Ernesto Verdugo Twitter Ernesto Verdugo Facebook Ernesto Verdugo YouTube Ernesto Verdugo LinkedIn

Ernesto Verdugo

Failure can make an Entrepreneur a Millionaire

I found a great post about Failure can make an Entrepreneur become successful.
I also found an informative article about every failure of an entrepreneurs made them millionaire.

http://www.ernestoverdugo.com/wp-content/uploads/2013/07/entrepreneurship.png

1. Call failure something else. 1. Call failure something else. When was the last time anyone got hired for a senior-level position without any experience? For serial entrepreneurs, "experience" is simply another word for "failure," says Blank. By labeling a failed effort an opportunity to expand your knowledge base, you're framing it in a more positive light, allowing yourself to add to your credibility as a more seasoned entrepreneur.

2. Use failure as a stepping stone.

2. Use failure as a stepping stone. With every failure, identify what you know you did wrong and be conscious not to repeat your mistakes. This will bring you one step closer to success, says Steve Siebold, a Palm Beach, Fla.-based consultant who works with corporations and entrepreneurs on mental toughness and critical thinking. "I've never heard [a millionaire entrepreneur] say they hit it right the first time out," says Siebold, whose book How Rich People Think (London House Press, 2010) is a culmination of nearly three decades of interviews. "The bigger they are, the more they've typically failed."

3. Never fail alone.

3. Never fail alone. Entrepreneurs like to be trailblazers. But make a mistake on your own and you might have a hard time determining what went wrong. Having a partner you trust and respect can turn every failure into an opportunity for collaboration. "A good partner can help you determine what not to do again," says Karl Baehr, director of business and entrepreneurial studies at Emerson College, a private four-year college in Boston focused on communication and the arts.

4. Don't hide your failures.

4. Don't hide your failures. Be proud that you were brave enough to take a risk in the first place. By being forthright about your mistakes, you open yourself up to learning from others. Baehr's mentor, Walter Hailey, whose insurance company Lone Star Life Insurance went on to become a Kmart insurance company, used to take an hour-long walk at 5 a.m. every morning with a group of close friends to talk about ideas, successes and failures. "By the time they got back to the house, they had solutions," says Baehr. "They had a plan for the day."

5. Redefine what you want.

Revisit and refocus why you got into business in the first place. "Look for your emotional motivators. We are emotional creatures. Logic doesn’t motivate us," says Siebold, who launched five consecutive unsuccessful businesses before he started his current consulting company. For Siebold, that motivator was one day becoming a millionaire, a goal he achieved at age 31. "Most people only half-heartedly decide they want a lot of things. You have to get really clear on what you want," he says. "The question is: How badly do [you] want it?"

Tags: , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *