The fear of failure is perhaps the strongest force holding people
below their potential. In a world full of uncertainty, a delicate
economy, and countless misfortunes that could happen to anyone, it’s
easy to see why most people are inclined to play it safe.
But playing it safe has risk as well. If you never dare to fail your
success will have a low ceiling. Most people underestimate their merit
and ability to recover from failure, leading them to pass up valuable
opportunities. The ability to fail big and fail often has been a mark of
the spectacularly successful throughout history.
The following strategies will help you put risk and reward in perspective so you can overcome the fear of failure.
1. Consider the cost of missed opportunities – The
biggest risk that people fail to consider is the benefit they lose by
avoiding high risk/high reward opportunities. In his guide to career planning, Netscape founder Marc Andreesen
compares a well managed career to a diversified portfolio. The ideal
career contains a wide range of job opportunities (some risky, some
safe) that combine to form a relatively safe career with a high
potential for growth. Taking high risk opportunities is essential
because they offer the greatest reward:
The issue is that without taking risk, you can’t exploit any opportunities. You can live a quiet and reasonably happy life, but you are unlikely to create something new, and you are unlikely to make your mark on the world.
2. Research the alternatives – The unknown is a
major source of fear. When you don’t know what you’re dealing with,
potential consequences seem far worse than they actually are. Take the
power out fear by understanding it. Research all the potential outcomes
(both good and bad) so you genuinely understand the risk of failure and
benefits of success. Analyzing these outcomes will help you see through
the fear of failure and make a logical decision.
3. Put the worst-case scenario in perspective – One of the most powerful questions posed by Tim Ferriss in the 4-Hour Workweek
is: If you chase your dreams and fall flat on your face, worst-case
scenario, how long will it take you to recover? The answer is probably
less than you expect. How hard would it really be to find another job?
Chances are you could recover completely in a few months. Is the fear of
a few rough months strong enough to keep you in a mediocre situation
indefinitely?
4. Understand the benefits of failure – As Emerson
said, life is a series of experiments, the more you make the better.
Each failure is a trial in an experiment and an opportunity for growth.
Even if a failure costs you financially, the educational benefits can
far outweigh the loss. Working for a startup instead of a big company is
considered risky, but according Paul Graham,
“Managers at big companies prefer to hire someone who’d tried to start a
startup and failed over someone who’d spent the same time working at a
big company.” Maybe that experience at a big company isn’t as safe or as
valuable as you think?
5. Make a contingency plan – Another way to overcome
the fear of failure is to reduce the downside. Hedge your risk by
creating a contingency plan. Even if your first option fails, you can
maintain the status quo with a solid backup plan. Daring to fail doesn’t
mean you have to risk losing it all. If you manage risk intelligently,
you can capture the benefits of high risk opportunities while leaving
yourself a safety net.
6. Take action – The best way to reduce fear and build confidence is taking action.
As soon as you do, you’ll begin accumulating experience and knowledge.
Everything is hardest the first time. It’s like jumping off a cliff into
a lake — after you do it once, you see that the water is safe and each
time afterwards is easy. Start off with small steps and build up your
confidence until the fear of failure is manageable.
7. Burn the boats - When ancient Greek armies
traveled across the sea to do battle, the first thing they would do
after landing was to burn the boats, leaving them stranded. With no way
to make it home besides victory, the resolve of the soldiers was
strengthened. When success and failure are the only options, you have no
choice but to follow through.
If you have a goal, but are afraid to commit, force yourself into
action by burning the boats. Register for an exam in advance if you want
to go back to school. Set a deadline to move to a new city without
signing a lease. Fear of failure disappears when you realize it can’t
save you.
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