Fear Of Failure, In Business (And In Life)

Fear Of Failure, In Business (And In Life)

by Brian Gimelson

No one likes to lose, but it's certainly a possible outcome in most situations. Venture capitalists sometimes have successes with only 10% of their portfolio's, meaning that 9 out of 10 of their investments are losers. It's the victories that make up for all of their losses though as a good investment can make 30-100x their investment returned to them. It's a shame people don't look at life the same way. Because even if we only win half the time, it's those victories that make living worth it. 

More often than not people are afraid to do something because they are worried that they won't succeed. Einstein, Edison, Walt Disney, Elon Musk and every world leader that has ever lived has made plenty of mistakes, but one thing that makes them successful is that they learn from what has happened, and they don't dwell on it. 

Michael Jordan lost more seasons than he had championships, but the Chicago Bulls had more championships when he was playing than anyone else. Wayne Gretzky only scored 18% of the time he took a shot, meaning he didn't score every 4 out of 5 times he tried to, but knew he'd miss 100% of the shots he didn't take. The best baseball players in history miss getting a hit more than half the time, the average is more like missing 8 out of 10 times. Victories are all relative, and you've got to take yours when they come. 

The fear of failure can lead to a broad range of emotional and psychological problems, including shame, depression, anxiety, panic attacks or low self-esteem. It may negatively affect how you perform at school or work, or how you interact with friends and family members. Fear of failure can cause procrastination, avoidance, and stagnation. In the form of pessimistic beliefs about our efficacy, agency, and chances of succeeding at what is important to us, it can adversely impact our wellbeing.

When people lose big, it's sometimes tough to snap back. The fear of failing is real. But you have to decide what you want in life and don't compromise. If you're happy where you are and what you're doing than congratulations, you're winning. If you're not content with the status quo, then you have to change your daily routine to be more in line with where you want to be. 

The same kinds of things can happen in organizations. Play it too safe and you're going to lose out to your competitors. If you're unhappy with your company's performance, try something new. It may not always work out, but it may give you some perspective on what to do next. New Coke, didn't work, but Diet Coke sells 70% of Coke's regular product today. 

Look at trends. Try to be where the dart is going to land. If you miss the target, take another try at it. Don't forget what's been working for the sake of change, yes, I'm talking to you Bud Light.