Welcome back to The Daily Mastermind. My name is George Wright III. For those of you that are just joining us, I hope you will join us every day for a little bit of motivation, inspiration, and education. I want to start you out today with The Daily Mastermind quote of the day from the mobile app. Let's see, the quote of the day is by Albert Einstein, and it's, logic will get you from A to B. Imagination will take you everywhere. Imagination will take you everywhere. Today I want to talk to you. I want to get back to this topic of fear. We're going to talk a little bit about how it relates to your business. And if you recall yesterday, if you caught the podcast yesterday, we talked about how attitude is going to be really your key to dealing with fear and how your active or passive approach is really two different choices that you have to deal with. You can either respond to it by being passive and kind of retreating and protecting yourself or you can be active and lean into your fear. Well today, today I want to talk to you about entrepreneurship and I want to talk to you about how a fear presents itself in your business because fear really is a real thing. I mean, it's something that's not just a physical thing. It's something that could be very, very much mental in business. And, you know, people like entrepreneurs suffer from fear for many reasons. I mean, let's face it, 9 out of 10 businesses do fail. And even more importantly, we know and we accept and we lean into the fact that failure is part of the journey. In fact, you hear us say all the time, fail five times faster in order to succeed more. You learn more from fear. But the challenge with that is that fear brings up baggage, and it starts to accumulate over the years, and you gain fear based on different circumstances and experiences, and it starts to add up and kind of keep you hesitant and reactionary towards a lot of events in your business. It could be very success-oriented for you. And let's not discount the fact that even success can provoke a certain amount of fear and anxiety. I mean, you know, the pressure to be able to perform. You know, the bigger and bigger and bigger my businesses have gotten, the more fear there can be because there's this pressure to perform and take care of more people and create a certain result. Or maybe you have a fear of money. I mean, I know it sounds funny to a lot of people, but over and over and over, over the years, we've found that many people growing up had a fear of money. I mean, you hear statements like, money is the root of all evil, or, you know, money doesn't grow on trees, and all these negative connotations towards money that might have caused these thoughts and this negative programming that you may have in your mental blueprint. And so, you know, you've got to understand a couple of things. Number one fear of failure is not a trait It not a character trait It just a state You can be in a state of fear and it doesn make you a fearful person And so it very very important to understand that it just a state. And when you understand that, then you can deal with it. You can adjust to it. You know, many sources of fear in business are present all the time. And I think it's very important to understand where fear comes from in business. I mean, you have financial security type issues. You know, what's going to happen to the business and is it stable? You have cash flow and revenue concerns, creating the right amount of cash flow and revenue and profit and staying sustainable. You've got self-esteem. You know, a lot of people suffer from imposter syndrome. They don't feel like they have the ability to execute on what they're trying to do. There's also the views of other people and impressions like that social view. And then there's other things like the fear of missing out. You know, in business all the time, there's fears of missing out on certain things, and there's fears of opportunity costs. If I take this certain path, what am I passing up? What am I missing? What opportunities could I be losing? And then there's a fear of time. You know, where should you put your time? How should you put your time? Do you have enough time? Urgency. Things like that. So there's a lot of sources of fear, and the source of fear, the reason I bring that up is it's very, very important to understand for a couple of reasons. Number one, fear can be a motivator. It actually can be a motivator for you. For example, when you have a fear of missing out, you may motivate yourself to work harder and work more diligently and grind. If you have a fear of not having money, you may work harder, work more diligently. So fear can definitely be a motivator, but fear can also be a demotivator. You know, when you're worried about the way you look and you're worried about whether or not you have the ability to perform or what people will think of you, it sort of, you know, has you be hesitant and being hesitant, that fear is now a demotivator. It's a negative effect on your business. So it's important to understand where fear comes from, but it's also important to understand that because you can use fear in a positive and understand it can have a negative, you know, effect on you as well. You know, most importantly, fear can really be paralyzing because when you're fearful of something, you start to overanalyze, you start to really pick at it, you start to, you know, get in study mode, right, rather than action mode, and action is the only way you're going to get past fear, and fear will totally affect your goals because when you're holding back and you're not all in and you're not playing at a level 10 and you're not 100%, your fear is going to keep you from truly realizing your potential. So, and the other thing is keep in mind, fear can, you know, make you personally add pressure and urgency and timeline So even when you have a positive effect of fear you might push harder and create shorter deadlines and certain goals might get adjusted that you don't necessarily need to adjust. It's just that you're acting in fear. And this can affect your goals in a negative way as well when you try too hard too quickly and you're not being consistent and disciplined. So what are some ways that you can respond to fear and what are the traits needed to really successfully navigate and deal with fear? Well, I came across a really good article by Harvard Business Review. And I go to Harvard Business Review every once in a while in business because it really has some great information and great research. And they listed four key elements that entrepreneurs can use from this big survey they did of executives and entrepreneurs that they were dealing with. And there's four key elements you can use to deal with it. And I want to kind of go through these with you from this Harvard Business Review article. The first one is emotional self-monitoring and control. They said emotional intelligence involves both awareness of one's feelings and being able to control the influence that they have on your behavior. Because some of entrepreneurs can pull this off. You know, if I'm in a lower mood one week and I look at my projects and I only see negative things and reasons why I can't do this, I start to learn that that's not actually the projects, but it's my emotions that's affecting. Another entrepreneur had said, I've recently been learning to separate that anxiety out because I've learned that it's just transient. I guess what he's trying to say is when you see that happening, you can learn to separate that stress and anxiety because you realize that it's only brought about because of the situation. It's just a state you're in. So emotional self-awareness is a skill that you've got to learn, and it involves becoming aware of the signs of your emotional triggers and practicing self-awareness in order to influence how those emotions will affect your business and your goals and your decisions. So that's a big one. The second thing that you can do to handle and deal with fear is problem solving. Actively seeking out flaws and weaknesses and doing something about them is a really powerful way of reducing the fear of failure. Intuition is a really good source of information, and research has demonstrated that experts, tactic knowledge, and gut instincts all lead to really good decision making because they identify and create signals for areas that you need. You know, if your gut's telling you, man, I'm starting to feel like there's an issue here, there might be an issue. And so developing a proactive problem-solving response when you get these feelings and emotions is a great way to get out of the emotion but actually start taking action to create solutions. So problem solving is a really good one. The third one is learning. Learning, because entrepreneurs, let's see, Harvard Business Review talked about how entrepreneurs told them that one of the ways that they can overcome feelings of fear was through learning and information seeking This is what a lot of big CEOs and execs will do Now this might be for example if you a programmer or you a social media or media influencer or whatever or even if you're just working in a skill set business, learning more of your skill, mastering your skill will help you to deal with fears because we all know that the more we understand and feel comfortable with what we're dealing with, the more confident we're going to be and the less fear we're going to have. Learning is a really powerful way to navigate fear because you've got to realize uncertainty is going to be common in business. And your ability to deal with uncertainty and ambiguity and fears is going to be the difference maker for you in whether you create success or not. So that's really important. And I think learning is a great suggestion. The fourth thing they gave was seeking support. reaching out to mentors who are directly related to your business, to really get key help. Because entrepreneurs that are battling with fear and failure, or even fear of failure, right? When you have mentors and networks and a support system, a support network, this can really help you with even the things that we suggested a minute ago, like the learning and problem-solving and self-awareness. But having a support network, Surrounding yourself with the right people is a key. So those are the four things they recommended in the Harvard Business Review that top, top executives and CEOs have used. Emotional self-monitoring and control, problem-solving, learning, and seeking support. But the bottom line is this. Fear in your business is a real thing. But you have to remember, you're not alone, and it comes with the territory. So fear can have a negative or it can have a positive effect, but even the positive effects sometimes bring on too much stress. to be aware of that. But even though fear is a common and natural thing in business, you can develop the abilities and skills and resources to help you deal with fear. But it's just something you have to proactively do. So I hope those are some ideas that really help you. I hope they associate with stuff that you're dealing with, but also give you some strategies and inspiration, maybe even a little strategy there to help you deal with it. And I'd love to hear your feedback. You know, I've CEOed multiple, multiple hundred million dollar companies and I've gone through a lot of different scenarios and the ideas that I love to do the most are CEO mentoring. And so hit me up on the Daily Mastermind on Instagram or Facebook or email me at george at g3worldwide.com. As you know, with this podcast, my goal is to help give you insights, but also to get feedback and do what I can to support you. So look forward to talking with you more. That's my message for today. This has been The Daily Mastermind. Have a phenomenal day.
