Friday, May 17, 2013

Inspirational Corner: Celebrate Your Success And Failures

Failures, unfortunately is a part of learning and growing. We have been conditioned to see failures of any kind as bad. In school if we got a question wrong we had points deducted. Pushing us towards perfection.

I once heard Robert Kiyosaki talk about learning to water ski. For four days he would get in the water grab the rope and fall in the water. On the fifth day, he rose above the water and water skied. A lady that was listening to his story commented "I wouldn't tell that to people." She is conditioned to see the failure first. And the fact that Robert spent four days falling in the water to her, far outweighs the fact that he succeeded at learning to water ski.

In stock trading, when we started to learn how to trade, we aim to have successful trade 60% of the time. So that means 40% of the time our trades will fail. At first it was disheartening to see all the failed trades that you tend to try and force a winning trade resulting in more loosing trades. It took us a long time to manage our emotions over the loosing trades.

In real estate, it's important to always be in a position where you are not forcing a deal. The seller has the problem, you are simply trying to resolve it for them. If you get in a position where you really want for the trade to work, you will make poor decisions.

It is also very important to look at your failures and analyse them. I've discovered through my failed deals that I need to work on my presentation skills, and that I need to broaden my network. If instead I would have seen my failures as a shameful event, I would not evaluate it and I would not learn from it.

So going forward, celebrate your success but be sure to also celebrate your failures so that you may learn and grow from them.