Fearsetting is a technique developed by Tim Ferriss to help evaluate the risk of making a certain decision.
The 1st step is to imagine what could go wrong if you did whatever you think about doing. Make a table with 3 columns and put it in the first. Next, you think about how you could prevent what could go wrong. The last column is how you could repair the situation after it went south.
The 2nd step is to walk through the potential benefits if you did it.
The 3rd and last step is to evaluate the cost of inaction.
1. What if I start my business (wowmate.io)?
|define what could go wrong||prevent||repair|
|I could get sued for some law (GDPR) and lose a lot of money||read guides, maybe reach out to other founders and ask for advice||hire a lawyer (with what money tho..)|
|I could fuck up the way I handle money and break some laws by accident||read guides, maybe reach out to other founders and ask for advice||hire a lawyer (with what money tho..)|
|I could fail and spiral into a depression||get a dog <3||ask friends & psychiatrist for help|
|I could get hacked||best practices, check top security flaws, get an audit||be open about the problem, fix asap, maybe get outside help, if I already have money|
|Working fully remote without anyone to answer to might be bad for my emotional health. no schedule, lonlyless||get a dog <3||ask friends & psychiatrist for help|
2. What might be the benefits of the attempt or partial success?
- I will learn a shit ton about:
- how to found a business in Germany
- a ton of bureaucratic garbage that I have to deal with
- running a bootstrap company
- how to get users
- communication with your users
- money, possibly
- partial or fulltime home office
- might build something of a network that might be helpful for the future
- landing a great remote job at a company like stripe
3. The cost of inaction (emotionally, physically, financially)
- staying at a somewhat decent job with good pay, but good chances to get a better job
- more or less money :D depending on my success, which I’m only mildly confident in
- staying at a bad job will hurt my emotional well being, which is directly tied to my physical health
- I might have to continue to spend over 2h on my way to work which is a major pain and takes time away from stuff like working out
- less personal fulfillment, what if’s
The things that could go wrong seem manageable and not that likely.
The cost of inaction is pretty low because I have an amazing ass job.
The benefits are massive, even if this project won’t be able to sustain me full time or I won’t be able to sell it at a decent price, I will still have learned a shit ton, might get to know a couple of new people.
It will very likely help me in my future career, even if I would fail.