All thanks to Adam Khoo, my favorite success and wealth teacher. Thanks to his book, Secrets of Self-Made Millionaires, only then you will be able to read this interesting articles.

So, the millionaire habit #8 is about…

The Ability To Accept Failure And To Turn It Into Success

Most people have the impression that successful people never fail and that millionaires never lose money. As a result, many people fear failure and shun those who have flopped. This is a huge lie and distortion that prevents people from becoming rich. The truth is that everybody fails at one point or another. In fact, millionaires fail more times than anybody else because they take so much more action. You have to Multiply Your Failures and You Will Succeed.

So mark my words, you will fail many times before you ever succeed. What’s important is what you do about failure. This is the critical habit that makes the difference between the rich and the poor. There are three ways people respond to failure. The first group of people get so disappointed by their failure that they just give up! They would say, “I tried it but I failed”. They see failure as the end of the game, as the final verdict that they are not meant to succeed.

They give themselves reasons like ‘Maybe I’m not good enough”, or “It is just too difficult”. Have you ever been guilty of doing this before? Sure enough, this way of responding to failure will see many dreams fade away. The second group does not give up that easily. When they reach their outcome, they would say, “Let me try again. Let’s not give up”. So they quickly get on their feet and try again. If their business fails, they go start another business. If they lose money investing in the stock market, they will go and try to buy different stocks. Will they eventually succeed? The answer is “No”.

Why? It is because this group may try and try again but they don’t change their strategy. They keep making the same mistakes, doing the same thing again and again. Sure enough, they keep getting the same disappointing results. So what happens after a while? They eventually get so frustrated and tired that they too will throw in towel. Some may even begin to accept mediocrity and fear to dream of anything better.

Success is the result of good judgment. Good judgment is the result of experience. Experience is the result of bad judgment. Anthony Robbins

Millionaires approach and perceive failure very differently. When they don’t reach their goals, millionaires do not see themselves as having failed. Rather, they see themselves as getting a learning experience! To them, failure is not the end, but only a detour. They see it as feedback that they are not using the right strategy. They then take this feedback, learn from the experience and change they strategy!

If changing strategy does not get them the result, they will once again get more feedback, change their strategy and take action again. They keep doing this again and again until they get the results they want! They will do whatever it takes UNTIL they succeed. By doing so, they turn their failures into success! Your Fuel To Success, Commitment.

My policy is to learn from the past, focus on the present, and dream about the future. I’m a firm believer in learning from adversity. Often the worst of time can turn to your advantage, my life is a study of that! Donald Trump, after turning around his $935 million dept into a $3.7 billion fortune.

Very seldom do millionaires achieve their success on the first go. Many achieve their financial dreams only after countless learning experience and setbacks. However, many agree that if not for those ‘learning experiences’, they would never have found the solutions to their outcomes.

Sim Wong Hoo, the founder of Creative Technologies did not succeed until numerous business failures. His first idea was to develop and sell the Cubic CT, the world’s first multimedia PC. After spending countless of hours and hundreds of thousands of investment dollars on the product, it turned out to be a dismal failure. Instead of beating himself up and finding lots of excuses, he saw it as feedback that the market was just not ready for the product. It was just too expensive and complicated for its time.

What did he do? He went back and changed his strategy. Eventually, after even more failures, he finally came up with the idea of a low cost sound card called “Sound Blaster”. And that one idea turned Creative Technologies into a billion dollar global company. You see, all you need is only ONE great idea that will make you your fortune. However, that ONE great idea hardly ever comes the first time around. It only comes after lots of bad ideas.

So can you see now? If you want to be a millionaire, then you will have to practice this habit, the ability to accept failure and turn it into success. If you are going to ask me which wealth books that I will recommend you, I will tell you it MUST BE Adam Khoo’s Secrets of Self-Made Millionaires without thinking much.

==> You can straight away download the complete version of The Nine Millionaire Habits here in PDF, without having to go all over my articles.

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Posted on May 23rd, 2008 by Shawn
Filed under: The 9 Millionaire Habits

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