FAILURE: YOUR BEST FRIEND – I don’t have a best friend. I have friends and close friends, but no best friend. But one thing that I do have is a lot of failures. I’ve been so open about the many failed businesses I’ve had over the decades. Those failures sharpened my saw to what it is today. From the moment I see a business structure, I already know if it’s bound to fail or crush it. What I do believe is that success is always waiting for you, but it’s just beyond the horizon of failures in front of you now.
Quick story on Mount Everest.
Each year, thousands of people try to conquer Mount Everest knowing that they could not reach the summit or the top. Based on the data of the Himalayan Database, only about 5,000 people have ever summited Everest — the world’s highest peak at 29,028 feet above sea level.
Reaching the summit involves months of training, preparation, and time spent climbing the mountain, as well as up to $65,000 in permit fees and equipment. In 2017 alone, about 39% of people failed and about 288 people have died on the mountain between 1922 and 2017. This data has not stopped people from trying.
Writing this makes me want to try it myself, knowing I could fail at it. Or even die.
Climbing Mount Everest can be as challenging as becoming wealthy too. Building your financial assets and returns is filled with dangers plus risks that are causes of failure. Real Estate prices falling, companies going to liquidation mode, pandemics destroying an economy, and a lot more.
There are plenty of examples of failure, but like the fully committed climber, you need to stay focused on your end goal. You learn what you can from failing and move on from it.
There’s a lot of mountaineers that have not conquered Everest for the first time and returning to base camp to regroup from a failed attempt to try again. Many who have experienced failure on their first attempt finally get their prize, reaching the summit.
The reason? They refused to stop trying, even if it kills them. Comfort is not in the vocabulary of someone who is willing to fail over and over again. Failure is a successful person’s best friend.
So how do you put this into action?
Start by owning your fears. It’s just human nature to be afraid, to be fearful. Even during the time of the stone ages when man was trying to hone it’s flight or fight instincts. Courage and determination, lots of them. This is how the most successful people counter their fears.
“FAILURE IS MY BEST FRIEND”
I’ll share 3 important questions you need to ask yourself to help evaluate how you can proceed with a financial investment for example.
1. What do you fear that you will lose? I need you to be objective and honest to yourself. I don’t care if your fears seem small or insignificant, just don’t be ashamed if you feel that it’s a big deal or not.
2. What are you going to miss out on by failing? When you don’t proceed with this investment or opportunity, what are the upsides and returns that you could possibly miss out on? Is that possible income important to you or not?
3. What’s the worst case scenario here? If you pursue this financial investment and your worst fears happen, what’s going to be the impact on your bank account, your overall wealth and your “summit’?
Here is how you can reduce the risk of a major failure. I said reduce, not ELIMINATE.
When you finally get to overcome your fear of failing does not mean you are ignoring the risks involved here. There shouldn’t be any scene here that you could lose EVERYTHING.
A catastrophe like that happening includes the following:
– Learning how to manage your risks
– Taking sound advice from experts on protecting your investments
– Understanding the dangers of having your entire wealth in one basket (I wrote about it here: STOP COUNTING YOUR CHICKENS: HERE’S WHY)
If you need some advice on financial investments, always look for a financial adviser who has experienced it themselves. There are plenty of financial advisers out there now who claim to be that expert, but have NEVER experienced failures that are near catastrophic. I personally have taken advice from those that went from rags to riches to rags and back to super riches. I’m lucky to have had business mentors who went to extreme levels of massive failures. They’ve made failure their best friend very much more than an actual friend.
My advice for someone in their early 20’s and 30’s is to try out as many things as you can, fail at them, readjust your focus by reassessing your goals, then take action again towards it. It’s a cycle and process of failing over and over to garner as many success at the same time. If failing 7 or more times for me equals one to two success, I’d take it in a a heartbeat. Looking back as it, all those failures were the lessons I needed to guide me through the course of my life. Just like a best friend should be.
Book a 1-on-1 coaching assessment session with me here: COACH ANTONIO WORKS
TOPIC: FAILURE IS YOUR BEST FRIEND