Having the right frame of mind is crucial if you’re going to succeed in the business ventures that you undertake. Years ago now, when I was building my real estate business, I discovered how important it was to have the right mindset if I was going to be successful.

At the time, I was managing a duplex. One month, the water bill from that duplex was $653! I can tell you that I didn’t sit around long to figure out what was going on. I found out that the tenant had allowed the water to constantly run through a broken toilet.

This was the moment when I got the opportunity to learn noble failure in my career. I had to determine what my response was going to be and how I was going to address the problem. So, instead of getting angry at the tenant, I found someone to install individual water meters for each unit. I was able to install these for a relatively low cost. But the benefit was worth it! The water bill was now in the individual tenants’ names so that if someone ran up another big bill, they would have to pay for it.

As entrepreneurs we must do what is necessary to succeed. We have to adapt and learn from our mistakes. After that incident, I made sure that all my properties had individual water meters. That costly mistake that one time prevented me from ever having to deal with that problem again!

While entrepreneurs come in all shapes and sizes, here are four statements that can be made by successful men and women in the business world:

  • I have high tolerance for financial risk and know that it’s okay to make mistakes. Success is not guaranteed and zeal alone cannot drive you. You have to be willing to fail on the road to success. I call it noble failure, because instead of running and hiding, we stand a bit taller and are a bit wiser from this failure. You should also know that taking risks is just a part of entrepreneurialism. As long as you’re taking risks while operating in wisdom and actively learning, then you will either succeed or experience noble failure. And if it’s the latter, then you’ll get up and try again.
  • I can manage assets and make decisions. Decision-making is integral to the job description. Lease office? Hire employees? Borrow money or utilize savings? Incorporate? Advertise? From day one, you will be making decisions and they only get more involved as time goes on. Great entrepreneurs  are not afraid to take charge and make decisions.
  • I’m ready to wear many hats. Entrepreneurs juggle many roles from contributing as head salesperson, to bill collector, to marketing manager, chief, etc. It can take a while to get to the place where you can fill absolutely every role with someone qualified. Until then, you must be able to contribute in whatever way is necessary to enhance success for your venture.
  • I can’t do it all on my own. That said about multiple roles, successful entrepreneurs also realize that they can’t and shouldn’t do it on their own. They have the humility to let others take over in areas they excel in. They’re not afraid to hire other leaders because they have the vision to see a large future for their business. Entrepreneurs also know that they can’t do it all without a supportive group of friends and family, which leads us to….
  • I implement protocols that help me balance work and everything else. A common beginner’s mistake for entrepreneurs is working yourself dry. Don’t get me wrong, starting a business takes a lot of work. But successful entrepreneurs know how to balance work with making time for themselves, cultivating other interests, and spending time with family and friends. By creating boundaries and not allowing your work to control you, you will instead take control of your work. When you put some distance between you and the business, you’ll find that you are able to go the distance.

Because I was prepared to do what was necessary, I was able to turn a bad situation into a lifelong lesson on why noble failure is worth it. Entrepreneurial success depends upon the ability to solve problems! Are you making the most of your situation?

Have a good holiday everyone! Join me next Monday for more business tips.