Episode 625: 5 Steps to Overcome the Fear of Taking Entrepreneurial Risks (Mindset & Self-Care)

EBT625 – 5 Steps to Overcome the Fear of Taking Entrepreneurial Risks

Intro  00:01

Hey food bloggers. Thank you so much for joining me in this mindset and self-care focused episode here on Eat Blog Talk. One of the reasons I started a blog talk was to hold a space to talk about the importance of mindset and self-care. Being an entrepreneur can be a lot. If we are not taking care of ourselves, then getting actionable information about SEO Pinterest or whatever else is all moot. I will meet you back here every Wednesday to discuss various mindset and self-care topics. So you have the energy and space to tackle the rest.

Sponsor (Madison Wetherill) 00:36

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Megan Porta  01:26

Food bloggers. Hello, how are you doing this week? Welcome to this episode of Eat Blog Talk focused on self care and mindset. In today’s episode, we’re going to talk about five steps to overcoming the fear of taking entrepreneurial risks. Wow, that was a long title. I am super excited to talk about this topic because I am a true risk taker at heart. I would like to think that my risks are fairly calculated, although you might argue with that, considering I’m a skydiver. Oh, here’s a fun fact, skydiving isn’t as dangerous as people believe it to be. It’s so funny, the notion that people have that if you’re a skydiver, you’re just some careless beast flying through the sky, that is so not true. Most accidents happen under perfectly good parachutes and by people who truly are just pushing the limits with proper training, a conservative approach, and good equipment, the odds are in your favor. There’s your fun fact for the day. So risk taking. I’m actually not quite sure where I got my risk taking qualities from, but I’ve always erred on the side of taking risks, especially when great rewards are a possibility, which I think has made me a pretty good entrepreneur, because as entrepreneurs, as you know, we definitely have to take risks in order to not just survive, but thrive. Just making the decision to be an entrepreneur in the first place is a risk. Do you remember when you made the decision to become a food blogger or content creator entrepreneur, whether you are part time or full time, there was a point when you decided you wanted to give this crazy world a try. Do you remember feeling excited yet slightly or maybe even very terrified that decision in itself, is risky, because for some of us, it means we’re forging out on our own. When I was released, let go, slash, fired, whatever you want to call it, from my corporate job, many years ago, I made the decision not to find another traditional job. I knew I could make it work on my own, even despite the confidence I had about that, it was still scary. I left behind excellent health insurance, a steady paycheck, a yearly all inclusive paid trip to a tropical location, no lie, and many other perks and benefits. That is really scary stuff, but I did it anyway, and maybe you’ve done something similar. Everyone’s situation varies a bit, but the truth for everyone listening is that you already have some risk taking tendencies lying inside you because you’re here, you are making your way through this sometimes scary world of entrepreneurship, you are showing up for the good things, the bad things and everything in between. So to start this little conversation, let’s all just acknowledge and embrace the risk taking parts inside of us. When you’re faced with something scary and have the urge to run to the hills and never return, remember that you are a true risk taker at heart, and I should mention that we are talking about calculated risks in this episode, not thoughtless risks that might kill you. I found a really interesting article on the Huffington Post that I want to do briefly outline, because this article tells you seven reasons why risk taking leads to success.

Megan Porta  05:07

I will link to this article in the show notes if you want to read more. Here are there seven reasons included in the article? Great, otherwise unforeseen opportunities often come from risk taking. Taking risks shows confidence and helps you stand out. We learn from risks, and those lessons may lead us on an important new path. Success won’t fall in your lap. You have to pursue it. You don’t achieve your dreams by playing it safe. Embracing risk, taking helps you to overcome a fear of failure. And taking a risk does not mean doing so haphazardly. So with that in mind, let’s talk through five steps to overcome the fear of taking risks in your entrepreneurial venture, because risk taking certainly can help you grow and thrive in your business. 

Megan Porta  05:54

Number one, evaluate the risk. Let’s talk about what some potential risks could be in your business, making a larger investment, such as business coaching, a mastermind group or attending an event such as a conference, can be perceived as risks because your money is on the line. What about the risk of starting a new project or venture within your business, like coaching or starting a podcast or writing a cookbook or trying to get a segment on the local news. These things can feel risky, because your endeavors can fail, or you could get judged by putting yourself out in front of people. Or how about just being a guest on someone’s podcast or speaking at an event, whether virtual or in person, you might be able to relate to a lot of these things, and you might have your own risky situations or projects or even people that you’ve been avoiding because of a fear you have. Whatever the risk is, I suggest that you write it out on paper and evaluate it. What feels risky about it is it a financial risk or an emotional risk. The more data you can collect, the more likely you’ll be able to wrap your head around the risk. What do you worry might happen if you pursue this venture or project or investment, get all data and thoughts and information out on paper. What’s looking back at you might not seem that risky once it’s out. Sometimes, if I’m feeling nervous about an investment I’m considering making, I will write out the total investment and break it down into monthly or even weekly or daily amounts. Then I write out what potential awesome things will happen if I make the investment. Am I willing to pay that amount every month or week or day for those awesome things. If the answer is yes, I feel much more at ease. There is so much power in getting information, facts, numbers, thoughts, out on paper. Writing brings clarity. So start with this. If you are avoiding taking a specific risk in your business. Writing it all down is going to help you see the full picture. It’s going to help you break down those big fears into smaller, manageable concerns that can be tackled. This can reduce anxiety and make it easier to take that first step.

Megan Porta  08:13

Number two practice with something small. In the intro to this episode, I talked about the fact that you’re already a risk taker because you’re an entrepreneur, but maybe you need to take a few more baby steps before really convincing yourself of this. Pick one small thing, either in your business or your life, that you can play around with. Pick something that isn’t going to put you under financially or put you out on the line too much in any capacity. Here are some examples that came to mind as I was preparing for this interview. Just to get your wheels turning a bit, ask for help with a project or an idea. Ask a blogger in your area to meet you for coffee or lunch. Say something to someone that you normally wouldn’t say, make a needed apology, wear the leather pants that you’re always too afraid to put on, attend a club or a class of some sort, send a message to someone you admire. Change up your entire menu for the day and try only new foods. Plan a party that you’ve never planned before. Write something in your weekly newsletter that feels vulnerable. Take a random day off work, watch a scary movie, send flowers to someone just because, or apply to be a guest on someone’s podcast, whatever you decide, follow through with it. This is fun. I love this exercise. It’ll boost your confidence. It’ll show you that risks can pay off. It’ll show you that you are responsible for taking action in your life in order for good things to come back to you, starting with small actions builds your confidence, gradually showing you that risks don’t have to be so daunting and can often lead to positive outcomes. 

Megan Porta  09:54

Number three, make a wish list of risks you know you need to take once you’ve taken. A few low barrier risks and come out alive. You haven’t died, hopefully you will feel empowered to do even more. Pull out a fresh Google Doc and start a wish list, write down all the risks you know you need to take, big and small that you just haven’t had the courage to do yet. I’m going to share something risky that I’ve pushed myself to do recently as an example, something I have been putting off for years, like my whole life, is working on becoming a better public speaker. And by becoming a better public speaker, I mean being able to speak in front of people at all. If you attended Flavor Media Summit earlier this year, you will know that I am definitely in need of help in this area. A lot of help. I have avoided public speaking my entire life. I don’t enjoy it at all. I’ve never enjoyed it. I freeze up. I don’t know what to say, or I forget absolutely everything I planned to say. I just don’t like it. But guess what? As my business grows, there is more of a possibility that I’m going to need to speak in public more often. So I either keep going as usual, having panic attacks before speaking in front of people, or I get help, this has felt very risky. In the process of learning how to get better with this, I will need to massively put myself out there and be very vulnerable and very messy. I risk looking like a complete idiot in front of people. What if people judge me and think there’s no hope for me. What if I start shaking or crying? There are so many fears associated with taking this risk. It has felt like a risky, risky risk for a very long time, but I have known that it is something I need to do, especially since my Flavor Media Summit, panic speaking, I call it. I have had Toastmasters on my weekly to do list every week since Flavor Media ended, and I’ve done a really good job of ignoring this until September, when I made the decision to finally take the dang risk already. So what if all those terrible things happen? If I stick with it, I know I’ll be able to speak in public without panicking or crying. My husband, Dan and I have attended two Toastmasters meetings so far. They have been extremely scary. I feel very uncomfortable in those meetings. They have felt extremely risky, but I know it’s going to be worth it at this last week’s meeting, the host of the meeting asked Dan and me if we would be comfortable speaking off the cuff in front of the group for one minute. The first thought that went through my head was, Oh, hell no. Then I very quickly reminded myself why I was there to learn to speak in front of people. So I said, Sure, and I did speak for one minute, totally off the cuff, and it was fine. I didn’t die. It gave me confidence to keep coming back and pushing myself more and taking additional risks in this area, if there is a big risk like this that you’ve been avoiding but that you know you need to take, write it down. Maybe this will stir up other risks that are lying dormant in the back of your mind. Write those down to get everything out on paper as they come to you. Put them in your journal, your calendar or your to do list every week, so you see them all the time, and you don’t forget about them, and so you follow through with them most of the time. After taking a risk that you’ve been stewing about for weeks or months, or maybe even more, like me, years or decades of your whole life, you will find that it wasn’t actually a big deal. After all, revisit your risk Wish List often and continue adding to it so you’re never lacking in risks to take. Listing out these risks clarifies your intentions. It helps you to visualize the next steps you need to take, and it gives you a tangible starting point for bigger actions. 

Megan Porta  14:16

Number four, consider the rewards when trying to decide which risk to take next in your life or business, think through to what the reward might be after you’ve taken the risk. With my public speaking example, that is all I have to do just imagining myself on stage somewhere talking to dozens or hundreds of people without freaking out, without getting dry mouth or feeling like I want to run and hide for an entire year. This feeling propels me forward straight into that scary risk. Yes, it is going to be an ugly and messy process. Yes, I might look like a fool as I learn and grow. Yes, it’ll be scary. Probably terrifying at times, but I know with all my heart that it will be worth it. This particular risk for me is also sending a message out into the universe that I am opening myself up to opportunities that involve speaking in public, put the scary risk that you’re considering in your hand and examine it, think ahead to a time down the road, after you’ve faced your fears and taken the risk, what does life look like? Let that be your motivation and guide to do what you know you need to do. Imagining the potential benefits will motivate you to push past your fears, reminding you that risks lead to growth, new opportunities and fulfillment. 

Megan Porta  15:43

Number five self rewards, if you need further motivation with diving into your risky risks, create some self rewards. I am highly motivated by self rewards. If you are too, then hopefully this point will keep you going. I have a weekly and monthly to do list, and one of the things I wrote down in October was that I wanted to attend a minimum of two Toastmasters meetings. Next to that goal is a reward that I promised myself, if I actually followed through with it. The reward is that I get to take the last day of the month off completely from work, which happens to be Halloween, my favorite holiday, and I’m gonna do one thing, to pamper myself on that day. Oh, my goodness, this has motivated me to take these scary risks this month and to go to those meetings. There’s no shame in giving yourself a little bit of extra motivation to take action with the risks you need to take. Get accountability from a peer or loved one, if that helps you, too. In a nutshell, do what you need to do in order to follow through, because your future you is depending on present you to do this thing, celebrating each step you take strengthens your risk. Taking habit, providing some positive reinforcement and keeping you motivated to take on even more challenges. 

Megan Porta  17:05

That is all I have for you today. I’d love to hear what risks you are committing to taking in the next few months. Reach out to me and share [email protected]. To overcome the fear of entrepreneurial risks, remember to evaluate the risk clearly. Practice small steps, create a risk wish list. Consider the rewards, and finally, reward yourself for progress. Taking risks a powerful way to grow, both personally and professionally. Together, we can create a bolder, more resilient entrepreneurial future. You’ve got this. Thank you so much for listening to this episode. I will see you next time.

Outro 17:43

Thank you so much for listening to this mindset and self-care episode here on Eat Blog Talk. If you are a food blogger providing a service for other food bloggers, and you want to spread the word about the value that you offer. I would love to offer you a free way to do just this. Send me a 60 second audio clip to be featured in a mindset and self-care episode here on Eat Blog Talk in 2024. Go to eatblogtalk.com/audioclip to learn more.