To start with, the word Kakorrhaphiophobia is a real word. Kakorrhaphiophobia is the Medical term for the Abnormal Fear of Failure.
Almost everyone I know has this fear. Fortune Magazine contributor, Vanessa Loder once said that every entrepreneur that she knows has the fear of failure, its human nature. Even billionaires feel the same fear, but it is what we do despite this fear that separates winners from others. Below are three simple steps we can take to overcome the fear of failure.
- Take it one step at a time: One of the reasons why we are afraid of failure is because we are trying to accomplish a very large task. Trying to tackle a very large task at once can be daunting and overwhelming, which leads to action paralysis. As a Naval Officer, we are trained to decipher large complex tasks into small and actionable tasks. There are two ways to do this. First, let us assume that you have been considering quitting your job to start on an entrepreneurial journey, obviously this is very scary. A tactic that will allow you to do this is after you have found out the entrepreneurial avenue you want to take, you quit your job and give yourself, say 4-6 months to make see considerable progress in your entrepreneurial endeavor. If you do not see significant progress in 4-6 months, then you can go back to corporate America. Corporate America will always be there, so make the move. Secondly, is by creating a POAM (Plan Of Action and Milestones). You reduce your major task to simple individual tasks and set a goal bound by time to achieve the smaller tasks. Let’s say you want to write a book. Create a written plan to write the outline by a certain date, then write 2 chapters by another date etc.
- Seek counsel from pioneers: One of the things that stops us from taking action is not knowing where to start. Experience and understanding brings courage. For example, if you have never bought a house before, your first purchase will be daunting and scary, but after you have purchased a few properties, the decision process becomes less scary. One way to benefit from the courage of experience without actually having the experience is seeking the guidance and counsel of experienced people. Before you take a big step, talk to 2-3 people that have accomplished the same task. Seek best practices.
- Analyze the worst case scenario: One of my favorite adages is an old Irish adage which says “Never bid the devil good morning until you see him”. The fact is as humans we assume the worst case when pondering a big task. But the worst case never happens. Even if we encounter the worst case, it is never as bad as we imagine. We live in the wealthiest country in the world, with so much social safety net. Several people around the country live a very fine life with significantly less resources than us. The fact is the worst case scenario never happens, so we should not let this prevent us from taking action. When we are faced with making a big decision, lets consider the worst case scenario, but not dwell on it. Use the worse case scenario analysis to embolden you to take action.
Sincerely,
Victor Lofinmakin
Top Producing Realtor
Tarl Anderson Properties
(832) 788-1782