The "Nothing to Lose" mindset plays a big role in my life and is also known as the following:
- Beginner's Mindset
- Win-Win Principle
- Regret Minimisation (Jeff Bezos)
All of the above focus on rising above the fear of failure and realising that failure is a natural part of life.
When you’re a beginner, your ego does not inhibit you. You rise knowing that you will just be better tomorrow as you’re just a beginner and you’re there to learn. You work hard to improve, actively seeking advice from people who are ‘better’ or more experienced than you, and you never feel bad about your inadequacies because you’re a beginner.
This principle is simply turning every opportunity into a win-win situation or even better, recognising that every opportunity is a win-win situation. If you take part in any activity, then in many ways even if you fail, you will have developed as a person and if you succeed then you're even a step ahead. This principle applies to all areas of life be it an academic career or a relationship. It is best to appreciate the chance you have been given, even at the cost of failure.
Regret Minimisation Framework
The above principle smoothly brings me onto minimising the regret of not taking an opportunity thereby knowing when to appreciate a chance and when not to.
Simply ask yourself:
In X years, will I regret not doing this?
Answer truthfully with a simple yes or no! Sometimes its harder than expected but do it and within your honesty will lie your answer.