Today, I want to talk about something we all face but rarely discuss: the fear of failure. This fear can sneak into our lives and hold us back, especially when it comes to managing our time and setting goals. We get so caught up in the idea of perfection that we forget it’s okay to make mistakes.

I’ve been in the accounting world for decades, and along the way, I became a Professional Certified Coach for Accountants. My mission? To help accountants like you have easier, more successful careers and more fulfilling lives. 

One of the biggest things I’ve learned is that our fear of failure often stops us from even trying to improve. We become so paralyzed by the thought of not getting it right that we end up not trying at all. Sound familiar?

Let me share a little secret I’ve discovered through my years of coaching and personal experience: not all failures are created equal. That’s right! There are different types of failures, and understanding them can make a world of difference in how we approach our work and personal lives. 

What I’ve learned is that there are two types of failures – “escape fails” and “worthy fails.”

Escape fails are those moments when we let distractions, excuses, or procrastination take over. It’s when we justify not sticking to our plans because something else came up or we just didn’t feel like it. 

On the other hand, worthy fails are when we give something our best shot, but things don’t go as planned. These are the moments where we learn and grow the most, even if the immediate outcome wasn’t what we hoped for.

By redefining failure and learning to distinguish between these two types, we can start to see our missteps not as roadblocks but as stepping stones to success. This shift in perspective can transform how we manage our time, set our goals, and ultimately, how we live our lives.

Before I go further, I want you to consider a few questions:

• How often do you avoid setting goals because you’re afraid you might not achieve them?
• When you think about your past failures, do you see them as learning opportunities or just setbacks?
• Do you find yourself making excuses for not following through on your plans?
• How would your life change if you could see failure as a necessary part of growth rather than something to be feared?

Today I want to help you see failure in a completely different way.  I’m going to dive deep into the world of escape fails and worthy fails, and by the end of this episode, you’ll have a whole new way of looking at your challenges and opportunities. 

Now that we’ve laid the groundwork for understanding the different types of failures, let’s dive into the role that fear of failure plays in our daily lives.

The Fear of Failure

The fear of failure is a sneaky little fear that impacts us in more ways than we might realize, especially when it comes to setting goals and managing our time. 

Have you ever avoided setting a goal because you were worried you might not reach it? Or maybe you’ve found yourself hesitating to even start a task because the thought of not doing it perfectly was just too overwhelming? If so, you’re not alone.

For accountants, this fear often ties back to our tendencies toward perfectionism. We’re trained to get the numbers right, to double-check our work, and to avoid mistakes at all costs. 

Now this is great when it comes to our professional responsibilities, but it can become a huge roadblock when we apply this perfectionist mindset to every aspect of our lives. We start to believe that anything less than perfect is unacceptable, and this belief keeps us from taking risks and trying new things.

Think about it this way – if you’re constantly worried about failing, how likely are you to set ambitious goals or try new time management techniques? Probably not very likely. 

This fear of failure can make us stick to what’s safe and familiar, even if it means staying stuck in a rut. It’s like we’d rather not try at all than risk not being perfect.

But the problem is that this fear doesn’t just impact our professional lives. It seeps into our personal lives too. 

When we’re afraid of failing, we might avoid trying new hobbies, not join that dating website, or avoid taking that dance class our spouse has been asking about.  This can leave us feeling unfulfilled and unhappy, both at work and at home.

I’ve even had coaching clients admit that they didn’t initially schedule a call with me or sign up for one of my programs because they were afraid of failing.  Their fear stopped them from doing something that they knew would help them professionally and personally.  

So, how often do you let the fear of failure keep you from setting goals or trying new things?

Are you holding yourself back from opportunities because you’re worried about not being perfect?

Really think about how this fear is impacting your professional growth and personal happiness.

Here’s the thing – acknowledging these fears is the first step toward overcoming them. Once we can recognize how the fear of failure and perfectionism are holding us back, we can start to make changes that will help us grow, both in our careers and in our personal lives.

Recognizing this fear is the first step, but what if we could see failure in a different light? Let’s explore how redefining failure can open up new possibilities.

The Hidden Value in Failure

Most of us see failure as this big, scary thing that’s out to get us. But what if I told you that failure could actually be your best friend? 

That’s right!  Failure doesn’t have to be a reason to quit; it can be a golden opportunity to learn and improve.

The first thing you need to do is shift your perspective. Instead of seeing failure as the end of the road, let’s start seeing it as a stepping stone. 

When we fail, it’s not a sign that we should give up. It’s a sign that something didn’t go as planned, and now we have the chance to figure out why and make it better next time. Every failure teaches us something valuable if we’re willing to look at it that way.

One of my favorite ways to look at failure is to say “plot twist”.  In other words, I was assuming a situation was going to go one way, but it didn’t, so just like in a movie or a book, the story had a plot twist that I just didn’t realize was going to happen. 

Now, here’s where it gets really interesting when it comes to failure – not all failures are created equal. As I shared earlier, in my coaching, I talk about two types of failures: escape fails and worthy fails. 

Understanding the difference between these can make a huge difference in how we approach things.

I’m going to discuss them both in more detail in a minute, but escape fails are those moments when we let ourselves off the hook. It’s when we give in to distractions, make excuses, or procrastinate. 

Think about the times you’ve planned to tackle a project but ended up scrolling through social media instead. Or when you justified not sticking to your schedule because something else seemed more urgent or easier to deal with. 

These are escape fails. They’re all about avoiding the task at hand because it feels too hard, boring, or uncomfortable.

On the flip side, worthy fails are the kind of failures we want to aim for. A worthy fail happens when you take action towards your goal, but things don’t go as planned. 

Maybe you tried a new time management technique, and it didn’t work out. Or you set a goal and didn’t quite hit it. 

The key here is that you took action, you learned something, and you can adjust your approach for next time. Worthy fails are about putting in the effort and learning from the experience, even if the result wasn’t what you expected.

So the next time you find yourself facing a potential failure, ask yourself: Is this an escape fail or a worthy fail? If it’s an escape fail, how can you turn it into a worthy fail? 

By embracing worthy fails, you’ll start to see failure not as something to fear, but as a necessary and valuable part of your journey to success.

Understanding failure is crucial, but did you know that your brain plays a significant role in how you experience and respond to it? Let’s explore how your mind influences these moments.

Your Brain’s Role in Escape Fails vs. Worthy Fails

Understanding your brain’s role can give you the tools to better manage your reactions and choices.

As I’ve shared on the podcast before, our brains are wired to avoid pain and seek pleasure. This makes perfect sense from an evolutionary perspective. 

Back in the day, avoiding danger (pain) and finding food or shelter (pleasure) were essential for survival. But in our modern world, this wiring can sometimes work against us, especially when it comes to managing our time and tackling challenging tasks.

The issue is that your lower, Toddler brain is the part that seeks immediate gratification and comfort. It’s impulsive and often driven by emotions. When faced with a difficult task, your Toddler brain might scream, “This is too hard! Let’s check email!”

On the other hand, your higher, Supervising Parent brain, is responsible for rational thinking, planning, and decision-making. This is the part of your brain that sets goals and understands the long-term benefits of sticking to a plan, even when it’s tough.

The reason I’m sharing this is because escape fails are driven by your Toddler brain. When you’re supposed to be working on that report but find yourself browsing the internet instead, that’s your Toddler brain in action. 

It’s seeking the immediate pleasure of distraction and avoiding the discomfort of the task at hand. This part of your brain is excellent at coming up with justifications for why it’s okay to procrastinate or abandon your plans. “Just five more minutes” or “I’ll do it later” are classic Toddler brain excuses.

Worthy fails, however, are the result of your higher, Supervising Parent brain taking the lead. When you attempt a challenging task, give it your best shot, and fall short, your Supervising Parent brain steps in to analyze what happened and learn from it. 

This part of your brain is capable of seeing failure as a valuable learning experience rather than a reason to quit. It understands that growth often comes from trying, failing, and trying again with new insights.

The good news is that you can train your brain to lean more towards worthy fails and less towards escape fails. Here are a few strategies:

Mindfulness and Awareness: Pay attention to when your Toddler brain is trying to take over. Simply being aware of this can help you make more conscious choices.

Planning and Scheduling: Use your Supervising Parent brain to set clear plans and schedules. Break tasks into smaller, manageable steps to make them less overwhelming.

Positive Reinforcement: Reward yourself for taking steps towards worthy fails. Celebrate the effort and the learning, even if the outcome wasn’t perfect.

Reflection and Learning: After a worthy fail, take time to reflect. What did you learn? How can you apply this lesson next time?

Bottom line: By understanding your brain’s role in escape fails versus worthy fails, you can start to make choices that align more with your long-term goals and less with immediate comfort. 

Now that we’ve seen how our brain influences our failures, let’s take a closer look at the first type: escape fails. What exactly are they, and how do they hold us back?

Understanding Escape Fails Better

Escape fails happen when we give in to distractions or excuses instead of facing challenging tasks head-on. They’re all about avoiding discomfort in the moment, but they can have a big impact on our long-term success.

In other words, escape fails are those moments when you let yourself off the hook. It’s when you justify not sticking to your plans because something else seems more urgent or more appealing. 

Essentially, escape fails are about avoiding the hard stuff by choosing the easy way out.

Let me share a few examples to see how escape fails might show up in your day-to-day life.

The first example is justifying interruptions.  Imagine you’ve set aside a block of time to work on a crucial project. But then, an email from a client pops up. 

Instead of sticking to your plan, you convince yourself that the email can’t wait and dive into it, derailing your scheduled task. Sure, client emails are important, but do they always take precedence over your planned work?

The next example is rationalizing partial success.  Let’s say you’ve planned to complete a full financial report by the end of the day. You get halfway through and then decide to call it a day, telling yourself, “At least I got half of it done.” 

While it’s true that partial progress is better than none, consistently settling for less than what you planned can prevent you from reaching your full potential.

The next common example is procrastination disguised as productivity.  Let’s say you have a big presentation to prepare for, but instead, you spend hours organizing your desk or updating your spreadsheets. 

These tasks might be productive in a different context, but right now, they’re just a way to avoid the more challenging work.

The last example is blaming external factors.  Let’s say you intended to start a new time management system, but an unexpected meeting or a family commitment throws you off.

Instead of finding a way to adapt, you abandon the plan altogether, blaming the external factors for your failure to follow through.

The reason why it’s so important to understand escape fails better is because they perpetuate the cycle of fear and inaction.  Each time you give in to an escape fail, you reinforce the idea that you can’t handle challenging tasks. This increases your fear of failure, making it even harder to take on tough projects in the future.

The thing is, when you consistently avoid difficult tasks, your confidence takes a hit. You start to doubt your abilities and question whether you can achieve your goals, which can be incredibly demotivating.

The truth is that escape fails can become a habit. The more you give in to them, the easier it becomes to do so again and again. This habit of inaction can keep you stuck.

And let’s face it, time spent on escape fails is time wasted. By giving in to distractions or excuses, you’re not using your time effectively.

And if you’re already feeling stressed and overwhelmed, escape fails will just exacerbate those feelings.  When you avoid tasks that need to be done, they don’t go away. 

They pile up, creating a backlog that can feel overwhelming. This increases your stress levels and makes it even harder to focus and be productive.

The good news is that you can break the cycle of escape fails.  You just need to be aware of when they’re happening and take proactive steps to address them. 

By understanding and addressing escape fails, you can start to take control of your time and move closer to your goals. Remember, it’s not about being perfect; it’s about making progress and learning from each step along the way.

While escape fails can trap us in a cycle of inaction, there’s another side to the story. Let’s shift our focus to worthy fails and how they can lead to growth and learning.

Understanding Worthy Fails Better

Worthy fails are the kinds of failures that we should actually strive for because they involve taking action and learning from the results, even if things don’t go exactly as planned. Worthy fails are all about growth, improvement, and moving forward despite setbacks.

A worthy fail happens when you give something your best shot, and while you might not get the exact result you wanted, you gain valuable insights and experience from the effort. Unlike escape fails, which are about avoidance, worthy fails are about engagement and perseverance.

To get a clearer picture, I’m going to share some real-life examples of worthy fails:

The first example is practicing a new skill.  Imagine you decide to learn a new accounting software that promises to streamline your workflow. You spend a few hours each week practicing and trying to get the hang of it. 

Initially, you struggle and make a lot of mistakes. Instead of getting discouraged and giving up, you keep practicing and gradually start to understand how it works. 

Each mistake teaches you something new, and over time, you become proficient. The early struggles were worthy fails because they were steps toward mastery.

The next example is implementing a new time management strategy.  Let’s say you decide to try a new time management technique you read about, like time blocking. 

You meticulously plan your week, assigning specific tasks to specific time slots. But when you try to follow your schedule, things don’t go as planned. You get distracted, meetings run over, and some tasks take longer than expected. 

Instead of abandoning the strategy, you take time to reflect on what didn’t work. Maybe you realize you need to allow more buffer time between tasks or be stricter about minimizing distractions. 

Each week, you tweak and adjust your approach, learning from each setback. These are worthy fails because they help you refine your strategy and improve over time.

The last example is setting ambitious goals.  Let’s say you set a goal to bring in five new clients by the end of the quarter. You put in the effort, reaching out to prospects, setting up meetings, and pitching your services. By the end of the quarter, you’ve only secured three new clients. 

While you didn’t hit your original target, you gained valuable experience in client acquisition, learned what works and what doesn’t, and built relationships that could lead to future business. This shortfall is a worthy fail because it was a step toward growth and provided you with important insights.

The truth is that successfully navigating worthy fails boosts your confidence. As you see yourself overcoming obstacles and learning from mistakes, you start to believe in your ability to handle challenges and achieve your goals. This increased confidence can motivate you to aim even higher.

So, the next time you face a setback, remember that it’s not the end of the road—it’s just a worthy fail, and you’re one step closer to achieving your goals.

Becoming a Smarter Accountant: Knowing The Difference Between An Escape Fail And A Worthy Fail

One of my coaching clients is a CPA who was struggling with time management and a fear of failure. When he first came to me, he was overwhelmed and stuck in a cycle of escape fails. 

He constantly put off important tasks, justifying his procrastination by convincing himself that urgent emails and calls took priority. This left him feeling frustrated and exhausted, as he never made real progress on his goals.

In our sessions, we worked on shifting his mindset. We redefined failure and discussed the concepts of escape fails and worthy fails. 

He learned to see failure not as a negative endpoint but as a stepping stone to improvement. We set small, actionable goals and created a structured schedule with time for him to assess.

One of his first worthy fails came when he tried to overhaul his entire filing system. Halfway through, he realized it was too big a project to complete in one go. 

Instead of giving up, he broke it down into smaller tasks. This taught him the importance of manageable chunks and better planning.

Over time, he became more comfortable setting ambitious goals and taking on challenging projects. He also started noticing an improvement in his productivity and confidence. When setbacks occurred, he analyzed what went wrong, adjusted his approach, and moved forward.

Today, he manages his time effectively, sets and achieves ambitious goals, and views failure as an opportunity for growth. He’s completely changed his relationship with failure and has embraced how much worthy fails have empowered him.  

So hopefully you can see that although we all have a fear of failure, worthy fails make it possible to not limit ourselves and our growth opportunities.  

Key Takeaway and Action Item

The key takeaway from this episode is that not all failures are equal. By distinguishing between escape fails and worthy fails, you can change your relationship with failure. 

Escape fails hold you back by encouraging avoidance and procrastination, while worthy fails move you forward by encouraging growth and learning. Embracing worthy fails allows you to see failure as a valuable part of your journey rather than a dead-end. 

By shifting your mindset and training your brain to view challenges as opportunities, you can break free from the fear of failure and unlock your full potential in both your professional and personal life.

This week, think about a recent failure you experienced. Was it an escape fail or a worthy fail? What steps can you take to turn future escape fails into worthy fails, and how might this change impact your personal growth and career success?

Well, that’s what I have for you.  Thank you for joining me as I discussed the difference between an escape fail and a worthy fail.  I hope you’ve learned something that you can begin to apply, whether it’s at work or at home.

As I share all the time, you worked hard to become an accountant; it’s time to make it easier to be one.

If you are struggling with any aspect of being an accountant, you can simply go to www.thesmarteraccountant.com/calendar and book a free session with me.

And make sure you check back each week as I help you go from being a stressed accountant to a Smarter Accountant.

Make sure you go to www.thesmarteraccountant.com and take The Smarter Accountant Quiz. You’re going to want to know if you’ve been underutilizing your accountant brain so that you have a starting point for becoming a Smarter Accountant..

Also, I would appreciate it if you could get the word out to other accountants about this podcast.  The more accountants find out about it, the more we can begin to change the narrative in the accounting profession.

The truth is that you’re already smart, but this podcast will show you how to be smarter.