Failure is bound to happen in one form or another. Whether it is failure to make a certain decision or failure to properly cater to your customers, failure happens. Getty
Failure is bound to happen in one form or another. Whether it is failure to make a certain decision or failure to properly cater to your customers, failure happens. Getty
Failure is bound to happen in one form or another. Whether it is failure to make a certain decision or failure to properly cater to your customers, failure happens. Getty
Failure is bound to happen in one form or another. Whether it is failure to make a certain decision or failure to properly cater to your customers, failure happens. Getty

Why it’s important for entrepreneurs to overcome their fears


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I attended an American international school. This meant that I was exposed to various cultures and celebrations.

One holiday that my western classmates looked forward to was Halloween, celebrated on October 31 every year.

During the week leading up to Halloween, my classmates shared horror stories and talked about their fears.

As children, we had common fears. We were afraid of ghosts, burglars, getting lost and murderers.

As we grew older, many of us have overcome these fears. What instilled fear in us and made us afraid to go to bed for weeks doesn’t seem so scary in hindsight.

But that doesn’t mean we became fearless people; our fears took a different form.

Some are now afraid of losing loved ones or failing at a business they invested time in building.

As fearless as I thought I had become, I developed new fears when I ventured into entrepreneurship.

I was afraid of uncertainty and how it could impact my business. I was afraid of failure that could cost me everything I worked hard for and of not having what it takes to manage a business as it expands.

But it was comforting to know that fellow entrepreneurs also had similar fears.

I knew that as long as these fears lingered inside my brain, my business wouldn’t grow.

My mother once told me that most of what we fear is exaggerated by our imagination.

When I was afraid of a thriller movie I watched with my cousins, she showed me a video of behind-the-scenes and how the special effects were made. I felt comfortable and didn’t ask to sleep with her that night.

Just as my mother had done with me, I had to learn how to dissect the fears I had as an entrepreneur and how to overcome them.

When it came to my fear of failure, I knew that the more prepared I was, the less likely it would happen.

I dedicated time to learning and when one option didn’t work out, I tried multiple others.

I learnt that everything has a solution. It may be unknown to us, but it doesn’t mean that it doesn’t exist.

I also learnt that instead of treating failure as a scary monster that I should hide from, I had to befriend it.

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Watch: a new generation of Emirati entrepreneurs

Failure was bound to happen in one form or another. Whether it is failure to make a certain decision or failure to properly cater to your customers, failure happens.

It is part of the process and I chose to learn from it and use it as a building block towards my future.

As for my fear of uncertainty, I know that there will be external factors beyond our control; factors such as an economic crisis or a pandemic.

What we can control is how we react to these factors. I trained myself to be agile and flexible, and to not resist change. Since then, everything has become easier.

But the biggest fear I had to conquer was believing that I didn’t have what it takes to manage my business as it expanded.

This took me back to a question: how do you eat an elephant? One bite at a time.

I was overwhelming myself, forgetting that I had also evolved with my business and if I didn’t know the answer, then mentors and acquaintances could always help.

Once I dissected my fears, I realised they weren’t so scary. The great thing is that opportunities always lay on the other side of fear.

Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi.

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Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

Updated: December 14, 2023, 10:34 AM