It’s amazing what you can learn from someone who has managed to build a fortune out of being an entrepreneur but lost millions in attempt to become more successful. While these guys often go by as the unsung heroes, they have much more valuable lessons to share with you than any other businessman who is living the high life.
Before you make that big move and transform your unique idea into a business, check out these valuable lessons you can learn from Donald Trump, the famous American entrepreneur and investor who was forced to face failure multiple times throughout his career:
1. Adjust to the change
Trump filed for bankruptcy many times in the past; four to be specific. What you can get from his experience is that he wasn’t prepared for that and, despite seeing it coming, he could do nothing else but give up Trump Airlines, his yacht and up to 50% of what he owed from the Grand Hyatt Hotel. The key to effectively making business is being prepared for the worst and adjusting to the change. When you see it coming, you have to act on it.
2. Separate corporate from personal funds
What helped him develop the money he had left after the bankruptcy was the fact that he separated his business funds from his personal bank accounts. This was actually a very clever move as it kept his personal funds protected even when his businesses were failing. As a new entrepreneur, this is something you want to take in seriously and manage your accounts effectively in advance.
3. See problems as opportunities
When you are faced with a problem, you need to embrace it as an opportunity. Even if you fail, this only means that you have lost a battle, not the war. If nothing seems to be going your way, you can give it your best shot and hope for the best. This is what Trump did after having to face bankruptcy and managed to emerge victorious by not giving up.
4. Nurture relationships
In order to succeed, you need constant support from your inner circle. Having your family and friends close to you is as important as becoming successful, and sharing your happiness with those around you is all that matters. As an entrepreneur, you’ll also need to engage with more people in order to build a strong network of support. In that sense, you should make people your priority and the rest will follow.
These were some of the most valuable lessons you can learn from someone who has been there and done that but still had to face many challenges along the way. While there isn’t any formula that guarantees success, these lessons can teach you all you need to know to gain the courage and follow your dreams.
Do you know of any other celebrities whose failures have something to teach us in return? Let us know in the comments section below…