7 Lessons to help Millennial Entrepreneurs Face Their Fears

Sitting with paper and pen in hand, you scan the room, nervously noticing that everyone in the room seems to be much older than you. Are you the youngest one here? Will anyone notice? Has anyone noticed?

Your attention snaps back to the stage, where Arianna Huffington is seated and talking to the group, commanding all of the eyes and ears in the full crowd, including yours. You hang onto almost every word, feverishly trying to take copious notes in order to write the best blog ever. Then she says something in a joking manner that was totally non-sequitur, but that really catches your attention.

Did she really say that?

All of a sudden a lightbulb goes off in your head and you immediately write down the title of what would eventually become your first book.

Inspiration comes in all shapes and sizes, and at the most random of times. Entrepreneurs who have had their own eureka moment know this all too well. It is exciting and it jolts your body with a feeling of fearlessness.

Then that moment passes, and you question if this new idea is a good one. Then the real fear sets in.

The fear of how to start on the new idea. The fear of what will happen if it actually becomes a success. The fear that your idea will fail like 95% of all startups do. The fear that you are too young, too uncertain, too poor. But then if you don’t try, you have the fear of missing out (FOMO).

Taking the almighty Eureka moment and turning it into a successful startup is something that Tayo Rockson knows all too well. As the CEO and President of UYD Media, a media company that encourages people all over the world to use their difference to make a difference while celebrating diversity and educating others, Tayo is a millennial who has faced his fears head on.

In getting to know more about Tayo and his entrepreneurial adventures, what shined through was how he overcame his fears. Below are 7 tips for millennial entrepreneurs to face and fight through their fears. And for added effect, Tayo has action items related to each fear to give you a plan to charge forward at full-speed.

1. Fear of Starting:

Most millennials dream big and think they can change the world. My heroes at age 10, 11 and 12 were Nelson Mandela and Oprah Winfrey. I wanted to make the type of global impact they made and are making. But as I grew older I convinced myself I was just too scared to start. After getting laid off last year, however, I decided that this was silly. Why not start now? I did, and it's been an interesting ride of ups and downs but I’m still here, and still going. I was scared to launch a podcast, but I did it and now I have two. I was scared to open a company without any revenue but I did it. I was scared of launching a media platform but I did it. I was scared of being vulnerable but I told my story. We are often scared of the thing we need to attack the most.

Action Item: Write down three things you have wanted to do but didn't because you were scared. Now take the scariest one on your list, and figure out how to do it. The biggest risks often come with the biggest rewards.

2. Fear of Success:

I always say I'm a master deflector. Pay me a compliment and instead of saying thank you, I'll turn that right around and give you one back. I don't even celebrate my own birthday, for goodness sake. I did some introspective work on myself and talked to a few mentors of mine. They helped me realize that I really was afraid of success. If I get recognized more and acknowledge my wins, it'll mean that I have to constantly deliver at that level or above. Or that's how my mind seems to process praise at least. I naturally deflect and play down a lot of good things that happen to me. This is a “no-no” in the entrepreneurship world because if you don't know how to sell yourself or better yet, talk about how you stand out, you lose.

Action Item:

Ask your friends, mentors and family to name three good things about you. Observe the patterns and use that to craft your personal statement. For example, my mastermind helped me figure out that because of my upbringing, I am a natural connector who is able to help businesses and individuals connect and communicate across cultures. Define what success is like for you. What makes you happy? How do you want to be remembered? Once you define these, do only things that fit those criteria.

3. Fear of Failure:

FDR once said "The only thing we have to fear is fear itself" and it's so true. Who wants to be a failure after all? But after getting turned down from countless Ivy League schools, more than 150 job applications and sitting in $20,000 of debt, you know what I have realized? Failure is not THE END. It's actually another lesson. Many of the greatest entrepreneurs failed multiple times before they succeeded so as the saying goes. Fail forward.

Action Item:

Change your mindset. Embrace failure and pick out lessons that you can learn from. Lessons I've learned are that I am not good with details and I am better paired off with someone who can deal with details and numbers while I focus on the vision.

4. Fear of Being Too Young:

How many times have you wowed a room or gone into a meeting and killed it until they ask you for your age? You then see your potential client slouch and express a disappointed look on their face. Why? because they think you're too young and you therefore have no experience. As millennials, we have been right in the middle of this digital age, so who better to lead than the very people who understand the way of the world? When I missed opportunities because I was too young, I started learning how to communicate my value. It all goes back to knowing your value. Also, the more I got passed over for opportunities, the more I learned to embrace my age. I figured if they could dismiss my value that quickly because of my age, I didn't want to work with them anyway. Be YOU and the right person will recognize your value.

Action Item:

Learn how to communicate your value. Talk about the advantages of your free time from not having a lot of responsibility and how that will translate into more commitment to the business. Talk about how your curiosity can lead to more innovative solutions and learn how to express how your open mindedness as a millennial entrepreneur will allow you to pivot accordingly when you need to change course.

5. Fear of Uncertainty:

What will tomorrow bring? No one knows, so don't worry about it. Three years ago I was 22 and driving to work before I got into a three-car accident that totaled my car. I didn't see that coming even though I was being safe. The moral of the story is stop wasting time worrying about what you can't control because you can't control it.

Action Item:

Change your mindset and channel your energy towards growing personally and professionally.

6. Fear of Missing Out (FOMO):

The millennial generation has developed a unique fear of being left out. With something new coming out seemingly every week, we have developed a culture of not wanting to be left behind. What if I don't become an early adopter in the last product or service? Will I miss my opportunity to grow, attract an investor or spread my message? All interesting questions, but I say stick to what is authentic to you and master those.

Action Item:

There will always be a new Twitter, Periscope, and Facebook. But which product or platform allows you to tell your story the most effectively? Focus on those, stay committed and you'll be fine. Even better, you won't actually be missing out because you'd be growing.

7. Fear of Being too Poor:

You have a great idea but you just got out of college, you're paying off loans and you feel stuck. This is something many millennials face. I alluded to being $20,000 in debt and that's exactly where I found myself last year, especially since I was in the final year of my MBA program. Best way to get out of this is get creative and get really clear on your why.  

Action Item:

Getting clear on your why can attract a business partner to help fund your idea if it resonates with them. Crowdfunding is another option and this is where your story is important. Tell your story, run a Kickstarter or Patreon campaign. If you do so effectively, you'll start to have people fund your business. Last but not least, look into grants. Do some research and see if there are grants for your industry and apply. Get creative.

An avid writer whose work can be seen on the Huffington Post, Among Worlds Magazine as well as Global Living Magazine, Tayo is an authority on Third Culture Kids and assimilation into new cultures. Author of The Ultimate Guide To TCK Living and through his podcast and blog, he is heard and read by thousands of people in over 150 countries.

But most of all, he has used his fear to fuel him. Be strong, be brave, and be bold! Face your fears and take action items to push through.

#facingfailure

#failforward