The \u2018Fear Of Missing Out\u2019, mainly known by its acronym FOMO has become a much talked about behavioural phenomenon ever since social media has taken over our lives. The word itself became so popular that it was added to the Oxford English Dictionary in 2013!\r\n\r\nUntil now, FOMO was a term that was applicable to the Internet junkies. However, given its psychological impact, it is now also commonly used to describe a human tendency. Surprisingly, FOMO has taken even the community of entrepreneurship in its grip.\r\n\r\nBefore we delve further into how entrepreneurship and FOMO are related, let\u2019s first understand what exactly FOMO is.\r\n\r\nA study titled \u2018Motivational, Emotional and Behavioural Correlates of Fear Of Missing Out\u2019 defines FOMO as\r\n\u2018\u2018the uneasy and sometimes all-consuming feeling that you\u2019re missing out \u2013 that your peers are doing, in the know about, or in possession of more or something better than you\u2019\u2019.\r\nIn this study, nearly three-quarters of young adults reported that they had experienced the phenomenon.\r\n\r\nPeople who are experiencing FOMO are always craving for more and possess \u2018I want that or I want to know too\u2019 attitude. If they don\u2019t get what they want, it instils anxiety and depression in them.\r\n\r\nNow, let\u2019s understand FOMO in the context of entrepreneurship.\r\n\r\nThe first FOMO that entrepreneurs experience is related to opportunities. Entrepreneurs are wired to think that there is nothing worse than missing an opportunity that could have changed their life. This opportunity could be an idea, an investor or anything that matters to launching or growing the business - if only I had an opportunity to put my idea into action, if only I could have one meeting with the investor, and so forth.\r\n\r\nAs an entrepreneur, you should accept that entrepreneurship is all about success, failure, and missed opportunities. It\u2019s good to be ambitious and seek opportunities, but don\u2019t let this become an obsession. Sometimes, you just need to turn down an opportunity and wait for another one. You have to take a leap of faith and learn to say \u2018no\u2019. Like Kenny Nguyen, CEO-Founder of Big Fish Presentations and co-author of the book \u2018The Big Fish Experience\u2019 did.\r\n\r\nHe refused to attend the popular reality show \u2018Shark Tank\u2019 which gives aspiring entrepreneurs a platform to make business presentations to the investors. Of course, it was a big opportunity but somehow he felt that it was not the right time for him to participate in his venture was only a year old.\r\n\r\nInstead, he focused all his energy on making his startup the best among the others. Today, Big Fish Presentations is one of the fastest growing companies in the startup ecosystem. Kenny Nguyen advises his peers to focus on the right opportunity, not every opportunity.\r\n\r\nEntrepreneurs also suffer from FOMO on success. Agreed that every entrepreneur wants to become a winner, but success takes its own sweet time to give its taste to you. It\u2019s one thing to have a vision and another thing to forget the journey that takes you there. \u00a0You should not let the fear of \u2018what my successful business look like\u2019 to stall your today\u2019s efforts to grow it.\r\n\r\nKeep the success in mind, but do not expect an instant win. Sometimes, it is better to adhere to the maxim \u2018Slow and Steady Win The Race\u2019. \u00a0Anu Sharma, the founder of HR Practice firmly believes so and says, \u201cIt\u2019s not always the big leap which is needed to start off \u2013 it\u2019s fine to take small steps and begin your journey.\u201d\r\n\r\nThen, there is also FOMO on a commitment to the company. Give the time, energy, money and emotions that they have invested in their business, entrepreneurs fear of exiting it even if they know that it is heading south in terms of expected targets, revenue, and profits.\r\n\r\nThis kind of behavior is also known as \u2018sunk cost fallacy\u2019 which make them continue running their company even when it is not the best thing to do. They fear on missing out on the possible success the business can bring if they stay invested.\r\n\r\nThe millennial entrepreneurs are believed to be the worst sufferers of FOMO syndrome. In fact, a report on the millennials cites that FOMO is not a cultural phenomenon, it\u2019s an epidemic. Entrepreneurship is a trend for the millennials.\r\n\r\nEveryone has (at least they think so!) or is looking for the billion-dollar idea that will put them in the league of Azim Premji, Sachin Bansal, Sergey Brin or Mark Zuckerberg. They want to experience entrepreneurship just for the thrill of it, without thinking it through.\r\n\r\nFOMO in entrepreneurship is good as long as it does not make you depressed, stressful or restless. It can have a serious impact on your mental and physical well-being. Every entrepreneurial venture has its own story and journey. You can\u2019t guarantee success or avoid failure \u2013 you can only keep working on specific goals and recognize the tradeoffs.