The ‘Fear Of Missing Out’, mainly known by its acronym FOMO has become a much talked about behavioural phenomenon ever since social media has taken over our lives. The word itself became so popular that it was added to the Oxford English Dictionary in 2013!
Until now, FOMO was a term that was applicable to the Internet junkies. However, given its psychological impact, it is now also commonly used to describe a human tendency. Surprisingly, FOMO has taken even the community of entrepreneurship in its grip.
Before we delve further into how entrepreneurship and FOMO are related, let’s first understand what exactly FOMO is.
A study titled ‘Motivational, Emotional and Behavioural Correlates of Fear Of Missing Out’ defines FOMO as
‘‘the uneasy and sometimes all-consuming feeling that you’re missing out – that your peers are doing, in the know about, or in possession of more or something better than you’’.
In this study, nearly three-quarters of young adults reported that they had experienced the phenomenon.
People who are experiencing FOMO are always craving for more and possess ‘I want that or I want to know too’ attitude. If they don’t get what they want, it instils anxiety and depression in them.
Now, let’s understand FOMO in the context of entrepreneurship.
The first FOMO that entrepreneurs experience is related to opportunities. Entrepreneurs are wired to think that there is nothing worse than missing an opportunity that could have changed their life. This opportunity could be an idea, an investor or anything that matters to launching or growing the business – if only I had an opportunity to put my idea into action, if only I could have one meeting with the investor, and so forth.
Published on Inc42