Failure: A Misunderstood Key to Business Success

I called one of my mentors recently about a new idea I was exploring to promote my business. It concerned promoting one day seminars which would require an investment of $50,000 each. I explained that although I was new at this aspect of the business, I was working with someone who had done similar, though not identical events so I felt a high level of confidence for our success. I figured I’d try it once and if it worked out, I would continue. If not, I would cut my losses and drop the idea. His suggestion was “Drew, you’ve got to plan to do at least three or four of those events before you work out the kinks. Be prepared to lose money on the first few.” In other words don’t do the event if its overall success depends on you getting it right the first time View the rest of this article