I originally thought this song was about going for love, but then started seeing the applications to taking the unconventional path in business as well and going out there and becoming an entrepreneur.  Basically going into the hellish fire of risk and reward that can be associated with running your own business vs. “standing outside the fire” where you work your 9-5 job climbing the corporate ladder.

According to the music video, it turns out I was completely wrong and it’s about overcoming some completely different sort of adversity…?

Lyrics:

We call them cool
Those hearts that have no scars to show
The ones that never do let go
And risk it the tables being turned

We call them fools
Who have to dance within the flame
Who chance the sorrow and the shame
That always come with getting burned

But you got to be tough when consumed by desire
‘Cause it’s not enough just to stand outside the fire
We call them strong
Those who can face this world alone
Who seem to get by on their own
Those who will never take the fall

We call them weak
Who are unable to resist
The slightest chance love might exist
And for that forsake it all

They’re so hell bent on giving, walking a wire
Convinced it’s not living if you stand outside the fire

[Chorus:]
Standing outside the fire
Standing outside the fire
Life is not tried it is merely survived
If you’re standing outside the fire

There’s this love that is burning
Deep in my soul
Constantly yearning to get out of control
Wanting to fly higher and higher
I can’t abide standing outside the fire

[Chorus x2]