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When Millionaires Make Mistakes

Passion is Everything

Max Mullen knew he wanted to launch a startup, even if he wasn’t fully enthusiastic about the idea. In 2010, he introduced a social networking tool called Volly. The business failed within a year.

“I didn’t have a passion for it,” he admits. “Passion drives a sense of urgency and tenacity; without it, when you reach a stumbling block, you give up. It made me realize that if I’m not passionate about something, it’s not worth doing. I’m passionate about Instacart, and that has driven its success.”

Successful Businesses Can Rise From The Ashes of Failure

“I was working on a startup for about a year and a half,” says Taso Du Val. “It didn’t go very well. It went nowhere. No one believed in the idea. No one believed in me. No one would give me any money. It was rock bottom.”

However, he persevered. He worked on the popular art startup Art.sy, putting together an angel round with former colleagues from social media company Slide, where he had served as a lead engineer. While doing so, he “stumbled across” the opportunity for Toptal, his successful staffing business.

Staffing and Managing Are Learned Skills

Few people are born leaders; most entrepreneurs learn on the job how to get the best results out of their staffs. Glossier’s Emily Weiss admits that at age 30 she’s not the most experienced CEO. “Managing is not what I thought it was going to be,” she says. “I always thought managing was about putting people in their place—finding the perfect fit for them. But I’m learning it’s better to get people out of their place. That’s where they’re more productive and useful.”

Source: entrepreneur

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