How Rich People Use Failure to Succeed

Everyone fails. The richest, most powerful, and most accomplished individuals throughout history made mistakes during their rise to greatness. However, even the biggest roadblocks don’t stop these people from pressing onward. Learn more about what makes rich people tick and how you can emulate them on your path to success.

This Is How You Can Learn from Your Mistakes and Rise Above the Rest

Own Up to Your Mistakes

Being honest with yourself about your failures and shortcomings is the only way to truly recognize and learn from them. Other people will notice when you slip up. You’ll earn more respect for being transparent and upfront about your mistakes instead of keeping secrets.

This is especially true for wealthy people who are always in the public light. Rich people are the first to admit their mistakes before someone else blows it out of proportion. Just look at J.K. Rowling, who explained her own failure as a proponent of her growth at a commencement speech. “Had I really succeeded at anything else, I might never have found the determination to succeed in the one area where I truly belonged.”

Know Your Own Strengths

Failure is subjective; just because someone else defines your situation as failure doesn’t make it true. People who are successful know what they bring to the table and can identify when the failure isn’t so much their mistake, but rather a sign that they aren’t where they should be. They see that as an opportunity to relocate the right path.

Here’s a great example: Oprah Winfrey was laid off because she was too emotionally invested in her projects, but she didn’t give up. Her form of damage control came in the form of recognizing that her emotions could be used to her advantage, and that the people firing her simply didn’t understand her strengths or what makes her unique. She turned it around by leaning in and developing a nearly cult-like fan base, her own T.V. show, a magazine, and more.

Have a Damage Prevention Plan

Preventing a disaster from happening to begin with is more desirable than waiting for one to occur. Always try asking yourself “what could go wrong with this plan?” and “did this work in the past?” before acting. Successful people know that a little preparation goes a long way. They’re ready to handle any situation, good or bad, and have a plan A, B, C, and D. Contingency plans let you prepare for anything.

Keep Going

Don’t let any mistake, big or small, keep you from getting back on the horse. Persistence is the key to accomplishing your goals. Sitting around and worrying about your mistakes for too long only makes the recovery process harder. Everyone has setbacks, especially the richest and most accomplished people.

Bill Gates and Steve Jobs didn’t do everything perfectly, but they immediately continued after making mistakes. A few of the largest tech companies in the world were created by getting on the horse right after falling off. How quickly you get back on your path determines how much you stay ahead of your competition.

Stay Optimistic!

Don’t let your mistakes get you down. Successful individuals take failure in stride while they continue looking forward. Gibson Guitars is still a positive work environment even after a guitar model doesn’t do well. Large amounts of money and time were devoted to failed guitars, but Gibson is still making them proudly for a massive fan base.

Maintaining a positive mindset at all times is essential to accomplishing great things. Reflecting on your mistakes is certainly helpful, but don’t dwell on them for too long. You don’t have to let your failures drag you down forever, so chin up and focus on the future.

Have the Right Perspective

The rich and famous make executive-level decisions that can only come from them. They have to be honest with themselves about what went wrong and why it happened to truly learn and move forward, even when it’s tough to swallow. Wealthy people take responsibility for their success and failures by keeping an open mind and keeping everything in perspective.

Michael Jordan is a fantastic example of having the right perspective, even when you don’t succeed. He once said, “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times I’ve been trusted to take the game winning shot and missed. And that is why I succeed.” Despite an overwhelming amount of loss, he still revolutionized an entire sport because he saw it as a learning opportunity.

Having the right mindset to tackle your shortcomings is one of the most important keys to success. You’ll be able to overcome so much more if you view defeats as an opportunity to learn, rather than just another disaster. Everyone stumbles now and again on the journey to realizing their dreams – this is especially true for the “big fish” in the pond. A healthy mindset and a willingness to persevere are your two most important tools when failure comes your way. It may take time, but you’ll get there in the long run.

~Here’s to Your Success