To combat FOMO, gather information, analyze it, and determine if you can justify and afford the decision.
For low-stakes decisions, outsource the decision-making process to save time and avoid analysis paralysis.
Fear of a Better Option (FOBO) can be overcome by conducting due diligence, comparing options, and seeking advice from trusted individuals before making a decision.
Deep dives
Overcoming FOMO: How to Make Better Decisions
FOMO, or the Fear of Missing Out, is an anxiety created by a belief that there’s something better out there. It's fuelled by the desire to be part of the crowd. To combat FOMO, gather as much information as possible and strip away information asymmetry. Ask yourself if you can justify the decision and afford it. To tackle the herd element, ascertain whether your desire to pursue something is genuine or influenced by others. If you're still indecisive, consult with others to gain different perspectives.
Dealing with FOMO: Don't Waste Time on No-Stakes Decisions
For low-stakes and no-stakes decisions, such as choosing an outfit or what to eat for lunch, outsource the decision-making process. Recognize that these decisions are inconsequential and don't waste unnecessary time on them. Ask an inanimate object or delegate the decision to another person. Eliminate options and move on. By doing this, you free up time for more important decisions and avoid getting stuck in analysis paralysis.
FOMO vs. FOMO: Making Bold Decisions
FOMO, or Fear of a Better Option, is an anxiety that arises when you believe there might be a better choice you haven't found yet. To make better decisions when faced with FOMO, engage in due diligence to gather information and strip away information asymmetry. Write down your decision-making process and compare options individually, eliminating the lesser option each time. If you're still indecisive, consult trusted individuals for their perspectives. Remember that being able to take risks and make decisions decisively is a valuable skill for leaders.
The Importance of Being a Decisive Leader
Decisiveness is essential for success, whether in entrepreneurial ventures or personal life. Being a decisive leader instills confidence in those around you and creates a sense of security. Being willing to make decisions and take risks is vital to achieving greatness. Great leaders are known for their decisiveness, and indecision can hinder progress and positively impact mental health, finances, and productivity. By making decisions with 70% of the information and embracing reversibility, you can improve your decision-making skills.
Training Yourself to Make Better Decisions
Train yourself to be more decisive by recognizing irrelevant decisions and avoiding wasting time on them. Delegate low-stakes and no-stakes decisions to save time and energy for important choices. Recognize that decision quality and outcomes are not always correlated. Use strategies such as outsourcing decisions or leaning on others for input when facing difficult choices. Regularly review and assess your own decision-making processes to identify patterns and continue improving.
In this episode we share how you can be more confident when make the tough decisions in your life, discuss how to deal with FOMO and show you the key to ultimately achieving greatness with our guest Patrick McGinnis.
Patrick J. McGinnis is a venture capitalist, writer, and speaker who has invested in leading companies around the world. He is the creator and host of the hit podcast FOMO Sapiens, with over 2 million downloads. Patrick coined the term “FOMO” short for “Fear of Missing Out”, which was added to the Oxford English Dictionary in 2013. He is also the creator of the term “FOBO” or “Fear of a Better Option” and has been featured as the creator of both terms in media outlets including the New York Times, The Financial Times, Boston Globe, Guardian, and many more! Patrick is also the author of the international bestseller The 10% Entrepreneur: Live Your Startup Dream Without Quitting Your Day Job and the newly released Fear of Missing Out: Practical Decision-Making in a World of Overwhelming Choice.
