I’m sure you’ve been there before; the numbers aren’t stacking in your favor this month, you lost a big client, the integration of the merger isn’t going so well, the new ERP is bogging down your teams, you might have to take out a loan out for cash flow, you are about to lose your best employee…etc., etc.  There are sleepless nights and tension around your eyes, and you can’t quite get past the fear in the pit of your stomach.  You are operating out of fear, and when we operate with fear or pressure, we behave differently, which impacts people in our stratosphere.  This is a bad thing, right?

In the world of business, fear often carries a negative connotation. However, if harnessed correctly, fear can be a potent motivator and a catalyst for growth and innovation. One of the most prevalent fears in business is the fear of failure. This emotion can significantly impact our professional behaviors and outcomes when understood and managed appropriately.

The Motivating Fear of Failure
As most of you know, here at Steople, we use assessments to accurately predict/discuss the strengths or weaknesses of individuals and organizations.  When looking at leaders, one of the Motivation Quesionnaire scales measures the fear response. This emotion acts as a driving force for those high on the scale of fear of failure. The apprehension about not meeting expectations or not achieving goals can lead individuals to work tirelessly, ensuring meticulous attention to detail and sustained effort in their endeavors. This intense commitment can lead to high-quality results and exceptional performance, as the fear of failing pushes one to go the extra mile to secure success.

However, this fear is not without its drawbacks. It can lead to stress, burnout, and a potentially paralyzing pressure that may hinder creativity and innovation. Individuals overwhelmed by the fear of failure might also avoid taking necessary risks, which are essential for breakthroughs and significant advancements in business. On top of that, if you believe that people “pick up on energy,” there’s a good chance it could negatively impact your leadership effectiveness.  According to a study by Harvard Business Review, nearly 40% of executives admit that fear of failure is the biggest hindrance to growth in their organizations.

The Strategic Lack of Fear of Failure
Conversely, individuals who score low on fear of failure often respond differently to fear. Rather than doubling down when faced with potential failure, they pivot and redirect their efforts toward more promising ventures. This ability to shift focus without the emotional baggage of potential failure allows for a more strategic approach to business challenges.

This agility can be a tremendous advantage, as it enables quick adaptation to changing market conditions and exploring innovative ideas without the fear of falling short. The downside, however, is that it may lead to a lack of perseverance. Some great ideas need time and persistent effort to come to life, and without the drive to overcome initial obstacles, opportunities for significant achievements might be abandoned prematurely.

Personal Insights
Speaking from personal experience, being low on the fear of failure scale has served me well, for the most part, in my career. It has allowed me to see the bigger picture and maintain a clear focus, even under pressure. This trait has aided me in navigating complex situations and created an environment where out-of-box thinking is the norm rather than the exception.

This approach often leads to breakthroughs that might not have been possible if I were overly concerned about failing. Embracing this aspect of my personality has led to successful pivots and adaptations that have propelled my business forward. But it also makes me think…do I need to use “fear of failure” more? Probably! “Sticking it out” might be something to consider when I need to allow something to develop more.  It is something every leader needs to ask themselves.

Harnessing Fear for Business Success
Understanding and harnessing fear, whether high or low on the fear of failure scale, is crucial for leaders. For those more driven by fear, it’s important to channel this emotion constructively. Techniques such as setting realistic goals, practicing mindfulness, and maintaining a balanced perspective on success and failure can help manage the stress associated with this fear.

For those less affected by fear of failure, it’s vital to cultivate resilience and ensure that agility does not give the perception of being wishy-washy. Building a solid foundation of persistence, even when the immediate threat of failure isn’t looming, can lead to sustained success and fulfillment of a long-term vision.

In conclusion, whether you’re motivated by a fear of failure or empowered by your indifference to it, both traits have their unique advantages and challenges. The key to making fear a powerful ally in business lies in understanding your emotional drivers and leveraging them to enhance your effectiveness. In doing so, we overcome our fears and turn them into stepping stones for innovation and success in the competitive business landscape.