Yep we all make mistakes, this is part of life and business, it adds to the fun of learning. I heard on an audio CD the average successful Entrepreneur has 16.5 failed businesses before they hit it big time with their successful businesses. Even some of the top Entrepreneurs in the country still make them. It doesn't mean you are a failure, its just part of life. You have to use these mistakes to your best advantage an example of this is-

Donald Trump- at one point during a property crash he was millions of pounds in debt and bankruptcy was just around the corner, he owed money to banks all over the states. He had to attend an event with many of his creditors there. He didn't want to turn up in a limousine as he knew that would anger his creditors so he walked in the pooring rain to this event in his rented Tux. Feeling down trodden and soaking wet he entered the event only to find he was sat next to one of his creditors that he owned millions of dollars to I think it was a bank manager. At first the creditor wouldn't even acknowledge him. He couldn't feel worse. As the evening drew on and a few glasses of wine helped the mood they started talking. The creditor explained how the situation hurt them just as much as it was hurting Donald Trump and how much money they lost they lost in debt. At that particular time he bank was suffering from the crash dramatically as well as many hight profile customers were defaulting in their loans. Between them they came up with a strategy to help each other out and the bank gave him some breathing space to get back on his feet. He in turn went to every creditor he owned and struck similar deals, some even lent him more money to help him turn his situation around. It worked the banks all got their money back within I think it was about 2 years and the rest is history.


Learn from your mistakes and bounce back. Infact it can be a good thing as it revs up your survival instincts and gets the creative juices flowing prompting you too look in areas you may never have even contemplated before to find new solutions.

However, the best way to protect yourself when going into a new business is try and thing of every possible way it can go wrong and find a solution before you even start. Yes it takes longer to get your business model together but it does mean that you are far better prepared for every eventuality. I know I will make mistakes in the future it is inevitable, however, this doesn't scare me as I feel I am prepared to deal with anything as long as I hold my hands up and admit them straight away instead of trying to cover them up and seek advice from others I will be okay.

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