal approval. It’s impossible—and irrelevant.

Try This: Post your business idea publicly. Let the feedback be fuel, not fear.

4. Fear of Financial Instability

I grew up poor. My mindset around money was steeped in scarcity. Even after earning multiple degrees in business, I was “money illiterate.” I didn’t know how to make it work for me.

Today, I treat money as a tool. Not a reward, not a source of stress. A tool.

“Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like.” — Will Rogers

Here’s the truth: You don’t need to be rich to start. You need a plan.

Start Here:

• Know your personal “bare minimum” budget

• Set revenue goals for your business

• Learn about profit margins, taxes, and cash flow

Need help? My Venture Coach has budgeting templates to guide you.

5. Fear of Losing Your Identity

As a mom to four boys, “mom guilt” was (and sometimes still is) real. I worried I wasn’t doing enough for my family. And leaving corporate felt like walking away from a career I’d spent years building. I had the degrees, the title—who was I without them?

“When you let go of who you are, you become who you might be.” — Rumi

Entrepreneurship doesn’t erase your identity. It expands it.

Reflect: What parts of yourself are being called forward in this new chapter? Which ones no longer serve you?

Final Thought: Fear Isn’t the Enemy—Inaction Is

Every fear on this list still shows up for me. But now, I greet them like an old friend. “Thanks for showing up. I know I’m growing.”

The only real risk is staying stuck.

“Feel the fear and do it anyway.” — Susan Jeffers

You’ve got this. And you’re not alone.

🔗 Join the Venture Community and surround yourself with other brave dreamers who are choosing to grow.

Let’s build this together.

By Kristi Mitchell, Founder of My Venture Coach