# The top 5 demons of a business owner and how to overcome them Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-08-19 Category: Uncategorized Category URL: https://financedigest.com/category/uncategorized Meta Title: Top 5 Demons Business Owners Face & How to Overcome Them Meta Description: Discover the top 5 challenges faced by business owners - fear, perfectionism, lack of belief, procrastination, and how successful entrepreneurs overcome these URL: https://financedigest.com/the-top-5-demons-of-a-business-owner-and-how-to-overcome-themhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/img2101-2156-sbi-300739602-1736837998998-compressed.jpg) What does it take to be successful in business? Why do some people succeed in business, while others stutter, stumble and fail? Successful entrepreneurs come in all forms, shapes and sizes. They don’t particularly fall into any specific categories that make them special. That’s why a healthy, strong and positive mindset is the most powerful asset a [business owner](https://www.financedigest.com/5-reasons-why-you-need-to-step-into-your-ceo-role-as-a-small-business-owner.html "5 Reasons why you need to step into your CEO role as a small business owner") will ever have. Successful [entrepreneurs will always find a way](https://www.financedigest.com/three-ways-that-female-entrepreneurs-can-supercharge-their-hiring-process.html "Three ways that female entrepreneurs can supercharge their hiring process") to beat their inner demons so they can thrive. Simac Konkader, expert business coach at [ActionCOACH Slough](https://slough.actioncoach.co.uk/), spent 20 years of his career in corporate consultancy, transforming teams and implementing effective systems. He is now passionate about paying back to others in his community. In April 2021, he launched ActionCOACH Slough, [providing business](https://www.financedigest.com/dash-kicks-off-2018-with-three-business-partnerships-teaming-up-with-crypto-payments-processor-gocoin-leading-adtech-firm-strike-social-and-mobile-recharge-provider-piiko.html "Dash Kicks Off 2018 With Three Business Partnerships, Teaming Up With Crypto Payments Processor GoCoin, Leading Adtech Firm Strike Social, and Mobile Recharge Provider Piiko") coaching to those from Slough to Belsize and the surrounding areas. Simac has recognised the potential when teams are coached to be at their very best and is determined to make his own mark on the prosperity of [local business](https://www.financedigest.com/local-government-business-support-getting-worse-report-shows-as-70-of-uk-firms-say-its-not-good-enough.html "Local government business support getting worse, report shows, as 70% of UK firms say it’s not good enough") Simac wants to share the [top 5 demons business](https://www.financedigest.com/top-5-ways-businesses-can-save-on-energy-costs-in-q4.html "Top 5 Ways Businesses Can Save on Energy Costs in Q4") owners face and how they can overcome them: [Fear – Fear exists because of failure](https://www.financedigest.com/fear-of-failure-holding-back-british-entrepreneurs-new-research-finds.html "Fear Of Failure Holding Back British Entrepreneurs, New Research Finds"). The less we know about the outcome of something, the more afraid we are. That’s why the fear of failure is the biggest [fear](https://www.financedigest.com/3-reasons-why-businesses-get-stuck-at-the-starting-gate-of-digital-transformation.html) of all when it comes to starting a business or when you are in the middle of a major [challenge](https://www.financedigest.com/the-maserati-100-one-hundred-business-disruptors-challenging-the-establishment.html " ‘The Maserati 100’ One Hundred Business Disruptors Challenging The Establishment") in a well-established business. [Successful entrepreneurs](https://www.financedigest.com/is-it-possible-for-entrepreneurs-to-be-ethical-and-successful.html "Is it possible for entrepreneurs to be ethical and successful?") get afraid, but they don’t let the fear stop them. When you’re bold and take positive action in the face of fear, you put yourself in control of the situation and [fear will almost](https://www.financedigest.com/oil-climbs-almost-3-as-recession-fears-begin-to-fade.html "Oil climbs almost 3% as recession fears begin to fade") always take a backseat. Ever heard “if you fail to plan, you plan to fail”? Setting goals and planning can help to stave off your fears. **Perfectionism –** When it [comes to business](https://www.financedigest.com/is-your-business-falling-short-when-it-comes-to-vat.html "Is your business falling short when it comes to VAT?") and entrepreneurship, getting started is always better than being perfect. Most people want to have all [boxes ticked](https://www.financedigest.com/porters-edge-ticks-all-the-boxes-for-modern-renters.html "Porters Edge Ticks All The Boxes For Modern Renters") before they start a business. They want to [raise enough capital](https://www.financedigest.com/shares-in-monte-dei-paschi-plunge-14-after-capital-raise.html "Shares in Monte dei Paschi plunge 14% after capital raise") to rent an office, hire staff and build a great looking website. They want to start at the perfect [time and want to start big](https://www.financedigest.com/tech-ceos-wax-poetic-on-ai-big-adds-to-sales-will-take-time.html "Tech CEOs wax poetic on AI, big adds to sales will take time"), or not start at all. There will never be a perfect [time to start a business](https://www.financedigest.com/tough-times-and-risky-business-which-emerging-market-assets-are-a-bet-worth-taking.html "Tough times and risky business – which emerging market assets are a bet worth taking") – the key to defeating perfection is to start where you are, use what you have and do what you can. **Lack of belief –** You must have a strong and positive mindset to survive the [stormy seas](https://www.financedigest.com/uncruise-adventures-navigated-the-pandemics-stormy-seas-to-turn-a-profit.html "UnCruise Adventures Navigated the Pandemic’s Stormy Seas to Turn a Profit") of business ownership. A strong belief in the vision and potential of your [business is one of the key things investors will look for before they invest their money](https://www.financedigest.com/how-to-save-money-on-business-tripsabroad.html "How to save money on business trips abroad"), while customers will look at whether your values fit with theirs before buying from you. Set out your vision, mission and [values for your business](https://www.financedigest.com/keeping-data-connected-for-greater-business-value.html "Keeping Data Connected for Greater Business Value") from the outset and let them guide you on your path to growth. [Procrastination – Procrastination will rob you of a resource that you can never replace – time](https://www.financedigest.com/no-time-to-procrastinate-for-smes.html "No Time to Procrastinate for SMEs") lost can never be regained. Procrastination makes you [feel like you have a lot of time](https://www.financedigest.com/decision-making-in-times-of-crisis-should-they-be-based-on-gut-feeling-or-data.html "Decision-making in times of crisis: should they be based on gut feeling or data?"), which is why we continue to delay, defer, postpone and avoid taking action on our business dreams. There are two [main reasons](https://www.financedigest.com/main-reasons-why-not-investing-is-riskier-than-investing.html "Main Reasons Why Not Investing Is Riskier than Investing") for procrastination – we are afraid to take action and we are stuck in our comfort zone. Because we don’t want to confront our [fears,](https://www.financedigest.com/3-reasons-why-businesses-get-stuck-at-the-starting-gate-of-digital-transformation.html) we simply avoid the [decision or action](https://www.financedigest.com/tf1-to-take-action-against-vivendis-canal-over-decision-to-stop-airing-its-programmes.html "TF1 to take action against Vivendi’s Canal+ over decision to stop airing its programmes") and push it forward into the future. The key to defeating procrastination is to always have a [sense of urgency](https://www.financedigest.com/consolidated-audit-trail-a-renewed-sense-of-urgency.html "Consolidated Audit Trail: a renewed sense of urgency"). If you have a non-negotiable goal, you can avoid procrastination. **Indecisiveness –** Often [business owners](https://www.financedigest.com/ladbrokes-owner-entain-buys-sports-media-business-365scores.html "Ladbrokes owner Entain buys sports media business 365scores") will put off making tough decisions. The best way to [deal with tough decisions is to seek advice](https://www.financedigest.com/seven-out-of-ten-uk-adults-aged-25-44-never-seek-advice-on-dealing-with-debts-despite-depending-on-the-bank-of-mum-and-dad.html "Seven out of ten UK adults aged 25-44 never seek advice on dealing with debts despite depending on the bank of mum and dad") from a trusted advisor (who’s also an expert in your area), review your options and then listen to your ‘gut’ to make your move. Once you’ve made your educated decision, move on it as quickly as possible with complete confidence. You won’t always make the right decisions, but you can have peace of mind knowing you made the best decision possible with the information you had available. The life of a [business owner](https://www.financedigest.com/copa90-owner-bigballs-media-lands-stellar-global-business-leaders-to-drive-ambitious-expansion-plans.html "Copa90 owner Bigballs Media lands stellar global business leaders to drive ambitious expansion plans") can be a lonely one without a mentor or coach as a trusted sounding board. Simac will be helping [business owners through his new MM10CLUB – a new programme guaranteed to make 10 business owners multi-millionaires within 10 years](https://www.financedigest.com/2018-is-a-year-of-regulation-is-your-business-ready.html "2018 is a year of regulation – is your business ready?"). To find out more about the MM10CLUB, please visit [https://slough.actioncoach.co.uk/programmes/mm10club/](https://slough.actioncoach.co.uk/programmes/mm10club/) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---