Don't Fear Failure A bad turn can point you in the right direction.

One of the reasons so many people don't become entrepreneurs is because they're afraid of failing. They're afraid of making mistakes. They're afraid of losing money. But if people can't overcome these psychological fears, they'd be better off keeping their day jobs.

In the early 1980s, when my first major business failed, I thought I was the stupidest person in the world. Being flat broke and getting calls from creditors made me wish I had never wanted to be an entrepreneur. I even wanted my old job back.

But instead of condemning me for failing, my rich dad gave me one of life's most important lessons: "You're fortunate to have failed. You now have the opportunity to learn how to turn bad luck into good luck. If you can do that, you'll have a life of more and more good luck."