One Win Is All You Need
Summary
- I lost money on my first two real estate deals, which taught me the importance of learning from investment mistakes.
- I also lost money on my first crypto deals, highlighting the volatility and risk involved.
- My experience with losing money on bad hires showed me the value of making careful hiring decisions.
- I've struggled with nine failed businesses, which reinforced the importance of resilience and persistence.
- I've had six failed partnerships, reminding me of the significance of choosing the right partners.
- The crazy thing about entrepreneurship is that you only have to win once. This means that one successful venture can make up for all the failures.
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How To Take Action
I would suggest implementing the lesson of learning from mistakes as quickly as possible. Reflect on past ventures or projects where things didn't go as planned. Take notes on what went wrong, and brainstorm ways to avoid those pitfalls next time. This will help you grow smarter and make better decisions moving forward.
A good way of understanding risk is to start small. Whether it’s investing in real estate, crypto, or even in new hires, begin with smaller commitments. This way, if things go sideways, your losses are minimized. Once you gain confidence and experience, you can gradually increase your stakes.
Relying on resilience is key. When facing setbacks or failures, remind yourself of the long-term vision. Keep pushing through because, as I’ve learned, it only takes one big success to outweigh multiple failures. Write down your goals and review them regularly to maintain focus and motivation.
When it comes to forming partnerships, take your time and choose partners who share similar values and vision. Vet potential partners by working on smaller projects together first. This allows you to gauge compatibility without diving in too deep.
Lastly, embrace the mindset of persistence. Some businesses will fail, and that's okay. The important thing is to keep pushing and trying new things. Stay open-minded and willing to adapt. This mindset will eventually lead you to that one win that makes all the difference.
