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CHAPTER 2 THE SUCCESS FACTORS OF MILLIONAIRE ENTREPRENEURS

before they achieve their greatest prize? I believe the reason
is because, in order to succeed in business, there are certain
key distinctions and lessons that must first be learnt.

In the world of business, lessons do not come in textbooks
(like in school), but they come in the form of failures. By failing
in something, we now know what doesn’t work. Constantly
learning what does not work and changing our strategy will
eventually lead us to what works.

After all, success comes from exercising good judgment. Good
judgment comes from experience. And experience often comes
from making bad judgments….and paying the price!

Of course there are always things we can do to minimize
these failures. The trick is to learn from other people’s
experiences and other people’s mistakes. This is why it is
so important to read biographies of successful business
owners in order to gain the insights they have gotten, after
years of trial and error. However, no matter what lessons you
learn from books and mentors, the greatest lessons you will
learn will come from the university of life or the ‘School of
Hard knocks.’

The Secret to Overcoming Failure & Frustration

So, how do millionaire entrepreneurs develop the mindset to
handle failure and frustration? Are they fearless, emotionless
people with extraordinary confidence? Of course not! Anybody
can learn to do this when they adopt the right mindset.

From my personal experience, I can tell you that entrepreneurs
are afraid of failure as much as anybody else. They too feel
like giving up in times of great difficulties. The secret is in the
way they define failure to themselves.

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 53