Many founders have a fear of success. Why aren’t we talking more about it?
The fear of failure follows entrepreneurs around like a shadow. But what’s not spoken about enough is many founders’ deep-rooted fear of success.
The fear of failure follows entrepreneurs around like a shadow. Given the uncertainty that comes with running your own show it’s one that can be hard to shake.
And there’s a good reason for it; in Australia, it is estimated around 60% of all businesses fail within their first three years.
The best founders acknowledge their fear and do the hard thing anyway, but there are many who struggle to push through. Pervasive self doubt leads to questioning every decision. Perfectionism leads to paralysis. A founder’s inability to have a hard conversation stops businesses from moving forward. While fear of failure is commonly spoken about in the startup space — and acting in the face of it is celebrated — what’s not spoken about enough is many founders’ deep-rooted fear of success.
Over the past five-and-a-half years mentoring founders through my business lady brains, I’ve met many who harbour a fear of success that’s masked as something else. After peeling back the layers, what appears to be impostor syndrome, a lack of confidence or indeed a fear of failure, is actually a fear of centred around realising their dreams.
What’s interesting is that most of the time the founder has no clue about the root of their fear and how it’s driving their action or inaction. But without awareness of the true cause, lasting change can’t be made.
In my experience mentoring founders, here are the most common reasons they’re scared of succeeding that subconsciously hold them back.
The fear of what success will cost
Those with a fear of success often focus on the opportunity cost of their achievement. Unlike people who are terrified of failing and losing it all (their life savings, status or respect), if you’re scared of succeeding you might be fixated on what you’ll lose if, in fact, you make it. You may freak out about losing friendships without enough time to invest in them, or losing your freedom if the growing business requires your unrelenting attention, or you might be scared to lose yourself in the process.
The fear of higher stakes
Often people who experience success are faced with higher stakes. Expectations are greater, problems are bigger, decisions are more complex and responsibilities increase. You may have investors you’re accountable to, employees to look after, and more customers who are counting on you to deliver. This responsibility can be a heavy burden to carry and it’s not uncommon for founders to subconsciously play smaller to avoid facing these bigger responsibilities.
The fear of judgement and criticism
It’s well known that when founders share their origin story and the ups and downs of the journey, people are more likely to buy into their brand. But despite the clear connection between putting yourself out there and increased customer engagement (especially for consumer brands), founders with a fear of success are hesitant to do so. In their eyes, the more public facing and successful they are, the greater the chance of being served up for judgement and criticism.
The fear of being exposed as a fraud
The more successful you are the brighter the lights that shine on you. For founders who don’t feel like they’re worthy or competent or capable (despite clear evidence to the contrary), they self sabotage to move away from the spotlight.
The fear of having to let go of control
A common barrier for founders transitioning from a startup to a growth-stage business is the inability to let go and empower others to run the day-to-day. After all, if your business is your baby, why would you want someone else to raise it? With this inability to surrender control, many founders feel like growth will unsustainably increase their workload and require more than they’re able to give. I’ve seen founders who are unable to delegate say no to awesome opportunities because they’re terrified of the work once they succeed.
There are lots of ways the fear of success disguises itself as something else. The next time you feel fear or resistance, take a moment to unpack where it’s really coming from. What invisible stories are you telling yourself in this moment? What subconscious thought processes are whirring in the background, influencing your behaviour and acting as the shadow CEO? When you become truly aware of what’s happening beneath the surface, you’ll be better equipped to make your way through.
Anna Mackenzie is the co-founder of lady-brains.
