Warren Buffet claimed once that his mistakes were more of omission rather than commission.
If that is true, he is the same as the vast majority of people. More people make mistakes of omission rather than deliberate commission. People lose out on opportunities all the time because of irrational or rational fears. There is indeed a phrase for this that financial planners sometimes like to use: “lost opportunity cost” .
Think of the man who stays on in a job because he is unwilling to take the risk of venturing out on his own. Think of a spouse caught in in an unhappy marriage, unwilling to take action to end it. Think of the better life and impact that both of the above two are losing out on.
Think of the entrepreuner who is scared of using the principle of gearing to take his business to the next level. Lost opportunity.
Think about your last boss, who lost out on a good employee because he or she did not take care of that person! Lost opportunity.