[VIDEO] How to Conquer Self Doubt and Fear of Failure When Starting a Business

March 4, 2016.TomM.0 Likes.0 Comments

The biggest obstacles to getting started on building a location independent income are inside your own head. Your own fear of failure, your own self doubt, your own limiting beliefs – these will all hold you back. One of the most important early skills to learn when starting out is how to manage the “mental game.”

This is exactly what I explain how to do in this video. (Scroll down for a ‘table of contents’ summary of what is discussed in each part).


[1:51] – “If your organization requires success before commitment, it will never have either.” Seth Godin
[2:10] – There will always be a moment of doubt
[2:41] – Shiny object syndrome
[3:05] – Commitment to your clear vision
[3:33] – Expect disproportionate front end work
[5:06] – Plan for the dip
[6:12] – What ‘fail fast’ really means – car troubleshooting example
[8:08] – Marathon, not a sprint
[8:57] – Be honest with yourself about your fear of failure and plan accordingly
[10:00] – You must accept your fears to make progress
[10:44] – Own your problems – take responsibility. Example: I believed being young was a disadvantage when starting my SEO business, but it turned out to be an asset
[11:33] – How you frame things to yourself
[12:22] – Experiment: high fear of failure people focus on very easy or near-impossible goals, so they are certain to win or their failure will be socially acceptable. Fear of failure makes them avoid high but achievable goals
[14:45] – Fear conditioning and returning to fear setpoints
[15:06] – The self help popular illusion of “instantly rewiring” your brain
[15:33] – Blame is an excuse for inaction
[16:00] – Proactivity within you circle of influence – Stephen Covey idea
[16:30] – Self sabotage in business and low self esteem
[17:47] – Every setback seems to confirm your deep negative beliefs, making reframing more difficult
[18:30] – Failure is part of the the journey – learn to fail better
[19:35] – Keep a diary: moods, obstacles, goals, results – be honest with yourself about how you actually spend your time
[20:25] – Avoid displacement activities like alcohol and wasting time on the Internet
[20:56] – Be accountable to yourself – beating yourself up must be constructive
[21:17] – What’s the worst case scenario
[22:30] – Make sure your goals are your own
[23:10] – Your goals and vision should inspire happiness in you
[23:30] – Idiotic goals and goals you’ll regret achieving
[23:50] – 10 year goals and the funeral exercise
[24:46] – All high achievers are working to a detailed plan
[25:14] – People overestimate the life returns of having more money
[25:50] – Nothing gives you confidence like knowing you have the best product
[26:26] – Acknowledge and celebrate your own progress
[27:20] – Strategy and planning – no flailing around, no shiny object syndrome, no room for doubt – if you don’t have this, you need a mentor
[27:56] – Willpower is temporary
[28:15] – Remove emotions as key drivers
[28:35] – Know your strengths and weaknesses, then differentiate – stand out
[29:00] – Simplicity in strategy is key
[29:12] – Concentrate your focus where you can achieve quick victories to build momentum
[29:51] – Your gut instincts may not be very good if you have a high fear of failure
[30:27] – Know the true cost (physical, emotional, mental, financial)
[30:43] – Dave Chappelle on leaving Hollywood: “Name your price at the beginning. If it ever gets more expensive than the price you named, get out of there.”
[32:00] – The levels: OBJECTIVES, STRATEGY, TACTICS – modify your approach from the bottom up
[33:03] – The regret illusion – that things would have been better and you’d feel different if you made another decision. It’s not true, there will always be regret.
[34:00] – Commit to the hard work
[34:40] – Play to your personal energy cycle
[35:10] – What you think are personal flaws are missing skillsets – simply learn the skills (eg I never thought I would be good at sales)
[35:28] – Zoom out at the beginning – the stats will be disproportionate to the work you’re putting in
[36:10] – Don’t draw conclusions from small samples
[37:09] – Hard charging entrepreneur myth – many entrepreneurs actually have an attitude of cautious pessimism, coupled with careful planning
[38:10] – Commitment is the biggest predictor of success

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