Essential Traits: Willing to Fail

Every entrepreneurial leap begins with taking a risk. In business, big rewards almost never come without big risks. That’s why best selling author Geno Wickman has identified “risk taker” as one of the six essential traits EVERY entrepreneur must have.

Real estate investor Mike Simmons has been taking risks his entire professional life. Mike was the first member of the 7 Figure Flipping mastermind group to reach a 7 figure gross profit in his business in 1 year.

If you’ve been to Flip Hacking LIVE or any of the 7 Figure Flipping mastermind meetings, you know Mike is one of the people that makes the 7FF community special. He is one of the leaders in our mentoring programs, as well as the Director of Fulfillment for the entire organization. Mike continues to flip and wholesale 10 to 15 properties per month in and around his home state of Michigan.

Want to hear more from Mike? Join him and the rest of the 7FF team at Flip Hacking LIVE, the #1 live event for impact-driven house flippers and wholesalers October 15-17, 2020, in Orlando, Florida.

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What Sets a Risk Taker Apart from Everyone Else?

For the entrepreneur, there is no path forward without risk. It’s a fundamental part of any entrepreneurial journey.

Part of being a risk taker is not over analyzing the potential consequences, according to Mike. “It’s important to do your due diligence, but the more you over-analyze, the more likely you are to talk yourself out of a deal, and you’ll never get anything done that way.”

Many times entrepreneurs don’t even recognize their own exceptional appetite for risk until they see the trepidation of others around them. What seems like an easy decision for a natural risk taker might keep their parents, partners, or spouses awake at night.

Blazing Your Own Path

A natural risk taker has an innate desire to set his or her own course. From the outside looking in, the risk-taking entrepreneur might seem rebellious or “difficult,” but for the entrepreneur, the only thing difficult is not having the chance to chart their own course. 

Mike states it very simply, “I take risks because I don’t ever want to stop calling the shots for myself. My only option is to take risks so that I can go in the direction I want to go.”

Failure is Progress

As an entrepreneur, Bill Allen doesn’t see failure the same way others do. “Part of being a risk taker is knowing that failure is okay. Risk takers fail all the time, but we iterate our failures. We try again, we adapt, we make a change, and then we keep failing. We know the failing is progress,” Bill says.

“The speed at which we can take a risk, fail, learn, and adapt is what determines our success as entrepreneurs.”

The True Test of a Risk Taker

The average person is often willing to take some risks, but only when circumstances are aligned to perfectly minimize the chance of failure. Usually, that only comes “tomorrow,” or one day off in the future… which means, for most people, it NEVER comes.

For the true entrepreneur, tomorrow is too late. If you’re willing to wait until some unspecified time in the future before you step out and take a risk, you probably don’t chart at the top end of the entrepreneurial scale.

This should not deter you from moving forward with your business. The purpose of this Essential Traits series is to help people understand who they are, where they are, where they want to be, and how to get there.

Links & Resources

If you missed Bill’s interview with Gino Wickman where Gino introduces these 6 essential entrepreneurial traits, check it out here!

Ready to accelerate your house flipping or wholesaling business? Get your ticket to Flip Hacking LIVE, the #1 live event for impact-driven real estate investors who want to tap into the strategies that are working RIGHT NOW in today’s market. Register at!

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