Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
If you prefer listening, click on today’s podcast. “Overcoming Fear: Building Wealth Through Failure“
All Journeys to Greatness Includes LOTS of Failures!
Last week, I attended my cousin Amara’s play, and witnessing her fearless performance on stage left a lasting impression on me. As I watched her deliver her lines confidently, I couldn’t help but admire the courage it took for her to enter the spotlight. Acting in front of an audience is no small feat; it requires a unique blend of talent, preparation, and an unwavering spirit. Most importantly, it demands a rejection of the fear of failure—a lesson that resonates deeply with me.
Embrace Your Fears and Failures: A Journey Towards Growth
Fear is a universal experience, yet it often keeps us from pursuing our passions. I realized that my fear of failure is one of my most significant weaknesses. In contrast, many successful individuals, such as Elon Musk, Michael Jordan, and Steve Jobs, demonstrated that embracing failure leads to incredible achievements. These innovators faced numerous setbacks throughout their careers, but their willingness to take risks and learn from their mistakes ultimately paved the way for their groundbreaking successes.
“Failures are Stepping-Stones to Success” Elon Musk, CEO of Tesla, Space X, The Boring Company, Neurolink, and XAi
SpaceX’s culture actively embraces failure as a learning opportunity, viewing it as an essential part of the innovation process. This allows SpaceX to rapidly iterate and achieve significant successes by openly analyzing and addressing mistakes rather than trying to avoid them at all costs; this is often summarized by the phrase “failure is an option,” as stated by Elon Musk, the company’s CEO.
However, for SpaceX, science, and technology generally, failure can be the key to success. SpaceX founder Elon Musk was confident after his big new rocket suffered a “rapid unscheduled disassembly” {yep-that is what they called it, and I LOVED IT! Musk embraces the tech sector’s “move fast and break things” ethos, first espoused by Mark Zuckerberg.
Elon Musk has faced many challenges with his ventures, from rocket failures at SpaceX to initial struggles with Tesla’s production. However, Musk has often highlighted that failures are merely stepping stones to success. Instead of shying away from risk, he has taken bold moves that have revolutionized entire industries. His journey shows us that failure can be an influential teacher, providing valuable lessons that fuel innovation and resilience.
Steve Jobs Encountered Lots of Failures and Learned
Similarly, Steve Jobs encountered his fair share of failures, from being ousted from Apple to navigating the early days of the iPhone. Yet, he approached each setback with a mindset focused on learning and growth. Jobs once said, “I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.” His story reminds us that the fear of failure can be transformed into motivation when we embrace it instead of allowing it to deter us.
How We Can Embrace Our Fears and Failures
- Redefine Failure: Shift your perspective on failure. Instead of viewing it as a negative outcome, see it as an opportunity for growth and learning. Each failure brings with it invaluable insights that can inform your next steps.
- Take Small Risks: Start by stepping outside your comfort zone in manageable ways. If you want to write a book, try writing a page or paragraph daily. If you hate public speaking, enroll in Toast Masters and practice. Your peers who are equally as fearful will give you gentle coaching on how you can improve,
- Celebrate Your Efforts, Not Just Results: Acknowledge the courage to take risks. Celebrate your efforts, regardless of the outcome. {Note to Self: Vow to play that piano daily despite errors!} This mindset encourages you to keep trying, even when unplanned. Who bakes a perfect sweet potato pie the first time? It’s a Southern delight, my people!
- Surround Yourself with Supporters: Connect with people who encourage you and understand the value of embracing fears and failures. {Thank you, Mom, Dad, JR, Jacqui, Brenda, and Amanda!} Sharing your experiences and learning from others can provide motivation and reassurance.
- Reflect on Your Lessons Learned: Reflect on what you learned after facing a failure. This practice helps reinforce the idea that each setback is a chance to improve and strengthen. During my career, I learned as much from my duds as my successes!
- Ensure Your Direct Reports Understand Failures Are On The Journey to Success. Build a culture where rapid unscheduled disassembly is an acceptable risk. I am certain Sears, K-Marts, Toys R Us, and so many more companies that journeyed from Good to Great to Dead wish they had taken more chances!
CONCLUSION
I remember the first time I tried photography, piano, woodwork, chemical engineering, economics studies, and a YUGEEEEEE list, how difficult it was, and how often I failed. This is too hard” is an excuse my parents did not tolerate, yet it is one of my most frequent excuses. The next time you say something is too hard, consider Deuteronomy 30:11, which says, “It is not too difficult.” Embracing our fears and failures is critical to living a fulfilled and courageous life. Like Amara, Elon Musk, and Steve Jobs, we can tackle and control our fears.
Let’s face our fears head-on and allow our failures to teach us valuable lessons. After all, through this journey, we truly discover our potential—a shout-out to a group that constantly battles failure. Parents get no instruction manual. We sometimes offend, say stupid stuff, and get it wrong. I am grateful my daughter allows me to fail many times and still loves me as I do her.
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED!
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
Steve Jobs – Relying on the Collective Brilliance of the People Who Surround You
You Have Two Choices – Your Commitment To A Good Life or Fear!
Self Made Billionaires Train Themselves To Be Smarter!
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.