I heard it this way recently...in Hebrew and Greek it translated as "dread or terror, to stand in awe of, be awed," like an earthquake...respect is a different word.
Whatever you fear, you give power to, and will control you. God wants us to fear Him because His control will be benevolent and beneficial. In a life full of insecurity and uncertainty, you are going to fear. What's important is what you give control to.
When you fear the things of this world, including man, you come under the authority and control of the god of this world, Satan. Other words for fear are anxiety, worry, stress, insecurity, dread, and panic.
We should be in awe of God and give Him our control as His love and guidance, is loving and beneficial.