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It’s impossible to make every choice in a company endeavor. You will encounter difficulties, lose money, and make blunders. Nobody claimed that being an entrepreneur was simple.
We’re here to tell you, though, that despite the challenges, entrepreneurship may still be a fantastic path for you, mistakes and all. Actually, the most valuable lessons that prepare us for greater success in the future are frequently learned from our mistakes.
Take it from some of the extraordinarily prosperous businesspeople who have been highlighted on The School of Greatness instead of from us. All of the entrepreneurs we’re showcasing today have faced challenges throughout their careers, but they have managed to adjust, overcome, and eventually surpass their career objectives. We’re looking at the incredible careers of great entrepreneurs James Altucher, Nicole Lynn, Dan Lok, John Paul DeJoria, and Jamie Kern Lima today so you can hear how to learn from your mistakes. These individuals have inspired, educated, and proven how to overcome failure.
James Altucher is the best person to teach us the value of failure in entrepreneurship. What a legend this man is. He is now a self-made millionaire, a hedge fund manager, a venture capitalist, and a prolific author with 20 books to his name. In addition to being a prosperous businessman and leading the kind of financially independent life that everyone aspires to, he also hosts podcasts!
He wasn’t always that successful, though. James lost everything before he became the business powerhouse he is today. Of the 20 businesses he founded, 17 eventually failed. At his lowest, he had less than $200 in his bank account after losing almost all of his money. A mental health crisis struck him. James struggled with depression, anxiety, and suicidal thoughts, but he overcame them all.
In a lot of respects, I truly did emerge from those [actual] ashes a much better person. The subsequent events taught me a lot about myself, including how to recover from adversity. James Altucher
To be clear, you should definitely get help if you’re dealing with any of the mental health conditions we just discussed. Having a counselor, therapist, or psychiatrist by your side can be quite beneficial when dealing with mental health concerns. You may, however, overcome your mental health issues and your biggest setbacks to succeed in business like James did if you get the right treatment.
James learned from his failures that he should not judge himself by the quantity of money in his bank account. He had put in a lot of effort and earned a lot of money, so it was a devastating blow when everything fell apart. It was a difficult lesson. James, however, learnt to approach business differently after realizing that money is only one part of this life and not the real source of his value. He used his imagination, made investments in reliable businesses, and restored his bank account to its former glory.
There will be times when you lose money in business, but that’s okay! Your personal identity is not defined by the total value of your company. Rather, your activities, relationships, and talents define you. You can overcome any setback or loss if, like James, you can be resourceful with your money and concentrate on putting it toward your ultimate goal, which is your passion and your purpose.
Nicole Lynn: The greatest strength you possess is your purpose.
Nicole Lynn is the most inspirational person when it comes to discovering your purpose and giving it your all. Nicole refers to her “super power” as her epic purpose, which is to represent young NFL athletes. She enjoys nothing more than guiding fresh NFL draft selections to success in the competitive NFL, and she excels at it. Because of her amazing work, she is a popular author and the subject and executive producer of a STARZ original series on her life that is presently in development. However, before you conclude that Nicole is living a privileged life, let us clarify that she has undoubtedly faced her fair share of hardship and failure.
When she was younger, Nicole’s main worry was whether she would eat dinner. Due to her family’s financial struggles, Nicole worked and saved money throughout her adolescence in order to pay for the bus trip to the closest magnet school. Nicole thus experienced a great deal of anxiety and dread related to money; she was concerned about accumulating enough and becoming financially secure.
That worry persisted when she made the decision to start a profession as a sports agent. Nicole really worked as a lawyer for years before to becoming an agent because she believed it was the greatest way to achieve financial security and she was afraid to take the chance of starting a new job. But after a while, she realized she needed to jump.
“Risks are very significant. In fact, I discuss this alleged “Hail Mary” in my work. Everyone, in my opinion, has both personal and professional Hail Marys in their lives, but they must jump on a limb during extremely significant periods. For me, it involved quitting my legal practice and choosing to become a full-time sports agent. Nicole Lynn
Nicole had the option to abandon her dream. She had the option to give up on aiding young athletes and continue working as a lawyer, but she realized she had a purpose and decided to follow it in spite of her fear. And we’re quite happy that she did! We know Nicole wouldn’t have it any other way as she serves and makes a huge difference in the world.
Dan Lok: Getting Rid of the Imposter Syndrome
Do you know what “imposter syndrome” is? You’ve probably felt it at some point in your life, even if you’ve never heard it. Feeling as though you don’t belong or that you don’t deserve to succeed is known as imposter syndrome. It occurs when you feel as though you’re “faking it” despite putting a lot of effort into achieving your objectives.
Dan Lok is undoubtedly familiar with the sensation of imposter syndrome. He launched 13 consecutive businesses as a young Chinese-American entrepreneur and saw them all fail. He lost a lot of self-confidence, time, and money, and all of a sudden he didn’t feel like he belonged among the millionaires and prosperous businesspeople he was surrounded by. Dan still experienced imposter syndrome even when he eventually began to advance and create increasingly lucrative firms. That is, until he came to a crucial insight:
You will never feel like you measure up as long as you are evaluating your financial achievement against others who are a step or two ahead of you. However, impostor syndrome vanishes when you acknowledge that everyone is at a different point in their business path, allowing you to confidently continue working toward your objectives.
Consider your own experiences with imposter syndrome. Who makes you feel inadequate? Has that individual just had a little more time in business? If so, decide to stop comparing yourself to them and instead concentrate on what you can learn from them. When you put imposter syndrome aside and go for excellence, you’ll be astounded at what you can find.
DeJoria, John Paul: The Billionaire Mentality
It’s likely that you’ve heard of “millionaire mindset.” It’s a well-known catchphrase that illustrates how crucial your perspective is to generating and accumulating wealth and how crucial it is to adopt a millionaire’s mindset at every stage of your business endeavors. But we were motivated to go one step farther by this next bold businessman.
Co-founder of The Patrón Spirits Company and the Paul Mitchell hair care product line, John Paul DeJoria, pushed us to go beyond the millionaire attitude and straight to the billionaire mindset. We believe he is knowledgeable because he is a self-made billionaire.
The mindset, in my opinion, “is about what I give away.” The Giving Pledge includes me. We personally donate, all of my businesses do, and I have a charity called JP’s Peace, Love, and Happiness charity. We invest money rather than give it away, never expecting anything in return. I firmly believe that we have nothing at all when we arrive on this earth. And we are fortunate to have whatever comes our way. It’s like to making a small rent payment for our earthly existence. – DeJoria, John Paul
It should be noted that John Paul DeJoria wasn’t always in a position to divulge that much information. When John first started his job, he was selling shampoo bottles door to door while living out of his car. Even at that low moment, though, John understood that service was the key; he worked hard to give his clients a product so good they would want to return for more.
John has come a long way with that approach. He is currently among the richest people in the world and the owner of several billion-dollar businesses.
We invite you to reflect on your attitude toward money. Do you worry about conserving every last dime all the time? Do you worry about your investments all night long, fearing that you’ve made a mistake? Or are you more concerned about giving? Do you help others with your resources and skills? The billionaire mindset, according to John Paul, is all about what you give out.
Jamie Kern Lima: How to Respond When “No” Is Said
Jamie Kern Lima is no stranger to the word “no.” More times than we can count, she has heard it. Numerous stores and investors rejected her as she attempted to start one of the most successful makeup businesses in the world. Jamie had periods of self-doubt and anxiety that she would never achieve because it seemed for years that her little business would never take off and become a major success.
Did she give up, though? Obviously not!
Jamie persisted in the face of “no” time and time again. Every time she was knocked down, she got back up and continued to try. We believe that Jamie’s perseverance must have required a great deal of bravery.
After more than three years of showing up every day, Jamie eventually received her first “yes.” Her items began to appear on store shelves, and her business took off. Jamie eventually became one of Forbes’ Richest Self-Made Women after selling her business, IT Cosmetics, for $1.2 billion. Wouldn’t we consider that a success?
We are aware of how easy it is to quit up when you receive another “no.” It’s simple to feel inadequate after hearing it too often. In actuality, though, you are only a failure when you believe you are one! This implies that you can always decide to get up, keep your head held high, and keep working toward that transformative “yes” that will take you to your desired destination, even if you hear “no.”
Have you abandoned any dreams you may have had? Have you been trying to introduce a program, business, or product that hasn’t caught on yet? Our goal is to inspire you to keep trying. Continue to put yourself, your dream, and your passion first every day. Like Jamie, you will ultimately hear the “yes,” and we have no doubt that you will be astounded by the new levels of achievement you can achieve.
You are capable of learning from your mistakes.
It may seem absurd, but you and the amazing businesspeople we’ve discussed today aren’t all that dissimilar. They are typical individuals. They encounter difficulties, make errors, and triumph over various types of hardship. They never give up in the face of failure, though, and they continue to aim for excellence. Instead, they move on stronger, wiser, and better than before, having learned what they can.
What is your most extravagant dream? Do you wish to launch a company? Do you have a fresh innovation in mind? Are you prepared to pursue a career as an investor, singer, author, or athlete? Today, take the initial step and make a commitment to getting back up even if you fall. You too can achieve greatness if you have the drive, determination, and purpose.
