What type of failures and setbacks did you encounter?

I've had many of my own businesses and have also worked for many large corporations. Failures and setbacks should be an expectation in any line of work you pursue.

If you aren't failing, you aren't pushing hard enough.

This is especially important when running your own business. The viability and success of your business is heavily dependant on your own drive to work hard, as well as your ability to adapt and overcome failure to grow.

My first 3 businesses were wildly successful and my wealth attracted friends that were anything but. Their poor influence let me down some twisty roads best avoided. Make sure your social group is solid and keeps you grounded.

I partnered for my 4th business and chose poorly with my business partner, resulting in a $2M business flop. Again, be cautious with your network. The employees and business relationships you develop factor heavily in the success of your business.

After rebuilding myself from the financial losses of the business, I encountered cultural discrimination around my youth, gender, and ethnicity. I've been hard to hire because I had no "real" job experience despite running my $MM businesses. But really, regardless of the setbacks or failures, it's less about what kind of failures you have and more about how you adapt to overcome them. Be compassionate, forgive, and develop a flexible mind.

Hi David,

I am not an entrepreneur nor do I have my own business so I cannot offer you my personal examples of failures or setbacks I have encountered relevant to your area of interest. However, it sounds like you have great ambitions. I would suggest pursuing an undergraduate degree in business with concentrations in accounting, finance, and management as these will provide a great foundation for you to start your own business. An MBA is a great degree to have. I found during my courses, I learned the most from the class discussions we would have when those students who were professionals would speak to the topics, giving examples and advice based on their experience so pay close attention to them. A piece of advice I may offer is to obtain an internship, shadow or network with someone or at a company within the industry you intend on creating your own business in so you can get a feel for what it will be like. Having the experience in the industry you are looking to enter, MBA degree, and background in accounting, finance, and management will certainly aid you in whatever failure and setback you might encounter.

Best of luck.