Failure is Not Final: Lessons from Success Stories

1. Redefining Failure: A Scientific and Psychological Perspective

• Cognitive Behavioral Therapy (CBT): CBT considers our thoughts, feelings, and behaviors interconnected. Fear of failure is often a result of negative and distorted thoughts about the consequences of failure. By challenging and changing these thoughts, we can reduce fear and promote positive behaviors that lead to success❓. Example: Instead of thinking “If I fail in this deal, I will be a failure in real estate,” we can change it to “If I fail in this deal, I will learn from my mistakes and improve my performance in future deals.”
• Positive Psychology: Positive psychology focuses on the strengths and abilities of individuals, and how to use them to achieve happiness and success. Failure, from this perspective, is an opportunity❓ to identify weaknesses and work to improve them, thus enhancing personal and professional growth. Resilience: The ability of an individual to recover from adversity and challenges. Psychological resilience is not a fixed trait, but a skill that can be developed through learning from mistakes, building a social support network, and maintaining a positive outlook on the future.
• growth mindset❓❓: Developed by Carol Dweck, this theory assumes that abilities and intelligence are not fixed, but can be developed through effort and learning. People who adopt a growth mindset view failure as an opportunity to learn and improve, while people who adopt a fixed mindset consider failure as evidence of their incompetence.

2. Why Failure Is Necessary for Success: Empirical Evidence and Mathematical Formulas

• Learning Curve: The learning curve describes the relationship between experience❓ and performance. Initially, performance may be slow and full of errors, but over time and learning from mistakes, performance improves significantly.
  • Formula: The learning curve can be represented by the following formula: y = a * x^b
    • y: Performance (e.g., number of successful deals)
    • x: Experience (e.g., number of years in real estate)
    • a: Initial performance level
    • b: learning rate❓ (value between 0 and 1)
    • Interpretation: A smaller b value indicates a slower learning rate (and perhaps more errors in the beginning) and a larger b value indicates a faster learning rate.
• Trial and Error: A problem-solving method that involves trying different solutions until the correct solution is found. In real estate, this may involve trying different marketing strategies, negotiating different deals, or investing in different types of properties.
• Improving Performance Through feedback❓❓: Getting information about performance and identifying strengths and weaknesses. Feedback can be from colleagues, clients, or even from data analysis.

3. Inspiring Stories from the World of Real Estate and Beyond

• Abraham Lincoln: As mentioned in the book, Lincoln went through a series of failures before becoming President of the United States. His story reminds us that persistence and perseverance can lead to success in the end.
• Thomas Edison: He is credited with inventing the light bulb, but he conducted thousands of failed experiments before succeeding. Edison said, “I have not failed. I’ve just found 10,000 ways that won’t work.”
• Henry Ford: He went bankrupt five times before founding the Ford Motor Company.
• Stories from the Real Estate World:
  • A real estate developer who faced difficulties in obtaining financing for his project: After being rejected by many banks, he did not give up and succeeded in convincing private investors to finance his project, which eventually became a successful project.
  • A novice real estate agent who failed to complete several deals at the beginning: Instead of giving up, he enrolled in training courses, learned from his more experienced colleagues, and eventually became one of the best agents in his area.
  • Many NFL football coaches who achieved the worst record at the beginning of their careers and then achieved historic achievements: This illustrates that a bad start is not evidence of an inability to succeed.

4. Practical Applications in Real Estate

• Analyze Mistakes After Each Deal: After each deal (successful or unsuccessful), analyze the mistakes you made, the reasons for failure (if any), and how you can avoid these mistakes in the future.
• Develop an Alternative Action Plan: Before starting any real estate project, develop an alternative action plan (Plan B) in case the original plan does not succeed.
• Continuous Learning: Attend training courses, read books, and follow the latest developments in the field of real estate.
• Build a Strong Network of Relationships: Communicate with colleagues, experts, and investors in the field of real estate.
• Accept Calculated Risks: Do not be afraid to take risks, but make sure that you have carefully assessed the risks before making any decision.

5. The Power of Self-Belief and Continuity

• Self-Belief: Remember the saying "If it’s to be, it will be me."❓ Believing in your ability to succeed is the strongest motivation that drives you to continue even in the most difficult circumstances.
• Continuity: The most important factor in achieving success is continuity and not giving up. Remember that every failure is a step towards success.
• Focus on What Can Be Changed: Instead of focusing on past mistakes, focus on what you can change in the present to achieve success in the future.

Conclusion:

Failure is not the end, but a natural part of the learning and growth process. By changing our view of failure, learning from our mistakes, and persevering to achieve our goals, we can achieve success in real estate and beyond. Always remember that “Failure is progress.”