Explain the concept of business loss fear and its nature
Answers
Answer:
Fear of failure stalks the world of the entrepreneur, from losing key clients to running out of money. For entrepreneurs, courage is not the absence of fear, but the ability to persist in spite of it. These fears are well-founded: Studies suggest that roughly 75% of ventures fail within 10 years (see U.S. Bureau of Labor Statistics data on firm survival rates here).
Even success can provoke anxiety. We asked Hamdi Ulukaya, the Turkish-born founder and CEO of the yogurt company Chobani, whether he was ever afraid while building his multibillion-dollar business. “Every day,” he replied, “because if I had failed, a lot of lives were going to be affected by it.”
While “fail fast and often” is the constant refrain of the lean startup movement and many others, no one really wants to fail. Failure has many ramifications that it would be foolish to overlook or downplay, including potential bankruptcy, repossession of workers’ home, social stigma, and people losing their livelihoods. Most existing research has thus focused on failure as an inhibitor of entrepreneurship.
Our research shows a more nuanced picture: Fear can inhibit and motivate. Rather than simply stopping people from being entrepreneurial, fear of failure can also motivate greater striving for success. We interviewed 65 entrepreneurs in the UK and Canada. Some had established businesses, and others were in the early stages of developing their business. We defined fear of failure as a temporary cognitive and emotional reaction to a threat to potential achievement. Fear of failure is a state rather than a trait.
Explanation:
please follow me....Or thank me please...