Chicken out doesn't strictly mean that you dare not do something but actually that you have made plans to do some thing, gotten to the point it was time to do it and then changed your mind when fear takes over. I'll use Bungee-jumping as an example. When somebody tells all their friends "I'm going to do it" and they go to the place where the bungee-jumping is taking place and after watching other people do it they decide not to go through with their plan. So it's changing your mind because you are scared.
Everything else you have written looks fine