Everyone has fears. Be courageous is having fears and doing it anyway.
My guest, Peter Scott IV, shared the fears he had growing up that set him up to design a life of courage.
We talked about a number of frameworks to help you think about and navigate through your own fears.
TOPICS WE TALKED ABOUT
- How did you decide to tackle fear as your life mission
- How he reinvented his career from investment banking to transforming fear
- The outside-in vs. inside-out approach
- Breaking through doubt, fear, and rejection during uncertain times
- Finding your allies
- Building your tribe
Peter Scott IV is the Founder of the Fearless Coach Academy and Author of the #1 Bestselling book, “The Fearless Mindset”.
Peter helps Coaches & Consultants build multi 6 figure businesses from zero. His mission is to transform humanity’s relationship with fear so that anyone can make the impact and earn the income they desire.
When I say fearless, I don’t mean being without fear.
I don’t think that’s actually healthy. I think fear can be a really good thing. What I mean is having the courage. And the commitment to actually do those things, that spirit, and whether you’re just starting your journey as an entrepreneurial that’s scary. Or you’re an established entrepreneur whose industry was wiped out overnight, completely outside of your control.
That’s scary too. And, if there’s one thing I would teach here, it’s learning the, define. Number one, identify what the fear is and we’ll find what type of fear it is. Cause there’s two types of fear. Can I actually share this? But I think this is really, let’s just dive right in. I love it. Okay.
Cause like, there are two types of fear, right?
And let’s define fear first. some people define fear as the feeling of agitation when you’re in the presence of imminent danger. And that’s like the caveman sphere, right? That fight or flight response when we were cave, man, that’s a good thing. I don’t ever want you to get rid of that. That keeps us a lot, but the other type of fear that we often experienced today, most people watching this right now, there’s not a lot of eminent danger.
I know these current events are, it’s a different story with coven 19 and all that, but generally speaking, if you have access to. An interview like this, most likely there’s not a lot of imminent danger around us. So it’s projecting the fear of something unknown in our future. I see.
So the key word here is eminent danger.
So actual tiger staring at your car coming at you. Things like that versus something that’s projected. That’s the key discord that that eminent danger, I would call a rational fear that keeps us alive. That’s a good thing. But fear of failure. The fear of rejection, the fear of looking stupid when we’re, you know, I remember doing videos for the first time on social media when I was growing my coaching business, and I had all sorts of insecurities about that.
Those fears are irrational fears that keep us from living. And it’s really important to be a identify as you asked in this time, when entrepreneurs are having to pivot their entire business, number one, that fear feels real in the body, but it’s also a figment of our imagination. And the quickest way to overcome an irrational fear that keeps us from living is to actually do that very thing that scares you.
So the sooner that you can step into wanting that next product or having that conversation that’s super uncomfortable with a client of yours or somebody who you haven’t talked to you like, like those things, the speed of which you implement is the default. I think that the most important thing in the world right now for us.
[overcoming fear] think the first person that kind of shared this, isn’t somebody that I’ve worked with directly, but I’m sure you’ve heard of CK and you know, Tim Ferriss or know of him, right? He has a, he taught this. It was, I thought it was brilliant. And he calls it fear setting. and there’s three steps to it.
And here’s what I would, I would invite the viewer to do is. When you feel that resistance. Let’s talk about the exact example that you gave CK, which is your business now can’t be run. It’s shut down. Maybe you run live events. You’ve got to figure out how to take your business and make it approachable.
There’s probably a lot of fear around that. Fear of the unknown, fear of failure. Let’s just say fear of failure. What most people do is they try to pretend like that for years now. They distanced themselves from it. They try to like ignore it, when in fact they need to be running towards it. Cause I always feel, you know, I believe that fear is the only thing that gets smaller the more you run towards it.
So, to do that. That’s a little, that’s a little, you know, bumper sticker right there. to really look at that fear. The, one of the things that I do, and this is a journaling exercise. Because instead of pretending like it’s not there, I literally write out that fear as the worst case scenario.
Like I literally write it out as the nightmare that I’m most afraid could happen and I get into painstaking detail around if this happens, then this could happen. And I literally follow the pattern all the way to the end and doing that allows me to number one almost. Distance myself from the emotional charge of it and allows me to look at it rationally and first see the likelihood of that worst case scenario happening is so slim, even though my mind makes it like it’s the only option.
Does that make sense so far? so that’s the first step, right? Writing that out. The second would be, once you’re clear on that picture. Then I would list out what are the things that I could do to prevent this worst case scenario from happening? And there’s always something that we could do. There’s a person we could talk to, we could seek support, we could provide support.
There’s an action we can take. There’s always stuff that we can do to prevent about outcome or the worst outcome from happening. Once we look at that, that fear begins to get a little smaller. And then the last thing is let’s just assume that the worst case scenario happens. What are the things that you could do to repair it?
And that’s the third step. So it’s, this does happen. Okay, how could you, how could you, you know, how could you move through this and grow through this?
So pre preparation and what was the second step.
Yeah. First one is writing out the worst case scenario, like the nightmare. The second step is writing down what could you do to prevent that from happening?
The actions you could take, one of the, people that you can learn from or people that you could help to ensure that that doesn’t happen. And then the third is, if it does happen, which is very unlikely we do to repair it.
[On Stress And Fear] Since your audience is filled with so many high achievers, some of them may be thinking, Peter, I don’t have fear at all. And I respect that. And I would ask you, do you have stress? Because at the end of the day, stress is just the high achievers version
And so for the person who feels like, listen, I don’t have fear, but I’m stressed out of my mind. If you were to follow your stress deep enough, you could find. And underlying cause.
[what started him on the journey] when I started as a coach, I was super blessed to work as a coach for another company. I worked for a company called Lifebook in Chicago for three years, and I learned how to coach and I was trained through them and they are a phenomenal organization. What happened was we ended up parting ways
so like literally I lose my sole source of income overnight. And so that’s similar to the feelings that some right now, right in that moment I had a choice to make and I could have chosen to because I was afraid of the unknown because I was afraid of what’s next. I could’ve chosen to say, you know what?
This is too scary. I want to keep, I want to stay comfortable. I want to stay safe. I’m going to go tap my network and find a job back in investment banking. Because I had relationships and I knew I could get a job there and get paid well, but that wasn’t one of my heart mommy. You know? That wasn’t what my, my purpose in life was.
That wasn’t my mission at all. And so I played the scenario out is what if I don’t pursue this coaching career that I know I want to go back and get that job. And again, this was to me, I’m not suggesting that it’s wrong for anyone to go get a job. but for me at the time, it wasn’t the right thing for me to do.
And so I looked at what if I go back and, and settle and let that fear stop me and look out five years from now, 10 years from now, 20 years from now, that costs CK was far greater than me saying, you know what? I’m going to, I’m going to leap off this cliff and build the wings on the way down and launch a coaching business from scratch and not knowing who my niche was and what my message was and how to generate leads or any of that, I’m just going to go for it.
That cost of doing nothing was so much greater. And the constant taking that action.
[Knowledge Acquisition Plan and Knowledge Implementation Plan] John butcher years ago, and he taught me the importance of having what’s called a knowledge acquisition plan. And at the start of every year, I’ve been doing this since 2010 so 10 years now. sort of every year I get clear on one of the skills that I want to level up.
What are my skills that I want to master over the next 12 months? I’ll just speak in the context of business, but you know, some of these skills could be cooking or golfing or painting or whatever that is. But for me, business was speaking. Speaking was a really important one. copywriting. Copywriting is a big one, right?
When you, when you’re doing stuff online, lead generation, all these different skills that go into building our, our business. And I would create a list of all the different mentors that I feel could teach me those things. all the different books that I could read, all the different seminars that I could attend, and I would create this knowledge acquisition plan and say, okay, over the next 12 months, this sounds probably super like overly structured for, for some of you.
But for me it worked and I just got clear, okay, cool. This quarter I’m dedicating to learning, you know, and focusing all my time on becoming a world class speaker. And so I would attend those events and I would hire that mentor and I’d work with them. And I would do this for a few years and I found that I would learn, learn things.
But like you just said, CK, it was surface level cause I was just learning information. I wasn’t embodying those skills yet. And so after doing this a few years, I discovered that like, okay, I was consuming all this stuff and I was feeling like I was learning a lot, but I wasn’t seeing the results. And I realized I was missing an important piece of that plan.
And that was having a knowledge. Implementation plan right next to me, knowledge acquisition plan. And what that allowed me to do was to focus on, okay, instead of going from one resource to the next, from one podcast to the next, from one webinar to the next, I said, I’m going to, I’m going to study this for this period of time, and here are all the things that I’m gonna implement to ensure that I learned it and then go teach it to somebody else.
And once I got to the stage of teaching it, and then I knew. I hadn’t learned it at the right level. So that’s just something that I would share that I think that anyone that wants to level up their skills, whether it’s skills that you already feel great at, you just want to get better, are skills that you’re like, I don’t know how to do anything online cause I’ve been a yoga instructor and my studio just got shut down.
Then think about, okay, who could you learn that from? What could you study? But how could you implement every step along the way to to turn that skill into just who you are.
[binary nature of qualification]qualification is binary. It’s zero or you’re qualified to help somebody or you’re not. If you’re not, that’s okay. Let’s go get the skills to get qualified. But if you are. Getting more qualified doesn’t necessarily translate into growing your business. That’s good. I was blessed to have a mentor who instilled in me early to view myself as a marketer, not just a coach.
And I know marketers now become like a dirty word today, right? Because there’s a lot of people out there that are over promising and under delivering. There’s a lot of people that actually can help people, but they know how to market and position themselves. Well. So what I would encourage you to do is when you’re clear on who you’re targeting, who your niche is, and who your avatar is, choose one like get clear on one platform that you’re going to serve them on.
[Asking Permission Before Coaching] I would numb, number one, discover if they actually really want help. I would never go into a conversation assuming that somebody wants your support. I’ve learned that, you know, I think that being in the coaching world, it’s easy to give coaching without permission to do that. so I would ask, seek permission first for anyone, but especially friends and family.
if they say that they want support. I would share, from your own life experience. A story similar to what I would share, like what I just shared with you. C K is exactly what I would say. I would say that story and say, listen, I’ve experienced that free advice is worth the price you pay. And I get that you’re my sister.
And, you know, it makes sense to offer this for free, but I know that you wouldn’t really be committed for this. And so even if I normally charge this, maybe I’d offer a note that’s up to the person. You know, what they feel. But I would literally let them know that I know that if I was just giving you this advice for free, you would most likely non-income.
And so if you really do want my help, let’s find a way to where there’s some skin in the game, there’s some commitment on your end time, energy, and money so that you’ll take this seriously. I would just directly say that, and then I’ve worked something out with him.
[Charging Your 1st Client] it was hard for me to charge friends and family, particularly when I started, because they were friends and family. I learned very quickly that free advice is worth the price and pay, and I learned this from experience. I’ll give you an example. I’m super blessed. He, Katie, my best friend is a guy named Sean students.
I don’t know if you’ve ever heard a shot. Yeah, yeah, yeah. So for the listener, Sean. Three feet tall in a wheelchair boat, born with a disorder called brittle bone disorder, where he would sneeze and fracture when he was at fragile. And Sean became one of the best speakers on the planet. Like he shared the stage with the Dalai Lama and Richard grants had been bill Clinton.
And you know, he’s a phenomenal human being. Sadly, he passed away last year at the before, but, I met him 10 years ago and became best friends. And. I had a French one. I had a friend who was also a mentor. It wasn’t pinging him, but he was teaching
and I loved it. I was super blessed. He was teaching me about speaking and storytelling and marketing and sales, and he’s a phenomenal coach. but I wasn’t implementing it. I wasn’t implementing what he was suggesting. He and his wife had a huge impact on me. When I launched my business. I actually moved out to Arizona.
I have a cool story here, but I moved out to Arizona just to live near him, to learn from him. and I have launched a blog at the time and I was dabbling with the idea of launching a coaching business, but I wasn’t implementing them. Then I got into a conversation with my first paid mentor shortly after that.
His name was Garrett White’s. Have you ever heard of Garrett? He has a brand called wake up warrior guys. My first, first mentor, Garrett taught me some great things, but they weren’t that different than what Sean was telling me the whole time, which is interesting. I kind of check at the time for 20 grand to work with Garrett and I got pretty much the same advice that Sean has given me for free.
But my business took off. Now why do you think that
Because I put some skin in the game because I invested in myself because when I invested that amount of money, that was money that like I didn’t have. I’ve, I’ve pretty much put whatever savings I had towards that, borrowed some of that money from family and, and just went like leaked into the unknown.
But it metaphorically for me burn the boats like I was no longer playing small. Did I have fear of failure? Yes. Was I afraid of being rejected? Absolutely. Was I taken action anywhere, any way? Of course, because I had to figure out a way to do it and to figure out how to pay rent the end of that month. So this is a long story.
To answer your question. When you’re getting results, you have every right to pay you. You have every right to charge your clients, and if you don’t charge them, then it’s a disservice to them because you’re getting a fraction of their full commitment. That’s my belief.
[On the Importance of Client Testimonials] when you have your first client or your second client, or your 10th find or your hundredth client to remember that the best marketing strategy you can ever implement. Is helping your clients get the results that they’re wanting.
So many coaches or entrepreneurs go down to, okay, cool. Just got a customer next, let’s go on to the next. And that can hurt your brand and your business faster than anything. So I would say the next step is become relentlessly committed to helping those clients solve their problems and get the results that they want and with their permission.
Capture those stories. You know, success stories in the beginning when you’re marketing a business, it’s typically the owner that’s shouting from the rooftop. when I was started, I was just telling the world how great I was. Right? Cause I had some, I, no, I don’t want to people yet, but I was sharing my story and my message, the world was, you know, some people would engage with that.
Not many, but the world started to listen. When my clients started this chair, there was. And so that’s really, really critical, is to make sure that you’re committed to, that you have a process for that and your permission from them to capture that testimonial, whether it’s a written testimonial, video testimonial, and repurpose that in growing the business
[On Imposter Syndrome] I still feel it every single day, so I would not begin to pretend like I have overcome the imposter syndrome. I think, honestly, I think feeling like. That imposter syndrome means that you’re offering outside of your comfort zone.
And Nicole, I think it’s a good thing. I didn’t feel that way when I started, right? So like in the beginning I was like, I can’t do anything until I feel certain and confident that I can deliver this value. But the truth is confidence as a result, not a requirement. And I want somebody watching this to write that down.
If you’re watching this live, type it in the chat. competence as a result. From you doing the work. It’s not a requirement. If we’re going to wait around to feel confident, if we’re going to wait around to not feel like an imposter, we’re literally going to wait your whole life. And like that’s what I was starting to do the first few months of my coaching business and I was hiding behind blogging.
I was doing that stuff, but I wasn’t going out there and surfing. And so I had to have this beginner’s mind where I embraced the fact that I’m going to fall and I’m going to get it wrong and I’m going to mess up, but over time, through that, I’m going to become better and better and better. And so, you know, at every stage of what you grow, maybe right now you’re, you know, you haven’t broken six figures, but then you’re going to, and then the next big hurdle is going to be seven figures, and then at that stage you’re going to feel like an imposter.
My gosh. Now I’ve got to get team, I’ve got to be a leader, right? And all those things, like every step, there’s going to be that level of feeling that way. and I would say what I would suggest to do as an actual strategy is a reflect on the gap. Not between where you are and where you want to be, which is what most of us do be.
I was very taught at an early age about goal setting, right? Set your goal and get clear on the outcome and then take action towards it. That’s great. The problem oftentimes is if we only focus on that gap, we feel like an imposter. We feel not enough. So if instead we to reflect back at heart how far you’ve already come.
For me to take a moment to look back at when I started and how I didn’t know who my niche was. I didn’t know what my message was and I had zero certainty or confidence and I didn’t know all those things. I can look at where I’m at today. I’m already feeling like, man, there’s so much value that I can do over.
[On Rituals, Disciplines, and Power Habits] making sure that you have a ritual that’s daily, that produces power is absolutely critical. So. Having a routine and it sounds like sequel, you’re pretty structured too. It’s like you and I can relate to this with like medication, Verlin working out, whatever those things are that keep your energy, that gets you present.
When I do those first in my day, even when things are going to come at me that are out of my control, I can still show up as if I’m the eye of a hurricane. If I’m the eye of a storm. And I think a lot of people wait and hope that, okay, I’ll start doing this. Once the storms pass, once things get called, then I’ll, then I’ll dedicate myself to this.
And it’s like, those aren’t going to happen. You know, this is part of the human experience. it’s like, how can you create that ritual now today and discipline yourself to the point to where it becomes unconscious competence. Because in the beginning it was not easy for me. Like it required tremendous amount of willpower and discipline.
and those things I believe are limited resources too. So if I was only going to rely on willpower, then I’d run out of it in a certain point. So I found that like through accountability, through commitment, through oftentimes declarations, right? I was more committed and when I strung together days, weeks, and months of that particular rich wall, it just became who I am.
So when that fear comes up for you watching this, do you have those power habits or those power rituals in your day? And if you don’t, I know you haven’t. I know this isn’t news to you, right? We’ve all heard this a thousand times, but to know something and not to do it as smart, knowing the ball. So let’s focus on what you know, what are some, I’m curious if you can, what are some of your rituals and habits that you do.
Tony says, Tony Robbins, we often overestimate what we can do in a year on your restaurant, estimate what we can do in a decade and as an overachiever, right as we are.
And you know, you’re watching them. Then, I invite you to slow down, to put on blinders on in a way and focus on your path and build that out to the point to where you can optimize that one path on that platform with that offer for that person, optimize it over and over and over again. Once you’ve got that dialed in, then you can clone that and go somewhere else.
But if you try to pull it out on multiple platforms at the same time, it’s going to be, it could be a struggle.
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