How Failure Made These Entrepreneurs Millions..

1. Call failure something else.

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When was the last time anyone got hired for a senior-level position without any experience? For serial entrepreneurs, “experience” is simply another word for “failure,”. By labeling a failed effort an opportunity to expand your knowledge base, you’re framing it in a more positive light, allowing yourself to add to your credibility as a more seasoned entrepreneur.

2. Use failure as a stepping stone.

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With every failure, identify what you know you did wrong and be conscious not to repeat your mistakes. This will bring you one step closer to success.

“I’ve never heard a millionaire entrepreneur say they hit it right the first time out,” “The bigger they are, the more they’ve typically failed.”

3. Never fail alone.

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Entrepreneurs like to be trailblazers. But make a mistake on your own and you might have a hard time determining what went wrong. Having a partner you trust and respect can turn every failure into an opportunity for collaboration. “A good partner can help you determine what not to do again.

4. Don’t hide your failures.

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Be proud that you were brave enough to take a risk in the first place. By being forthright about your mistakes, you open yourself up to learning from others.

Baehr’s mentor, Walter Hailey, whose insurance company Lone Star Life Insurance went on to become a Kmart insurance company, used to take an hour-long walk at 5 a.m. every morning with a group of close friends to talk about ideas, successes and failures. “By the time they got back to the house, they had solutions,” says Baehr. “They had a plan for  the day.”

5. Redefine what you want.

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