“If you want to succeed, you have two choices: (1) fall victim to worry and self-doubt or (2) get better at dealing with inevitable setbacks and make friends with the unknown,” states Melody Wilding, writing for Forbes. She made this statement in her article about entrepreneur Gary Nealon, who went from bankruptcy to building multiple multimillion-dollar businesses.
While your goals are likely a bit more humble than becoming a captain of business, everyone can learn something from Gary Nealon’s story. In fact, if we look at many self-made millionaires, very few got there without experiencing some major obstacles and bumps in the road. Ultimately, it is how we face these challenges that will define us and determine our final destination.
Bankruptcy is often an emotional experience. Nevertheless, it is also an opportunity to learn from past missteps. Gary Nealon found himself in trouble after starting his first company and putting everything on the line. While he knew a lot about sales, he knew little about starting and building a business from the bottom up. So, when the economy took a downturn, and he encountered many unforeseen problems, Nealon inevitably filed for bankruptcy.
Like so many others, Gary Nealon’s story could have ended at that moment. Yet, rather than give up, he learned from the mistakes and moved forward. “You need to shift your mindset about what failure means,” states Nealon. “What most people would consider a ‘failure’ or setback is just a new lesson you learned. The key to failing successfully, is to make incremental tests or improvements, learn from it and adapt.”
At the end of everything, a person only ever really fails when they give up. Bankruptcy is not the end. It is just one event in a very long financial journey. Moreover, it gives you the ability to step back, reevaluate, and learn how to do better in the future.
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