Page 27 - Midas Touch

and fail again. This is also the path to developing your Midas Touch.

This is why I started by listing my mistakes in the nylon-wallet business.
This is why I respect Donald Trump. The first book of his I read was The
Art of the Deal. The next book was The Art of the Comeback, an even
more powerful book because he pointed out to the world his mistakes,

what he learned, and how he came back. That showed me his strength of
character.

Turning Bad Luck into Good Luck
Possibly the most important skill entrepreneurs can develop is the ability

to turn bad luck into good luck. To do this requires emotional maturity and
strength of character.

We all make mistakes. Mistakes are important because, when we fail, we
have the opportunity to discover and develop our emotional maturity and
improve our strength of character.

One of the reasons I believe John and Stanley failed to grow from a bad
experience is because, instead of facing their troubles when times got
tough, they lied, deceived, and ran. In other words, when times got tough,

their true character appeared. When bad things happened, they turned bad
luck into worse luck.

I’m not saying I put myself above them. I will never be on a short list for
sainthood. Although I was raised in a great family, I did not always reflect
my parents’ high ethical and moral values. I was a good kid in high school,
never drinking or doing drugs, but I could not wait until I left home. The
moment I left, I did my best to do the exact opposite of what my mom and

dad told me to do. A number of times I should have gone to jail.

In my process of becoming an entrepreneur, I had to return to my mom
and dad’s values, which meant I could no longer lie, cheat, or steal,
especially when I was in trouble. Here are just a few opportunities that I
seized to improve my emotional maturity and strength of character.

When I lost the investors’ money, my rich dad encouraged me to go back

to them and apologize. I then agreed to pay them back. It took almost six
years to fulfill my commitment.