FAILURE LEADS TO SUCCESS

Once you have the first mindset of taking100% responsibility and ownership, the second mindset you must possess, is the attitude to manage failure, setbacks and massive frustrations. What stops most people from starting a new business, innovating a new product or entering a new market is the fear of failure. This set back is what kills most entrepreneurs.In the world of business, lessons do not come in text books (like in school).But they come in the form of failures. By failing is something, we know that what doesn’t work. And yet, experiencing failure, frustration and set back is all part and parcel of being an entrepreneur. In the process of building any successful business, you will go through times of failure, rejection and intense frustration. Things rarely go according to plan or work out the way you would expect them to.

All successful entrepreneur shave the ability to stay calm, optimistic and confident. I believe that before we can succeed in anything, we have to first learn to fail, make mistakes and deal with setbacks.

Success never takes a straight line. If you study the paths off all successful entrepreneurs, you would see that all of us had to go through many set backs before ultimately achieving our dreams.

*While building DISNEY, WALTDISNEY went through near bankruptcy 12 times in the country’s history before establishingit as the largest and most successful entertainment company in history.

*DONALD TRUMP also went through near bankruptcy twice in his career as a real,estate builder before achieving world wide fame.

*LIM TOW YONG, founder of EMPORIUM was declared a bankruptcy at the age of 72with debts in millions. He later started a new company and made back all fortune at the ripe old age of 82.

* When SIM WONG HOO started CREATIVE TECHNOLOGIES, his first product, the CUBIC 99 was a huge failure. It was after multiple product failure that his company went to the billion dollar league.

* Nine years after STEVE JOBS started and successfully built APPLE COMPUTERS, he was fired from his own company by thievery CEO he appointed. To make things worse, the following company he started(next computers) also went down in flames.

It is only after a string of major set backs that STEVE JOBS built PIXAR (the most successful animation studio in the world) and brought APPLE back

From the verge of bankruptcy onto become one of the most successful technology companies in the world.

After all, success comes from exercising good judgment. Good judgment comes from experience and experience often comes from making bad judgment and paying the price.

Of course there are always things we can do to minimize these failures. The trick is to learn from other people's experiences and other people’s mistakes. This is why it is so important to read biographies of successful business owners in order to gain the insights they have gotten after years of trial and error. However, no matter what lessons you learn from books and mentors, the greatest lesson you will learn will come from the “UNIVERSITY OF LIFE”

THERE ARE NO FAILURES. THERE ARE ONLY LEARNING EXPERIENCES.

With regards,

Wilfred Stanley.