In preparation for the second annual Entrepreneurship World Cup, competitors from around the globe take part in a series of virtual training and mentorship programs that help them hone their skills and increase their chances of winning their national competitions—as well as those who advance to the Global Finals—through EWC Accelerates. Within the EWC platform, participants have access to an exclusive content library with information from mentors who share their valuable insights.
This article is part of a series highlighting EWC Accelerates workshops.
In an earlier EWC Accelerates session, Patrick McGinnis—most well-known for being a venture capitalist and author—shared tips on: Overcoming Decision Paralysis from his new book, Fear of Missing Out (FOMO).
Patrick McGinnis is an international venture capitalist and the author of Fear of Missing Out. Patrick coined the term FOMO as well as the related term FOBO (Fear of Better Option) in a 2004 article in the student newspaper of Harvard Business School. FOMO has since been added to the dictionary, and FOBO has become an increasingly popular framework to describe choice paralysis.
During this workshop, McGinnis explained the two FO’s: based on both, aspirational and heard definitions. He also shared strategic advice to investors and businesses, including:
- The importance of avoiding getting stuck or being paralyzed in thought – and instead, always being a decision maker; and
- The value in trying / testing things before taking action toward big decisions.
McGinnis explained how “perception is deception.” He recommends being a part-time entrepreneur and spending about 10% of your time building some kind of business. He believes once you experience the true grit it takes, you’ll have a better understanding and sense of what you enjoy and what you want to spend most of your time doing – working for a company or being an entrepreneur, full-time.
Those tuned in to EWC Accelerates sessions have the opportunity to ask leaders in the field questions, make comments and interact with fellow EWC competitors.
Below, you can watch the EWC Accelerates session, Overcoming Decision Paralysis.