Be Thankful for Failures

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In light of the struggling economy or recession we are facing, a few ideas to ease the potential financial pain some entrepreneur are currently in. 

First two quotes to ponder on:

from Jim Rohn: Don’t wish for less problems, wish for more skills.

from Ralph Waldo Emerson: When it is dark enough, you can see the stars.








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In this article in the start-up entrepreneur webinar series,  I will focus on business failures.  Be thankful for those business failures, because we learn the most from this. We do not learn anything from our successes.

In the time of “failure” or what we see as failure, we can sit back and reflect on how sails need to be adjusted or even radically change for the better. Often things have to fall apart before they can be rebuilt in a much better way.  We need to be clear that our ladder is leaning against the right building.

We cannot always hit a million-dollar business idea.  But we only need to strike it once or twice or now and again.  A success ratio of 1 out of 10 is better than the person that never tried any business idea. 

In cricket, if someone strikes a 50 or a 100 every now and again, he is a potential national cricket batsman.  He does not have to do it every single time.

I recently read an article which stated the following: The goal is not to get good ideas. The goal is to get enough bad ideas that some good ones will eventually show up.



Some key ideas to focus more on productivity and creating new ideas:

 

    •Learn to say NO to the things that will not move the needle for your business and your life.  Do not push something uphill just because you can. Somethings need to be left alone because it messes with your productivity on things that really matter.
     
    •Apply the Pareto law in your business and your life. 80% of your desired outcomes are the result of 20% of your activities or inputs.  Calculate and discover what 20% of customers or products are producing 80% of your profit. 
     
    •Put your cell phone on airplane mode or download the app Freedom to limit your time available. One can be super productive and be distracted by anything. A quick statistic to prove this crucial point.  The average person is interrupted every 11 minutes at work, takes 25 minutes to refocus after this interruption, and spend a total of 2.1 hours a day lost in distraction.  Crazy or should I say scary thought.  Spend time frequently in solitude and be one of the most productive people in your industry.
     
    •The more time we spend outside of our comfort zone, the wider it grows. As we get used to this, its almost addictive to keep at it, because of the feeling and beauty of success on the other side of the comfort zone or fear.

    •I strive to run my business and life to these two mottos I learned from Robin Sharma:
    •1.  Take absolute personal responsibility for what happens in my business
    •2.  Always perform at nothing less than my very best.


    I hope this article served you well. Please share this article with fellow entrepreneurs if you can resonate with this.



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