Education by Failure is Free

Successful people in business understand something unsuccessful people do not (besides the obvious of being successful), they know you must fail and do it miserably. I know you are scratching your temple now thinking I have completely lost my mind, or wondering if the medications from my recent illnesses have not completely left my system, but it is absolutely true. I am currently over 60k in debt in student loans as I attempt to pursue my MBA on through to a doctorate degree, and yet out of all my education, nothing has taught me more than the times I have failed in business. Embracing the failure, accepting the loss, and growing and moving on is the key to helping you understand what to do and what not to do in your next business venture.

I started my first California corporation when I was 19 years old. As long as I can remember, I've marched to the beat of another drum. As a child I never had aspirations to do the cookie cutter jobs that all my friends had. Visions of becoming a ballerina never entered into my head, I wanted to own the ballet company. My first company was a performing arts group. Me and a few friends had the absolutely best time touring and performing. I will never forget our first paying gig. I ran everything with no assistance (my 19 year old peers were little assistance for helping to develop the business side of my corporation). I scheduled for us to perform at a park, but hadn't discussed the payment needs with the event organizer. She had seen us perform at a dance concert, and wanted to schedule us. She had been used to paying such costly prices for performers, and said this year their budget would not allow for it. I told her we could fit her budget (as I was so excited to get paid, I didn't ask what her budget was). We all piled into a friends car and drove 45 miles one way to the performance. After we were done, I went to speak to the event coordinator regarding our pay. She smiled and handed me a check for $65. I was so upset, but realized without written contracts, prior agreements, this was my fault. Needless to say, that lesson taught me a very valuable business lesson, that didn't cost me 60k and an MBA to learn.

My second business venture may have been more successful than my performing arts group, however I began to realize that I still needed the formal education to open doors for me that were closed due to lack of a degree. My ability to write a business plan, develop a well written proposal or project management meant nothing without the acquisition of my degrees. It doesn't make sense to get angry or depressed about having to acquire my degrees (although the pursuit is sometimes challenging) it is well worth the effort. I attempted to assist others in business by developing a program that would generate more clients. It ended with me working independently in their offices as a telemarketer soliciting business on their behalf, but being that I did not negotiate a base salary, nor a retainer fee I ended up working mostly for free. Needless to say my haste in launching this business venture, and without due diligence on on each business client I was unable to determine what their true market penetration capabilities were.

While I could have given up on becoming an entrepreneur, there was this fire and passion within me that would not allow for me to give up. George often refers to me as being stubborn and hard-headed (laughing), but these are the necessary qualities to become successful in business. That is what successful people understand. Learn from your mistakes and move on. In business I have had to revamp several business ideas in order to ensure the further growth of my companies. Sure some have cost me (financially as well as timely) but that doesn't mean that I throw away the entire business idea if there are some credible and workable items to it. Most successful people speak only to their current venture, but next time you have an opportunity to speak to a truly successful business owner (who did not inherit the business but built it from the ground up him/herself) ask them how many business ventures they failed at before stopping at their current successful venture. The question may surprise them, but it will relieve a lot of pressure from your previous belief in that you are not capable of succeeding. Stumbling along the way to your breakthrough in business is entirely different from failing to get back up and work your passion and purpose. You will never be satisfied until you find your purpose and passion and are successful at it, so take the time to learn how to get there.