Fear Setting: The Art of Scaring Yourself into Success

Fear Setting: The Art of Scaring Yourself into Success
by Dave Oetken, Center Director

Greetings, brave entrepreneurs, small business owners, and everyone else who dared to click on this post!

First, a bit of explanation! If you’ve been following my last few newsletter posts, you already know I’ve been on a quest for productivity and time management success.  But if you’re just joining me, a few months ago my team and I were doing some strategic planning, and everyone’s overwhelming challenge was lack of time. That sent me on my quest to find and share all I can to help my team & me be more effective and lead a more balanced life. 

One of the issues I’ve identified that prevents good productivity is procrastination. We all have experienced it from time to time but sometimes the stress and pressure of our professional lives make it hard to do anything.  We freeze and just ruminate on all that we have facing us.

And after thinking about this for a while, I realized fear plays a large part in our professional lives. We all harbor certain fears. For some, it's spiders; for others, public speaking sends shivers down their spine. And then there are those who can't stand the sight of clowns (Stephen King, you’re responsible!). Today, however, we're delving into a different kind of fear. The kind that stifles your entrepreneurial spirit, paralyzes decision-making and impedes progress in your business, your professional, and personal life.

What is Fear Setting?
Fear setting, far from being a guide to organizing the most bone-chilling Halloween party or curating a list of horror flicks for a movie marathon, is a constructive approach to addressing your fears and anxieties. This technique, popularized by productivity guru Tim Ferriss in his groundbreaking book "The 4-Hour Workweek", involves facing your fears head-on. Picture it as a to-do list for your worst nightmares!

 Why Should You Try Fear Setting?
You might be thinking, "Why on earth would I want to dwell on my fears? Aren't those thoughts reserved for sleepless nights at 3 AM?" Well, dear reader, fear setting is a far more productive exercise than any of your average stress-relief techniques. Forget yoga mats, incense sticks, or calming chamomile tea!

Fear setting, according to a study published in the Journal of Applied School Psychology, can help reduce anxiety and increase self-efficacy, leading to higher performance and success.  Furthermore, it can provide clarity, allowing you to make decisions from a place of understanding rather than fear.

 How to Do a Fear Setting Exercise
Now that I've piqued your curiosity, let's delve into the nitty-gritty of fear setting. I’ll be the first to admit that when I decided to try my own fear setting exercise, I was more than a little afraid!  The Stoic philosopher Seneca wrote about premeditatio malorum, the deliberate meditation on the evils we may encounter.  Napoleon believed that a commander should ask themselves daily what would happen if an enemy suddenly appeared in front, left or right. I’ve had the thought that an exercise like this is just tempting fate, but it is to be prepared if fate happens! To conquer fear, you must clearly define it to take away its power over us. Trust me.  This is hard but it works.

Here are the steps you need to follow:

1.       Define your fear: What is the worry that gnaws at your tranquility, keeping you awake at night? Is it the fear of failure? The anxiety of facing competition? Losing a big customer? Ridicule from others? Write it down in all its terrifying detail. Remember, the devil is in the details!

2.       Visualize the worst-case scenario: Now, unleash your imagination. What's the absolute worst outcome if your fear materializes? Do not hold back. We're talking about a Hollywood blockbuster-level disaster here.

3.       Identify steps to prevent or mitigate the worst-case scenario: It's time to don your superhero cape and swoop in to save your day! What preventive measures can you take to avert this disaster? If it does happen, how can you lessen its impact?

4.       Reflect on the cost of inaction: What would be the fallout if you let the fear monster win? Would your business suffer? Would you miss out on golden opportunities? This step is all about comprehending the high price of letting fear dictate your decisions.

To make things easier, you can use this Fear Setting Template by Tim Ferriss to guide you through the process.  Here are some other great resources that I found helpful:

·       "Fear Setting: A Checklist Template for Defining Your Fears" - This guide developed by Checkli is a free checklist based on Ferriss' Fear Setting tool. It's designed to help you define your fears systematically and tackle them head-on. It's an excellent resource for anyone looking to understand the basics of fear setting and apply it in their everyday life.

·       "Fear Setting: The Step-by-Step Exercise Tim Ferriss Uses" by Mindful Ambition - This guide provides a step-by-step approach to the Fear Setting exercise as used by Tim Ferriss. It comes with worksheets that can help you conquer your fears and take action towards your goals.

·       "Fear Setting Method by Tim Ferriss" - This is a structured reflection exercise available on Notion templates. It can help you see decisions more clearly when fear is holding you back and distorting your thinking. It's a practical resource for those looking to make informed decisions in their business or personal lives.

Examples of Fear Setting in Action
Still not sold? Here are some real-life examples where fear setting has led to personal growth and success.

Meet Joe, a bakery owner who was petrified at the thought of expanding his business online. He wanted a way to grow revenues and thought there was an opportunity with e-commerce. But Joe was afraid that he didn’t have the skills to expand and feared an epic failure.  After undergoing a fear-setting exercise, he realized that his worst-case scenario was manageable. He took preventive steps to avert possible problems and now he's selling his famous donuts worldwide!

Then there's Sarah, the founder of a start-up, who was plagued by the fear of public speaking. She confronted her fear, took steps to hone her skills by hiring a public speaking coach, joining an improv theater and now she's making waves in the pitch meeting circuit!

These stories resonate with the findings of a study published in the Journal of Vocational Behavior, which found that individuals who engage in fear setting are more likely to take action and achieve their goals.

Conclusion
So, it's time to confront your fears and let them loose – but remember, you're in control! Fear setting isn't about wallowing in your worries; it's about facing them, understanding them, and taking proactive steps to overcome them.

Are you ready to try fear setting for yourself? I dare you to give it a shot. Who knows? You might just scare yourself into success! And when you do, don't forget to share your stories. After all, nothing's scarier than keeping all that success to yourself!

Go forth, face your fears, and conquer your business world! Remember, if you need guidance, you can always refer back to the Fear Setting Template by Tim Ferriss.

Dave Oetken is the Director of the Louisville Small Business Development Center which provides free SBA & commercial loan packaging, business coaching and lender introductions. 

Do you have any locally-owned small businesses that you’d like to celebrate?  Send me a note at doetken@greaterlouisville.com and I’ll share with everyone! If you’d like to schedule a Zoom meeting with me to help work on your business, find some time for us: Dave's Calendar.  I’d love to hear from you!