A great exercise that ties into my recent posts is a regular practice by the investor, author, and inspiration of mine Tim Ferriss, which he calls Fear Setting. The idea is simple. When pursuing something new, clearly define what your fears truly are, know how to prevent the fears, and how to repair any damage. Maybe you’ll have to move back in with parents, you’ll lose all your money and starve on the street, or maybe you’ll enjoy your new choice so much, you never go back.

Step One: Define Your Fears

To start on this journey, you first have to discover why you are afraid of pursuing whatever your action/goal/idea maybe. To use a recent example, I shaved my head.

Before getting out the clippers, I asked myself, “What is the absolute worst case scenario?”

The answer was so mild, it shocked me that I ever hesitated. It boiled down to other people may not think I look very good. Not only did this not turn out to be the truth, I have often gotten the opposite reaction from people who have known me most of my life and others who I’ve met for the first time.

Step Two: Preventive Measures

If we know what the worst case scenario is, we can prepare and plan to avoid it. Taking simple actions can often have major returns.

There weren’t many specific actions to take to prevent other people’s opinions in the case of my bald head, but I could limit their impact on me. By owning the look, it not only deflected any negative impressions but actually increased the positive reception the new look got.

Precautionary actions are simple to implement and can have positive returns even if the fear never occurs. A piece of advice from my grandpa applies well here, “It’s better to have it and not need it than need it and not have it.”

Step Three: How Do I Bounce Back From Disaster

The next step beyond prevention is repairing any damage done. Here we need to think of what can be done to get things back on track. Because certain outcomes may be more serious than other people’s opinions, see example earlier about starving in the street, sometimes we need a plan to get back to where we want to be.

In the case of my bald head, it’s really just a matter of time. Wait for it to grow back. What about some more active responses? Because I believe a majority of fears are based on either money or social status, there are a few options that can be taken. Getting a second job or selling some unneeded property can help remedy financial trouble.

For remedying social status, there are a number of ways to heal the wounds of a bad decision. Why else is Public Relations a critical part of businesses today? Let’s make some PR moves of our own if we find ourselves in hot water. There’s the incredibly difficult act of apologizing, in which one displays guilt and regret the results of actions taken (if not the actions alone). Volunteering can be another option. Though I recommend pursuing something you’ve previously displayed interest in as a good place to start. If you start volunteering for something totally random, some people may see this as pandering. If you start with something you already care about, people may think your simply expressing your passion in a particular way.

Step Four: The Good Part

This part isn’t in Tim’s specific fear setting process, but I think it is important. Now that you’ve come up with your fear and how to handle it, ask yourself, what can I gain from trying this out. What are the rewards you receive for risking your nightmare scenario defined previously?

With the negative fleshed out, you may as well understand what you truly have to gain from it. Be as general or as specific as you want. Peace of mind is as valid as earning an additional $1,000 a year in my book.

Tim recommends assigning an impact score to both the negative and positive outcomes. If a negative outcome is a two, but the positive is a 10, there should be no doubt in your mind to go for it.

Just the Beginning

Tim’s post is a fantastic read and if anything I recommend the “Questions and Actions” section. While the first three steps above outline the specific process, this section offers some powerful questions to consider.

Set your fears today and let me know what you come up with in the comments below!