Failure is a stepping stone towards success. But the information that you gather only has power when it is applied to real life situations. Failure is Feedback when you can learn different lessons from the failure, and that puts you on your way to success.
It is easy to feel like a failure when something does not work out. It is first instinct to feel disappointed when your project or start-up fails. At that moment, you could not care less about feedback from failure.
Nick Woodman (who?) was a B Student during college and an avid surfer.
First, he created EmpowerAll.com, an e-commerce site aimed at a young demographic which sold very cheap electronics. The company did not make money so it shut down.
Then, he set up FunBug, an online marketing company which gave users the chance to win cash prizes in return for participating in sweepstakes. It was marketing through games. He raised $3.9 million in capital but he was not able to create a sustainable user base and failed again.
And then he started working on a prototype for a camera which can be used by athletes: GoPro is the fastest growing camera company in America. His net worth: $1.7 billion.
Most of the people you see on Forbes list of richest people had to take enormous risks to get there. That almost always means a lot of failing. According to Bloomberg News, 73 of the top 100 billionaires in the world are self-made. They got there through hard work, not luck or inheritance.
And because they learned from their failures.
Howard Lipset, CPA
Progressive Management, Inc.
(516) 883-2962
lipset@progressivemanage.com
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