Did you know? Our aversion to failure, also known as loss aversion, can hinder us from pursuing our passions more than the actual failures. Break the fear barrier, embrace the lessons of failure, and unlock your potential. 🧠
“Doubt has killed more dreams than failure ever will,” is a popular Suzy Kassem quote, especially for those who are too afraid of failing at something that they don’t even bother to try. Think of all the songs and books that were never written or the athletes and artists that never made it because they were too afraid of failing.
This doubt or fear is what psychologists call loss aversion, and while it was a widely used concept in marketing and advertising, researchers are now beginning to understand that it plays a bigger role in our day-to-day lives.is the idea that a potential loss has greater weight in a person’s mind than the possible gain. People seek to avoid failure and the negative feelings they expect will come from such a loss.
More recently, social scientists have turned their attention to how loss aversion can hinder people from performing in their daily lives. Research has found this fear of failure drives people to stop pursuing their passions.did researchers take the concept of loss aversion past the study of consumer decisions and apply it to how people view themselves and their own capabilities.
Losses weren’t just related to the final numbers on the scoreboard. Rather, some athletes approached a practice or a game and saw it as a potential to perform poorly and lose standing with their coach, teammates or fellow athletes. The loss of standing was seen as humiliating and something the athlete feared or wanted to avoid.
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