SUCCESS LESSON 6: Learn from your mistakes

To the best and most loving version of you,

As you venture into investing your money, it’s important to remember that fads tend to come and go quickly. A friend of mine, Mike, in Vietnam was doing very well with his iphone trading business. He would buy iPhones from the USA and sell them back to people in Vietnam for good profits. He was able to trade both used and new iPhones as the demand was high. He made enough money to buy a home and a nice car. Mike got a connection in the US who helped him buy new phones when Apple first released.  When I met him this year, he was no longer in the iphone trading business as the demand for iPhones was no longer high. Mike was looking for something new to make money as he lost most of what he earned. He bought too many new phones and had to sell them at a discount when the price kept dropping. Iphone’s popularity was like fads; it tends to come and go.

If you invest in anything that is based on fickle consumer sentiment, it is very difficult to judge its outcome. Watch out for the trend. Predicting the trend wrong can lead to troubles. You always want to invest in a business that is dependable and predictable.

We as human beings make mistakes whether a small one or a big one. It’s important to learn from our mistakes. Mike told me that he detected the trends of new iPhone demands and was able to profit from those trends. However, he failed to learn from few small losses he made, which led to a big loss. Many of Mike’s friends told Mike to get out. He did not listen to any of them. It’s important learn from our mistakes, and yet it’s much better to learn from mistakes of others.

With regarding to your own corporation, If you are fickle, not reliable, and not dependable, people will not be able to judge you. You will make it impossible for people to trust you.

To watch the episode, click on http://smckids.com/episodes/?vidlink=06

See you in the next lesson.

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PS: I call you a CEO as you are really a CEO. You are the CEO and president of your own personal service corporation. You are the president and CEO of your own life. If you work for someone or some company, you provide your services to them in form of employment. If you are a business owner, you provide services to your customers. No matter what you do, you provide services. You are responsible for every aspect of your own company, yourself. And if you read my post, you are really capable of your own title as president and CEO of your own life.

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