And, in most cases, it is a mere phantom–the boogeyman that hides under the bed. Fear of failure is a creature of imagination and like most creatures of imagination, it disappears when looked at in the clear light of day.
The thousands of missed baskets made by Magic Johnson were not failures. They were successful attempts to train his mind and muscles to get those magic game-winning 3 pointers. If he allowed the fear of failure to get in his way, he’d never even have attempted those throws from center court. Many other players, even great pros, may never make those spectacular winning shots. The spectators who watched Magic play will, of course, never make them.
According to the study by former Treasury official, Bruce Bartlett, some 80 percent of millionaires acquire their wealth in a single generation without the benefit of inheritance. They are self-made millionaires. Two thirds of these self-made millionaires got wealthy because they started their own businesses.
It is obvious that your best shot at becoming a millionaire is by starting your own business. The biggest reason that the majority of people do not go into business for themselves is the fear that they will fail, despite the fact that it is almost guaranteed that they will fail if they do not start their own business. Guaranteed? Yes. The historical statistics prove it.
85% of people who do NOT own their own businesses are not financially independent at retirement age. Only 15% of people who choose the security of employment, rather than the risk of self-employment, are able to retire with any degree of financial independence and less than 5% end up wealthy.
So, as odd as it is, most people are afraid of starting their own business for fear of losing their security. The fear of failure actually produces the loss of security. In other words, that which you fear shall be your reward, unless you find the courage to face your fear and do the thing anyway.
And like Magic Johnson, don’t let the fear of missing the shot prevent you from scoring the game winning basket. Or as Wayne Gretzky, who missed more than 90% of his shots on goal, once commented, « I miss 100% of the shots I don’t take. » In any game, if you do not take the shot, you cannot score the goal. Life is a game. Take a shot at winning.
You can pretty well be assured that if you don’t get in the game of owning your own business, you will not create the financial success you imagine you want. The only way to conquer your fear of failure is to take the shot. The only way to score the goal is to take the shot. What are you waiting for?