Unlike the surveyed middle class who at most failed once or twice, the self-made millionaires all failed at least three times, and then went back for more. And not only did they persevere and try again, but they did so in the same industry they had previously failed in, whereas the middle class quit and moved on. The wealthy realized that it was important to keep doing what they loved (and played to their strengths) and to learn from their mistakes. If they had moved on, they would not have benefited from either of these.
Not only did they fail and persevere, they looked to failure as a means to an end: as a way to learn, iterate, and improve. They weren't embarrassed to discuss it, nor were they afraid to risk it. They embraced it, learned from it, and tried again.
To me, the above was eye opening. I'm sure I'm not the only one that hates to fail and although I do try to learn from it, it's not something I've ever welcomed. I will now strive to recognize that failure is a necessary part of my growth.
Schiff shares an analogy worth repeating. To the wealthy, failure is like a visit to the dentist: painful but a necessary part of life and an experience you know you'll be better off having gone through. To the middle class, failure is like a punch in the mouth: unexpected, extremely painful, and to be avoided at all cost.
Schiff ends his inspiring book with a chapter on how we can all learn to be more "Business Brilliant" and summarizes it with the acronym "LEAP"—Learning, Earning, Assistance, and Persistence. He encourages practicing at least one of the below on a daily basis (and includes more details and even exercises to help):
- Learning what you do best.
- Earning some dollars on it.
- Getting Assistance with what you don't do best.
- Using Persistence to overcome self-doubt.
Are you ready to LEAP? Which of the above inspires you most and why?