“The only real mistake is the one from which we learn nothing.”
– Henry Ford
Today’s guest post comes from Dan Sullivan of Strategic Coach, who I’ve known for more than 20 years and whose ideas have made a profound difference in my professional success and my quality of life. We are grateful to be able feature this guest post from him. The core lesson is an important one that should be applied to our finances as well as other aspects of life.
– Kim D. H. Butler
What You Can Learn From Failure
From setback to breakthrough using the mindset of successful entrepreneurs.
It’s been said that entrepreneurs are a different breed, and in many ways, I believe this is true.
Over 40 years of coaching successful entrepreneurs, one of the most significant differences I’ve noticed between these high-achieving business owners and the general population is one that contributes directly and greatly to their success and happiness.
It’s a certain mindset they have around their experiences in life, and the great thing about this mindset is that anyone can develop and benefit from it.
Win or learn — your choice.
These successful entrepreneurs look at every experience in one of two ways: Either they see themselves winning, or they see themselves learning. In the first situation, what they expected to happen does happen or exceeds expectations; in the second, their expectations aren’t met, and, in fact, the result could be seen as a real setback.
These entrepreneurs, though, don’t see a setback in a negative light. They see it as an opportunity to learn, and, in many cases, the learning far exceeds what they would have achieved from winning. In fact, I’ve seen entrepreneurs have their greatest breakthroughs after what most people would consider a failure.
I believe these types of breakthroughs happen as a result of the negative energy that floods your nervous system at the very moment an unexpected setback occurs. You’re shocked, blindsided, and the energy this generates is powerful.
But, if you haven’t consciously cultivated the mindset that a setback is an opportunity for useful learning, not only does that negative energy go to waste, the lingering negativity can rock confidence and prevent growth.
The Experience Transformer.
In the Strategic Coach Program, entrepreneurs use a thinking tool we call The Experience Transformer to capture the learning from both positive and negative experiences, so they can repeat the former and avoid the latter.
Looking back at a negative situation, for example, you list all the things that did work (because there are always things that did) and all the things that didn’t work, and then think about how you would do it over again if you had the chance. The strategies you come up with represent the learning that will prevent that type of situation from happening again — and give you the confidence to take good advantage of similar new opportunities.
Very successful entrepreneurs never repeat their setbacks. They use the new learning from their mistakes to continually move to a higher and higher level of performance and achievement, transforming what most people see as failure into their greatest successes.
Author Dan Sullivan founded Strategic Coach, an organization dedicated to helping entrepreneurs multiply their results. For more than 25 years, Strategic Coach has offered successful entrepreneurs a unique process for extraordinary growth, higher income, and exceptional quality of life.
Kim’s Postscript: You don’t have to be an entrepreneur to benefit from the primary idea here: either see yourself as winning, or learning. Obviously, this can apply to investments as well as businesses! If you HAVE lost money in bad investments, this advice is especially applicable to you. Perhaps it time to learn to do things differently?
The financial institutions teach us to keep “trusting” the market even after repeated market crashes and win-lose cycles. Instead, why don’t we apply this principle there and LEARN what actually WORKS so that we do NOT repeat our losses?
THAT’S what Prosperity Economics is all about. Our friend Phil Bodine asks, “How much more money would you have today if you just didn’t take the unnecessary risks?” To that we say, “Amen!” Not if but WHEN the next stock market crash happens, those utilizing Prosperity Economics strategies will not suffer the losses, the stress, and the credit crunch of their neighbors.
Position Yourself for Financial Success, Not More “Learning Experiences”!
There’s no need to brace yourself for you next market losses. If you would like to position yourself to remain prosperous in virtually any economic environment, contact us today. We offer financial advice (fee and complimentary, depending on how deep you’d like to go), as well as solutions for
- Investment growth NOT correlated to the stock market or affected by external factors. Our target goal for growth investments: double digit growth with no loss of principle.
- Investment income that arrives monthly like clockwork, with annualized returns in the high single digits or low double digits.
- Creative life insurance strategies to grow liquidity that you can leverage and use during your lifetime, and to facilitate tax-free wealth transfers.
To find out more about Partners for Prosperity and Prosperity Economics, visit our About page and then sign up for our Prosperity Accelerator Pack to receive a free PDF of Kim D. H. Butler’s latest book, Financial Planning Has Failed, along with other wealth-building bonuses.