Fear of failure is a major reason why many people do not want to become entrepreneurs. Fear of failing, fear of losing money, fear of being labeled a failure, all contribute to a general fear which prevents would be entrepreneurs from starting a venture.
So how do you get out of this fear mentality?
A great quote from "How to Overcome Failure" in Inc.:
"What is the best way to overcome a fear of failure? Cultivate the confidence to be able to embrace failing and to learn how to pivot when things don’t go your way."
There are 3 steps to overcoming failure:
Acceptance: Just like learning to ride a bike, no one expects you to get it right the first time. Learning requires falling off, just as entrepreneurship inevitably will have "falls" along the way. Just pick yourself up and get back on the bike. You'll work it out, one way or another.
Adjustment: Just like riding a bike, there will always be obstacles and uphills to conquer. Be quick and agile, and you will be able to swerve and power up the hard bits. Adjust your path where necessary, tweak where necessary, and you will find your way.
Adaptation: Survival of the fittest, right? Adapt to your surroundings. If one aspect of your idea is more profitable than another, think about changing direction. Understanding your core strengths and understanding your market will help you succeed where others fail.
Just remember, like riding a bike, if you fall, get right back up.