Fear Setting and Mitigating Risk: Do You Really Need It? This Will Help You Decide!
How I Improved My Fear Setting and Mitigating Risk In One Easy Lesson
Many people come to a point in their lives where they wish they could do something better. The problem is they never know where to begin or how to start changing their life and moving in a more positive direction. In this article, I will present you some tips that can help you get started moving in a direction that can change your life for the better.
One of the most important things you should do before you try to do any type of personal development is assess your life and see where you are right now. Many people have many different ideas as to what it will take to make themselves happier and healthier in the long run. But unless you actually assess your current situation, you may never actually change for the better because you will never know where to begin. By taking stock of all the things that you have to be thankful for, and then looking at the areas that you need to improve in, you can begin to create a road-map that will allow you to begin to make positive changes.
The next step is to actually think of at least three things that you want to change. This could be your current financial situation. It could be the way that you interact with people on a social level. Whatever type of personal development issues that you may have that you want to fix, write these out and start a list. Then, narrow that list down to the most important thing that you want to change and make better in your life and create a checklist that will help you reach this goal.
The third step has to do with personal motivation. What is it that will get you up in the morning to make these changes? Why are you actually trying to do this? These are the questions that you need to ask so that you have a foundation from which to launch in this new direction. If you can’t answer these questions right away, don’t worry! Just sit quietly for about 30 minutes and think about the reasons that you want to change. In most cases, feelings of negativity will show up and you will realize what hurts you the most. Then, think of ways to alleviate this pain in your life. This is how you will begin to write out this list of things that will personally motivate you to continue to move toward your goal of personal change.
The final thing you need to do is take action. Once you know what you want to change, and you have a list of ideas that will help you make these changes happen, you can use your personal motivation to catapult you forward in a direction of positive change. By doing these steps in the order that we I prescribed, you will find yourself changing for the better in no time at all. Personal development is something that everybody can do in their life, and you certainly can make your life exactly how you want it by using the steps and tips I have provided.
Fear Setting and Mitigating Risk
Now there’s a fair chance that many people reading this are going to think it all sounds great, nod their heads a lot… and then just completely disregard it and never do any of it. Unfortunately, most of us won’t make the changes necessary to get what we want out of life.
But I don’t want that to be the case for you. I want this to be different – I want this to be the starting point that makes you actually start making those changes. To Enhance Yourself, Use this 28 Power-Principles
And to that end, it’s worth trying something called ‘Fear Setting’. This is a concept that once again comes from the very wise Tim Ferriss and his book The Four Hour Workweek – which will make for some excellent further reading.
So what is fear setting? Essentially, this is a tool that you use to overcome your fears by making them more concrete. It is the
opposite of goal setting as instead of writing down your goals, you’re going to write down all the things you’re afraid of.
So let’s say that you think you want to become a self-employed entrepreneur. It sounds great on paper but you’re afraid.
1. You might fail and be humiliated
2. You have a family to support – what if you can’t get your job back
3. You don’t have any funding for your idea
4. Now is not a good time – you’ve just had a child
5. Your wife might leave you
6. You might end up homeless and alone
So those are some fears and some worst case scenarios. Suddenly your dream doesn’t seem so appealing.
But wait! Now what you’re going to do is to go through each of those points and a) score them out of ten in terms of likelihood then b) write down how you would cope in each situation. Be honest and realistic.
You might fail and be humiliated – 7/10
You have a family to support – what if you can’t get your job back – 6/10
You don’t have any funding for your idea – 10/10
Now is not a good time – you’ve just had a child – 9/10
Your wife might leave you – 3/10
You might end up homeless and alone – 2/10
Sure, you can’t argue with the fact that you have just had a child (though whether or not it is a ‘bad time’ is debatable). Likewise, you either do have money or you don’t.
But it’s not that likely your failure will be humiliating as such. Likewise, your wife would have to be pretty harsh to leave you – give her more credit than that! And you certainly won’t end up on the street. Apart from anything else, you probably will get your job back. Worst case scenario you might have to take a less good job, or go begging to Mum and Dad/the government. Not ideal sure, but you would survive.
Now we’re going to look at how you cope with any of these things happening and how you’re going to mitigate the risk thereby making it even less likely to happen.
• You might fail and be humiliated
You actually don’t need to tell anyone that you’re trying. Likewise though, why does it matter what people think? At least you tried! And you never have to give up, you can just change your strategy so there’s no ‘failure’ to report.
• You have a family to support – what if you can’t get your job back
As mentioned there are plenty of options here: go for a worse job for a while working in a supermarket if necessary, get benefits, ask your parents for help. Even make money from your own entrepreneurial efforts.
You can probably survive on your savings for a few months at least.
But more to the point – there’s no need to quit your current job at all! If you want to set up a business then all you have to do is to set it up on the side by doing it at weekends and in the evenings. Eventually you’ll get a good idea as to whether it’s going to be a success or not and only then do you quit your job. Zero risk involved!
•You don’t have any funding for your idea
Most business models can be ‘bootstrapped’. In other words, you can create a model that starts with no investment necessary and then reinvests that money into other projects as it grows. For instance, a website is free to create and the money you generate can then be reinvested into inventory for that eCommerce store you dreamed of.How about Kick-starter?
•Now is not a good time – you’ve just had a child
There is never a good time. If you wait for all your stars to align then you’ll never do anything.
Would your child rather you were wealthy, or happy?
•Your wife might leave you
This won’t happen. But if it does then she probably isn’t the one for you anyway. Serious
ly, if you can’t do the thing that makes you happiest and be in that relationship then you won’t be happy.But it can certainly help to sit her down, to tell her how much this means to you and to show her your plans in detail.
•You might end up homeless and alone
Again, not going to happen. But if it does… Then you’ll pick up the pieces and try again! You can crash on a friend’s couch in the meantime, or work online to earn enough for a hotel.
The point is: the worst case scenario is not normally as bad as you think it is and there are almost always ways you can cope.
And anyway, what’s more frightening: those things happening and you living a full and interesting life? Or you remaining in a job you find soul destroying and boring for your whole life? Not taking a risk is the only way to guarantee that you won’t be happy. So take the risk!
This fear setting can be used in all kinds of situations too. This is true whether you’re going to be approaching a girl/guy in a bar or whether you’re going to be asking your boss for that raise.
A common fear with asking someone out is that they might say no. So how can you mitigate that risk?
Try this: smile at the person from across the room first and see how they react. If they smile back then you have a good chance of them being receptive to your approach. But if they look away, then you’ve been ‘rejected’ in a way that had no repercussions and wasn’t at all embarrassing. You mitigated the risk!
When you get good at this, fear setting is something you can do automatically in your head every time you’re approaching a challenge or a decision that you find nerve wracking. This is actually a basic form of CBT – or Cognitive Behavioral Therapy. We’ll talk about this more in future but it’s definitely something you should look into more yourself as well.