Why Fear Is the Biggest Threat to Your Business Growth

About this video

Martell gives four perspectives for overcoming fear holding founders back. He says from 17 to 24 he built two companies that failed because he was crippled by fear, including fear of hiring his first contractor, and now claims he has made $25 million deals without losing sleep. 1) Risk reversal — following Tim Ferriss, list what could go wrong and what you can do about each item, and separate Jeff Bezos’s Type 1 (one-way, hard to reverse, e.g. buying a company) from Type 2 (two-way, reversible, e.g. a hire that doesn’t work out) decisions so reversible choices aren’t delayed. 2) Remove the ridicule — fear of judgement is ‘false evidence appearing real’; he uses the line that people who care don’t matter and people who matter don’t care, and says his own fear that investors/friends would judge his move into coaching proved opposite when he published a ‘What’s next?’ post. 3) Upsize your problems — learn to be comfortable with $100, $1,000, $10,000 and $100,000 problems; he retells Oprah responding to a billion-dollar lawsuit by saying she was grateful to have a billion dollars to be sued for, quotes Tony Robbins on quality of life being proportionate to uncertainty you can live with, and says he gives his team permission to make $10,000 problems. 4) Massive imperfect action — act within 20 minutes with a call, email, or calendar commitment before analysis talks you out of it. He offers his Dream 100 training on peers, advisors, and mentors.

Key takeaways

• List risks and mitigations on paper to make fear less scary
• Separate Type 1 irreversible decisions from Type 2 reversible ones
• Fear of judgement is often false evidence appearing real
• Growth requires upsizing from $10 problems to $100,000 problems
• Take massive imperfect action immediately before over-analysis stops you

Episode details: published September 28, 2020 · 12:16 long. Summary written by Self Growth Videos from the episode itself. Business results and any income figures mentioned are Dan Martell’s own claims, shared for education — they are not typical or guaranteed.

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