The Equity Kicker - Latest Comments in TALKING about fear of failure is the British disease

Re: TALKING about fear of failure is the British disease

Geoff — Fri, 04 Jan 2008 07:54:18 -0000

Good post. I once read there is a fundamental difference between bankruptcy in the USA and the UK. Here in the UK you lose your house and everything except "the tools of your trade". Whereas I understand in the USA you are allowed to keep your main home.

Re: TALKING about fear of failure is the British disease

Shak — Mon, 15 Oct 2007 13:21:36 -0000

Nick

1 of the most important lessons I learnt is NOT to take advice from people who haven't run their own business.

By this I mean asking Your mum, bro, wife etc if they think 1 should leave their well paid job and go it alone, and yes most people do this, however the advice is normally negative along the lines of "what if ..."

I remember many years ago, I'd have a great idea and get advice from such people, and yes you guessed it, they would have me sold down Negativity Lane within minutes.

These days I try and NOT discuss such matters with them, and seek advice from people who have taken the leap themself, and guess what, very diff response.

Re: TALKING about fear of failure is the British disease

James Penman — Mon, 15 Oct 2007 12:19:02 -0000

Yep, great post. The problem for me is that we literally don't 'breed' it. Professionalism and not entrepreneurialism seems to get handed down generation to generation in the UK. Nought to do with fear, confidence or any other emotion. In my openion, more to do with people's frames of reference.

Re: TALKING about fear of failure is the British disease

jamescoops — Mon, 15 Oct 2007 07:56:00 -0000

It's not just fear of bankruptcy though. As Felix Dennis points out in his excellent book "How to get rich" - Fear of Failure is also about not wanting to look stupid in front of the people you know if things go wrong.

Re: TALKING about fear of failure is the British disease

nic — Mon, 15 Oct 2007 06:22:12 -0000

Thanks Paul!

Harry - I think big companies are a different kettle of fish altogether and are more risk averse the world over (Dilbert is American after all). That is often why entrepreneurs leave them.

Re: TALKING about fear of failure is the British disease

Paul Fisher — Mon, 15 Oct 2007 05:56:13 -0000

Brilliant post. Couldn't agree more. you nailed it.

Re: TALKING about fear of failure is the British disease

harry parkes — Mon, 15 Oct 2007 05:41:07 -0000

This isn't just restricted to start-ups, a lot of successful, established companies suffer from the same cycle, they want innovation and entrepreneurship, but being perceived as failing is a black mark on your career path. A guy who used to work for me said in all seriousness that the secret in any organisation was never take a decision that way it's never your fault – the Peter/Dilbert principle all over – so we end up with people who’ve never taken a risk running the show. Creating a culture that acknowledges risk and accepts failure as part of a creative process across the board is vital to getting past this.

Personally, and as an entrepreneur, if I thought too much about what could go wrong I'd never get out of bed in the morning. Just have to push that stuff to one side, focus on what you’re trying to create, and get on with it. (Being able to cultivate an almost impenetrable wall of optimism helps a lot too.)