Motivation Tips

7 IMPORTANT LESSONS I LEARNT FROM MY FAILURES

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It was the year of 2010. I had just returned from a 3 year period in Las Vegas where I was the CFO of an international franchise business. The prospects of a longer period in the USA were cut short and with a young family in need of a stable income returned to Australia.

I started digging online for ways to make some extra money on the side, to hopefully quit my (then) new full-time job.

Fast forward to March 2015, I purchased my first domain and built my first website. At that point, my business venture was not able to supplement my income.

My goal was to make a living online and not have to report to a boss ever again. It was a goal I’m part way to achieving.

What happened over the next 12 months was something I could not have imagined.

frustrated man image2

I thought I knew everything that I had to know as a business owner, but I was wrong.

In a pretty desperate state I was, I started turning to offers that sounded too good to be true. You know, those shiny objects that promise and make ridiculous claims?

You can say I got burned and ripped off, but it was a lesson in disguise…or, perhaps, I was just too naive to see it.

I’m sharing my story in hopes that my failures and mistakes can help you along your journey because I know how it is going through rough times, wishing that there’s a light at the end of the tunnel.

I know you don’t want to give up and ever settle for mediocre. You are pursuing your dreams for a reason—for a deeper meaning or cause.

I have recovered and learned a lot from the roller coaster ride and have developed more wisdom as a result.

During the process, I did learn a lot and it’s those failures that taught me. Here are 7 important lessons I learned along the way:

1. Take Responsibility

I was naive to think that everything will be fine and problems will just go away if you leave it long enough. Not surprisingly, things don’t work that way.

I lacked an understanding of things like where sales were coming from, which social platforms was driving the most traffic, who my top customers were and the business’ sales and expenses.

It may sound obvious to do all that in a perfect world but these are things that no one teaches you in school.

At the end of the day, you are responsible for your actions. No pointing fingers, no excuses.

2. Set Goals

You’ve probably heard a thousand times that goal setting is important to ones success, and so it is.

I didn’t have any concrete goals. I was just happy to make money and make sure all my bills are paid.

When you set goals, you need to set it really clear:

How much do you want to make? When do you want to make it by? What will you do to get to there?

Those are the three important questions you need to ask yourself.

One of my goals was to make $10,000 profit per month within 12 months. I set that goal and had it firm in my mind. I still am working hard to achieved it.

3. Have a Support System

As a business owner, your ego can get in the way of your success.

You believe in your idea so much that if someone were to say something negative or give their honest opinion about it, you would defend it in a blink of an eye.

Sometimes we need to just let that ego down a notch and just be open and take in people’s criticism.

One of the most powerful things you can do for yourself and your business is to have a support system.

Your support system could be a mastermind group, your close friend(s), family, spouse/partner or coach.

Your support system will keep you accountable, share feedback, stimulate your creativity and, overall, support you all the way.

I read and re-read the chapter about “The Power of a Mastermind” from the book Think And Grow Rich by Napoleon Hill, but I never quite took action on it.

I thought I could do it all on my own and didn’t need anyone’s support.

It’s the support I get from my mastermind groups that helps me get through all obstacles and plateaus.

4. Treat It Like a Real Business

The internet can make a business seem less tangible as everything’s digital, but don’t let that deter you away from thinking that it shouldn’t be treated the same way as a brick and mortar business.

Every business has processes, systems, people, taxes to pay, etc.

I thought too small and did everything myself: designing, writing, setting up my websites, writing copy, answering emails, support and so much more.

One of the best decisions I’ve made to date is putting trust in others to help me in my business. I now proudly have 8 people in my team who all live around the world, and it’s given me a lot more time to grow the business.

I trained each and every person in my team to basically replace a lot of the tasks I was doing myself. It takes patience, indeed, but once they get the hang of it, you’ll feel a ton of weight off your shoulders.

5. What You Give, Will Come Back To You Many Times More

The law of reciprocity works wonders. Whatever you put out, you will get back many times more.

Whenever I help my downlines, I am always rewarded in some way or form.

If I give, I end up with more.

In the end, it’s all about giving value, so think of how you can be of value to others. It can be in any form – a product, an email, advice, or whatever it may be.

6. Focus on One Thing at a Time

This is the I advice I always give to my students.

That is, focus on one thing at a time. Focus on one system or model at a time.

You’d rather focus all your effort to one thing than spreading yourself short.

If you’re going to focus on learning how to use Facebook Ads, as an example, focus on just that. You’d be surprised just how much further you’ll be.

It’s more important to get started than knowing how to do everything.

If your goal is to become a top blogger, then learn the steps to blog. Don’t worry about how to implement Facebook Ads and other such methods just yet. You will naturally progress, get better and eventually learn more things.

7. Don’t Give Up

Trying different things only to watch yourself fail can be depressing.

Persistence is a strong trait to have as an entrepreneur. The more you persist, the better you will get and the more closer you will get to your ultimate goal. That is the bottom line.

Procrastinating is okay. It’s natural. Some people work better ahead of time and some (like me) work better closer to deadlines.

The point is to never give up because it’s those who keep going who get results.

But if you do fail on a particular project….fail fast. There is no advantage in lingering on trying to make a dead duck quack.

 

My intention for this post was not to serve as a quick burst of motivation for you, but to enlighten and help you carefully think about your direction, and to make conscious decisions.

I also hope it’s brought back those reasons why you’re starting or continuing your venture in the first place.

 

About the author / 

Wayne McCarthy

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