Fox Business
Expand
Browse All Video
Watch Live

You're watching...

How to Rebound From Failure

Details

  • Description

    “Rebounders” author Rick Newman on how to rebound from failure to achieve success.

  • Duration 4:41
  • Date

Clips

Also in this playlist...

Lifestyle & Budget

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Failure everybody's have a little bit of it right but how do you come back from failure and more importantly how do you use the experience to become a success.

Rick Newman joining me now he's the author of rebounder how -- -- From setback to success Rick I think this is a great idea but I think there's a lot to be learned from failure.

You say a lot of really highly successful people that we already know have have gone through this who would you say.

I started looking to the backgrounds of people we have many of us have heard about and it it turns out that it's almost like almost everybody who's successful has strong but at some point.

And they had to overcome some set back what I found I thought it was really interstate.

Is that people these people actually learned things through those setbacks.

That help them become successful later on to the setback actually contributed to their success or amplify their success if you also I went.

Back in time I looked at -- Thomas Edison and everything he learned from experiments that went -- where they were essentially laboratory failures that many times.

He learned things from those experiments that contributed to something else contributed to the electric lighting system -- his telephone today those are picking up a little something all along the way and he another -- -- never bothered him that these these experiments didn't work out because he had it he always knew that something -- -- -- that and I looked a lot of more moderates on both well.

Yeah -- overlooked but founder of the Vanguard Group the only reason he started vanguard is he got fired from his prior job.

He was kind of going along -- thought everything was fine he was running a mutual fund company.

And there is a board room to basically.

Heat in there were some mistakes a let up to -- acknowledge those mistakes.

And getting fired from -- mean it took awhile you know these processes don't just flip over -- -- takes a lot of work through this all.

But that got got -- started on vanguard it took seven years to get vanguard off the ground but vanguard eventually change -- mutual fund industry as we now.

Right and he is really the father of the of the of them the whole idea of the national -- industry as we know it today.

Are so -- so let's walk through a little bit of this yet you say -- to know when to quit what do you mean I thank you were never supposed to -- Well there's this there's this some old slogan -- failure is not an option.

But people who do hard things know that failure is an option it is just the fact you run into this and Silicon Valley for example all the time they take a lot of risks on companies up and Silicon Valley.

And they know that you might fail so what they do is they say fail fast in -- productively in other words know when it's time to get out.

Don't know don't go on beyond the point of no return waste all your resources waste all your time I mean you know when you've given it a good trying to it's time to try something no wind -- follow them that's about -- GAAP and so yeah got.

You -- secrets can be.

At the setbacks can be is that secret weapon and I you know I know some people are struggling right now.

You know I think people really ought to take a little bit of -- in this first of all -- very good company.

If you feel like you're you're you're struggling you're not sure why you're -- not getting ahead.

But second of all keep an open mind and figure out what you might be doing wrong and learn from these things because.

This is a terrific learning opportunity because you're not gonna learn these things in -- the way you try to do something hard.

-- you're not gonna always give it three shots -- for -- -- take the opportunity to say.

What worked and what didn't work and then start fixing what didn't work -- that is the way to -- fail productively if you will.

Instead of wallowing in.

Regret or bad feelings are trying to blame somebody mean that just doesn't help anybody which is another.

Commonality I found in these people is they just don't get wrapped up in emotion.

They feel emotional when they fail they hated as much as anybody else but there they find a way to put that emotion aside and really analyse what went wrong plan for what can Iran.

Yeah absolutely.

You know -- a with a lot of people we talk about optimism and -- you know you have to stay optimistic but optimism doesn't mean.

Hope everything will work out just because it should this is another thing I asked a lot of people who are successful -- IS or do you consider yourself an optimist.

A lot of them said no not really.

And the reason is they've been through trouble they know things can go wrong.

And what this is taught them is prepare for things to go wrong so when you anticipate what might go wrong that's not necessarily optimistic.

But it gives you a lot of confidence because you've developed the ability to.

React better when quickly go -- Smart ways to fail -- I like I said fail fast.

I'm learn from it I mean don't you don't don't bother blaming anybody you're not gonna learn from that way it's not gonna help.

And look to the next thing I mean and imagine you might feel ten times your career so -- failed once so what we want to the next thing.

You read like at a police said the most I think the take away for me is if you fail hearing good comp.

A lot of really Smart talent ought to be hello father failed.

Absolutely we can tick off the name's Steve Jobs has failed.

Warren Buffett -- his -- Berkshire happen how to it was a huge mistake when he started it is now one of the best investors in the world all sorts of people like this.

Some grant -- by the -- -- -- go ahead -- a little -- I -- let's say -- coming -- thanks for having me.

Load More