Fear of failure as  motivator for business success 

Motivation is the reason or reasons for acting or behaving in a particular way. Motivation is the catalyst that spurns employees’ eagerness to work in a formal setting without pressure. Motivation is the process whereby goal-directed activities are energised, directed and sustained (D. H. Schunk, P. R. Pintrich & J. L. Meece, 2008, in “Motivation in education: Theory, research and applications”, 3rd edition, published by Pearson Education, New Jersey, USA). Motivation is the basis of success in life. Nobody makes it in life or in business by accident. There are two motives for setting up business: firstly, as a means of survival by achieving break-even point through meeting customers’ needs and maintaining equilibrium, and secondly by generating profit through maintaining points over equilibrium point.

A lot of start-ups (new businesses) have collapsed because the founders lack motives to sustain the businesses. Businesses require discipline of the founders and of those that are working there before they can survive. Punctuality is the soul of business. Instilling discipline in workers is the duty of the human resources department. But who instils discipline in the business founder? Discipline of the owners of businesses comes from fear of failure, competence, skills and knowledge (CSK), self development and experiences of the founders. A study was carried out by Fame Oyster & Co. Nigeria on Nigerian traders in February 2023. The operation hours, conduct during business hours and focus of two hundred (200) grocery and daily-needs traders were studied in Ojuwoye Market, Mushin, Lagos State; Aleshinloye Market, Ibadan, Oyo State and Oba Adesida Central Market, Akure – Ondo State.

Seventy-five percent (75%) of the traders who are punctual, that is, who resume regularly between 7.00 am and 8.00 am, and who operate six days a week, do so because they took one form of loan or the other from banks and finance houses. The “fear of what will happen if they fail in repaying these loans” is the motive for their punctuality. Ten percent (10%) of these punctual traders do so because they were set up by their husbands, parents or association and “they do not want to disappoint those that set them up in business.” Another 10 percent have set targets that they do not want to miss; while five percent (5%) just do it because they are convinced it is the only way to succeed and not because they have fear of failure. Most traders (85%), who either are not ‘serious’ in coming to their shops or are not regular, do so because they do not have anything to fear.

Payment of tax is not done by these traders; they do not, mostly (73%), pay rents or school fees and where they do, they are not afraid that their irregularity in their opening hours and in opening for business, on time, can affect their fortune or ability to pay rent. Sixty-five (65%) of the truant and indiscipline traders have ‘liquidated’ in the past and believe the secret of success is not ‘hard work’ but ‘luck’ or ‘Grace of God’. All the ‘truant traders’ interviewed do not believe that coming regularly to their shops can positively impact their sales. They do not see their business as a career for success but a “means of survival”. Ninety percent (90%) do not think of growing their businesses more than their present state. Thirty-eight (38%) know of ‘truant traders’ who are successful in their businesses and do not see ‘punctuality as the soul of business’.

When asked if they are ready to take low-interest loan to expand their business, 85 percent of the ‘truant traders’ stated they were not ready to take loan but 95 percent of the ‘punctual traders’ were ready to take loan to expand their businesses or have taken loan which they were still servicing. All the ‘truant traders’ have reasons for not being punctual at their shops. Planning is one of the secrets of business success, according to Hal Shelton, in his book, “The Secrets to Writing a Successful Business Plan: A Pro Shares Step-by-Step Guide to Creating a Plan that Gets Results”, published by Summit Valley Press in 2017. Plan involves setting out goals of the business and how to achieve them. Type of business is not as important as having a plan, either written or unwritten. The crucial factor to business success is having set goals and religiously pursuing the goals.

Fear is the bad feeling you have when you are in danger, when you perceive something bad might happen, or when a particular thing frightens you (Oxford Learners Dictionary). Fear of failure has served as a motivator for success in businesses, according to some successful corporate business men and women interviewed recently. While some of them claimed that the fear of losing their jobs if targets were not met have “spurned them to stretch themselves” and “performed beyond their natural limits”, others claimed that fear of not getting salaries or income have made them work harder than their peers and withstand pressure. The fear of the future has made some successful business men and women continue making money. Fear of failure now or in the future, is a good motivator for success.

Any successful person will tell you for free that they got where they are through pushing their limits. That is something that the fear of failure can drive you to do. When you use this emotion of fear of failure in a beneficial way, you will be motivated to aspire to greatness. According to a Wharton University “Knowledge in Wharton Podcast” of December 4, 2018, “Research shows that as tools for motivating workers, fear and intimidation come with a lot of risk and have been largely discredited for some time”. A tyrannical management style can lead to low self-esteem and performance as it eats away at team cohesiveness, increases stress and helplessness, and creates ‘a feeling of work alienation’, according to “Petty Tyranny in Organizations,” a paper written nearly a quarter of century ago by psychologist Blake Ashforth, an Arizona State University professor.

Creating fear and intimidating workers, like threatening them with losing their job and their pay if they fail to meet expectations, may not yield good results; but creating awareness in them of the consequences of their failure to perform their duties, to the organisation and to themselves, may yield good results.

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