Success Mindset: Why Failing Today Matters

Worth more than $70 billion, arguably the greatest investor of all-time, and one of the best business minds ever, you have to agree Warren Buffet is a resounding success.

But, he admits, he made a $100 billion mistake in 1967, when first starting his investing career. Back then, he ran a hedge fund. Rather than buying the insurance company that today now makes the foundation of Berkshire Hathaway through the hedge fund, he bought and merged it into Berkshire Hathaway. So now, he shares all the profits from that decision with public shareholders.

Buffet believes the mistake cost him $100 billion.

So if the most legendary investor of all time makes mistakes that gigantic, it’s probably okay for you to make a few too.

But Buffet, as you’ve noticed, doesn’t let the mistake define him. Rather, he simply acknowledges it and moves on.

And that’s really what I mean by “failing today.” Not letting it get to you too much.

Let it bother you a little. That can motivate your next actions.

But don’t let it define you. Because everyone makes mistakes – and a lot of them.

How to Let Failure Fuel Your Success, Rather than Stifle It

1. View Failure as One Step Closer to Success

The story goes that Thomas Edison failed 10,000 times before finally inventing an incandescent light bulb that worked. Today, his net worth would have been about $200 million at its peak.

So every time you fail to reach your goal, don’t sweat it. It’s the way things work – even for the greatest inventors in history.

Simply view it like Edison, who famously said

“I’ve never failed. I’ve just found 10,000 ways that won’t work.”

2. Let Failure Go So It Doesn’t Hold you Back

Whatever your profession is – whether you’re in sales, you’re an entrepreneur, or even just in your personal life, it’s easy to give fear of failure power over you.

“No point in calling that potentially lucrative contact. They’ll probably reject my offer anyway.”

“I’m not going to risk $5,000 for that new service. If it doesn’t work, I’ll be out my $5,000.”

“I can’t call that super-smart business contact for help. They probably won’t have time for me anyway.”

In business, most things you try are guaranteed to not work out. That’s just how business is.

But a few things will. And that’s all you need to power your profession, or your entire company, forward.

3. Learn the Lesson Failure Teaches

In every situation that doesn’t work out like you thought it would, you have some level of responsibility. You might bear just a small portion of the responsibility.

But you have responsibility nonetheless.

It’s tempting to look at anything but yourself when things don’t go your way. Somehow, it was the other person’s fault. Or maybe it was “bad circumstances.”

You can’t change anything about those things. So it’s completely pointless to think about them.

Instead, if you did in fact have “bad circumstances,” look at what you can change – your actions. If the circumstances aren’t favorable, then maybe you don’t go after that prospect, for example.

Or maybe you change how you qualify that prospect so you know you get into a good situation in the first place.

Don’t blame yourself. Blame makes things worse. Instead, look at what you can do differently next time.