"We need another $25 million to get this software off the ground. You see, we made some mistakes as we tried to develop the software. But we learned from those mistakes. We won't make them again, because it was an expensive lesson, and we will remember it. So, if you invest with us again, you will actually make SAVE money. If you invest your next $25 million with someone else, they still need to make those mistakes!"
and the company again got a funding for $25 million- with the same people who lost their first $25 million
An angel investor talked about this actual incident where a start-up company had burned through the $25 million in their first 6 months and again came back asking for further funding.
Now the question is - As a CEO, what would you have done?
Would you change your zip code, change your name, or hidden out of shame? A majority of us would have thought, "I am such a failure. Nobody will trust me again. I can never show up my face to ask for further funding".
But what do real winners do?
"Okay, we made a mistake. So what? Let's do it again"
Why are they able to do this? Why are they able to think different? The reason is because they are focused on success. They are focused on the goal, not in the past. They aren't focused on the mistakes they made. Instead, they treat it as a learning experience and help that accelerate their next phase of growth.
Why are you so embarrassed by failure and mistakes?
Is it because you are the only one in your family and friends circle who had a different dream and goal? Is it because your family runs a guilt trip on you because you did not hear to their advice? Is it because of your uncle, friends or in-laws are happy to say "You, see that didn't work, I told you not to waste time and money. What a terrible choice you made". - FLUSH THEM! These people do not have anything to do with your success and it's hard to keep your focus when you have people like this around you.
These people have been doing the same mistake year after year and expecting a different result - that is the most insane thing to do - doing the same thing over and over and expecting different results. You already separated yourself from the masses by doing something different and chasing your dream! kudos!
Do you understand that you are on a different level?
How many people do you know who take the time to put down their dreams and goals, sets timeframes and do something about it? How many of them actually try something new to succeed? -the majority gets up every day, do the same thing just to be average because they are doing the same thing that every average person does! They never take new challenges because they fear mistakes and failure, not because it will slow them down to achieve their dreams, but because they don't want to be embarrassed.
That's not your level. You are not afraid of the mistakes that you will make on the way to achieve your dream. Instead, you are afraid of making the same mistake the majority is making - and will continue to make.
Don't be Afraid or Ashamed
So don't be afraid of your mistakes, or get hung up on your status quo. Be very outcome focused and move on. It is just a new learning experience for the Next Opportunity. Your mistake wasn't losing money. Your mistake wasn't approaching the wrong market segment. Your mistake wasn't even the fact that you did not know to handle people properly. Your mistake was that you thought that things matter and you thought that it matters because all the average people around you were telling you that they might matter. That was your mistake - believing them.
Understand that failure is a part of success.
What can you do to change the way you think about your past failures?
You can do 2 things
1)Start hanging around with the right crowd of successful people who will uplift you and push you further.
2)Keep your dreams and goals in front of you every time. Focus on the present, be excited about the future and learn from the past.
Now go do it. We believe in you!
[Inspired and even copied most of the lines from the book - "You will never get it right by doing it wrong" by Bill Quain] - Get your copy today itself :)