Patrick J. McGinnis shares how to overcome FOMO and FOBO, and our next guest will help you find your voice

"FOMO and FOBO have always been part of the human experience, but the increased number of options at our disposal due to technology has made them a part of daily life." In this installment of You've Got This, author, podcaster and VC Patrick McGinnis shares on how to tackle the increasing indecision that both the fear of missing out (FOMO) and the fear of a better option (FOBO) bring to people's lives - and what we can do to embrace the present and its possibilities. Read on for why he was reluctant to embrace podcasting, how FOBO can affect your career choices, and what's the next big "fear of" trend - and don't forget to leave your questions in the comments for next week's guest, international speaker and consultant Anton J. Gunn.

Victoria: "Can you tell us a bit about your journey, first with identifying these cultural concepts and then with starting your career?"

Patrick: "Back in 2004, while I was a student at Harvard Business School, I coined the term FOMO in an essay for the school newspaper called Social Theory at HBS: McGinnis’ Two FOs.

"In the piece, I described how living in an incredibly choice-rich environment – in terms of job, academic, and social opportunities – had us all running around trying to do it all."

I also coined another term —FOBO – or Fear of a Better Option – to describe our inability to choose just one thing and commit to it. When it came to just about everything, we all waffled, waited until the last minute, and bailed with reckless abandon. I was the worst of the crowd – what I call the very first FOMO Sapiens. 

Then, I graduated and started working as an international venture capitalist. While I was highly aware of how both FOMO and FOBO often complicated decision-making at work and in life, I didn’t realize that the term FOMO was slowly becoming a “word celebrity,” even making it into the dictionary in 2013. When a reporter sought me out to interview me as the creator of FOMO, I realized that I had actually missed out on its increasing fame. That’s when I decided to study FOMO and spread the word about FOBO. I eventually launched a podcast with Harvard Business Review called FOMO Sapiens and wrote my upcoming book – Fear of Missing Out: Practical Decision-Making in a World of Overwhelming Choice - about how you can beat both of them in business and in life coming out this year. I also have a new LinkedIn newsletter called What Did I Miss that discusses these topics in depth."

Victoria: "You've identified these two major phenomena, "FOMO" and "FOBO." Is there another "fear of" that you see on the horizon, and if so, what do you think it is?"

Patrick: "I do have another word for you, but first I think FOBO needs to get its proper due. It’s become a major problem now that we live in a world of overwhelming choice.

"In fact, a LinkedIn survey from 2018 found that 68% of employees feel FOBO when it comes to making career decisions." 

It’s an epidemic! Whether you’re trying to buy a printer, find a date, order dinner, or pick a name for your baby, the sheer number of options that we enjoy today drive FOBO at work and at home. It’s time to name and shame FOBO, and then find ways to push past it to get to decisiveness. I just did a TED talk on this topic that shows you a few quick and easy strategies to do just that.  I know I promised you another word, so here we go: FODA, or Fear of Doing Anything, which I also coined back in 2004. When you combine FOMO, where you try to do everything, with FOBO, where you are paralyzed and cannot choose anything, you get that.  Just don’t say that word out loud in Brazil – it’s basically the f-word in Brazilian Portuguese!"

Victoria: "You're about to start season 4 of your podcast FOMO Sapiens, on which you've interviewed everyone from Nir Eyal to Dorie Clark to Craig Dubitsky. What's your philosophy for the series and what tips would you have for others hoping to create a business-focused interview podcast? Where do you hope to take it next?"

Patrick: "I actually resisted doing a podcast for a long time. Why, you might ask? Because it’s really hard work. Seriously, I had no idea. At the time, my two rules for starting a podcast were (i) it needs to sound really professional and (ii) it needs to have distribution. To make it sound professional isn’t as hard as it seems given that recording equipment, such as a Zoom H6, is pretty affordable. Add some decent mics (also affordable) and learn to use GarageBand and you’re in business. Better yet, hire an editor who can make it sound professional in a way you never could. Distribution is much harder and I was so lucky that the Dean of Harvard Business School heard about my show, loves FOMO, and connected the dots that HBR was launching a podcast network. So think about the people you know or the institutions with which you are related and then pitch them an idea. In terms of where my show goes next, it’s really a process of continual improvement. Learning from the data and from feedback is critical, as is learning how to become a better interviewer. It’s also really important to book a diverse and interesting set of guests. Diverse ideas and people are in the DNA of my show and I’m proud that I can showcase people who you might know – or don’t know – and tell their stories."   

Victoria: "I know you travel quite a bit - recently having visited your 101st country. What's one off-the-beaten-path experience you'd recommend?"

Patrick: "Actually, I’m up to 103! I went to Guatemala and El Salvador over the New Year holiday. I have been so lucky to travel extensively for work and personal endeavors and I’ve been to some special places that many don’t get to go like eSwatini, C?te d’Ivoire, Pakistan, Bhutan, Uzbekistan, and Uganda.  I cannot choose just one, so let me give you three! First, Georgia, with incredible natural beauty, amazing food (khachapuri!), and really cool people. Second, Turkmenistan, which remains largely disconnected from the digital world and has almost no tourism. It’s also the home of the mud-walled city of Merv, which was the largest city in the world until it was sacked in the 1200’s. Today, you can visit, without anyone else there, and actually climb those walls. Finally, Patagonia in Argentina. If I ever disappear, you’ll find me there." 

Victoria: "What are some situations in your research that are particularly FOMO or FOBO-inducing, and what concrete steps can you recommend to overcome that feeling?"

Patrick: "FOMO and FOBO have always been part of the human experience, but the increased number of options at our disposal due to technology has made them a part of daily life. With FOMO, social media and incessant communication is a huge problem. You see and hear about idealized versions of experiences or opportunities that make you wish you could also partake. With FOBO, the sheer amount of choice we all have thanks to Amazon and all of the apps on our phones make picking just one thing harder than ever. 

"To overcome FOMO, you must attack it at its source. Basically, ask yourself whether that thing that gives you FOMO is as good as it looks. Also, ask yourself why you want to have or do it. Is your desire authentic to you or are you falling into the trap of following someone else (a friend, influencer, etc.)?"

Beating FOBO is all about restricting choice, eliminating options as quickly and efficiently possible, and doing enough research to know which choice is the right one for you, but not too much research that you end up with analysis paralysis. Of course, these are very big topics and I have much more to say. "

Follow Patrick on LinkedIn.

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Next week's guest: Anton J. Gunn

I'm looking forward to our next guest on You've Got This, Anton J. Gunn. Anton is an international speaker, author, and consultant who has worked with organizations like Microsoft, Verizon Wireless, and Aetna. As former senior advisor to President Barack Obama and author of The Presidential Principles, he's built his career focusing on empowering and supporting diverse high performing teams, and shares leadership lessons, inspiration, and analysis with his more than 16,000 followers here on LinkedIn.

With that in mind, here's what I'll be asking Anton:

• What are the elements you see as being the building blocks for effective leadership?
• What is your favorite post or article you've shared?
• What’s been key to connecting with your audience on LinkedIn, and what advice would you have for someone who’s looking to reach their audience in an authentic way?

I invite you to ask your questions in the comments below, and thanks for reading!