Failure is such an integral part of the path to success in any field; it's a pity so few really understand it.
But few clearly understand that failure is actually a blessing because it teaches you so many valuable lessons.
Past successful entrepreneurs such as Henry Ford and many others really did experience many failures before finally succeeding.
Entrepreneurs of today such as Bill Gates, the Gokongweis, Sy and others recognize what lessons failure can teach you.
To succeed big, you must master the art of failing forward. Why? Failure teaches you many things you can never learn in school.
Most humans have the completely wrong attitude about a failed ad. Or a failed business. A failed relationship. Or even a failed grade in school. Nothing bad happens. And you can try again. Or take the class again.
A recent study of 25 people who achieved millionaire status before age 30 revealed some startling facts. The number of times they failed on average before becoming successful -- 19 times!
This failure statistic included voluntary business discontinuance, liquidation and bankruptcies. But they persisted and kept trying until they made it.
Compare this with the typical small business person who starts a business that doesn't make it. Most get so discouraged they quit business forever.
Please don't misunderstand. I'm not advocating failing deliberately. You should always do the very best you can to succeed at anything you attempt. In that way you'll know that the lack of success in any particular endeavor is not due to lack of effort.
Americans in my own observation are the best in the world at recovering from a business that flops. That's a big reason why the U.S. is still the world's number one haven for entrepreneurs -- the land of opportunity.
Europeans for the most part have not learned that it's okay to fail. Psychologically they tend to punish themselves forever.
Tips. What to do to make the lessons learned from failing pay off really big time.
1. Try a lot of things.
2. Try as best you can. If you fail at some of them, don't punish yourself. Expect it. And accept it. You undoubtedly will fail repeatedly until you get it right.
3. Love it or forget it. Don't even bother to get involved with any product or business unless you have passion for it. Nothing can replace your enthusiasm. Remember, all sales come from vitality.
4. Know when to quit and go back to the drawing board. Here is the most valuable tip of all. When an advertisement, marketing program or business is simply not working, don't continue spending endless hours and throwing money at it. Instead -- DROP THE PROJECT.
5. The big lesson: FAIL FAST. Drop losing projects immediately. It's necessary in life to know when to move on.
6. Risk small and roll out big. Don't bet the whole ranch on any business, product or ad.
7. Accept that risk is necessary. Nothing in life is risk-free. And the more worthwhile, the more risk. This includes life itself. You may live to a ripe old age, dear reader, and I hope you do. But in reality you are just a heartbeat away from a very abrupt end to it all.
To live in the world successfully, at least on this planet, you must accept risk. Don't live with regrets. Instead, go for it!
Quote of the week:
"The finest eloquence is that which gets things done, and the worst is that which delays them." -- David Lloyd George
