After courageously observing at first, we run and cringe in fear (5)
I believe the answer is:
cower
'cringe in fear' is the definition.
(I've seen this before)
'after courageously observing at first we run' is the wordplay.
'after' says to put letters next to each other.
'at first' suggests taking the first letters.
'run' becomes 'r' (cricket abbreviation).
The first letters of 'courageously observing' is 'co'.
'co' put next to 'we' is 'cowe'.
'cowe'+'r'='COWER'
'and' acts as a link.
(Other definitions for cower that I've seen before include "Shrink back in fear" , "intimidating person?" , "Quail" , "Show abject fear" , "Cringe, grovel" .)