Latest news with #MistakesThatMadeMeAMillionaire
Forbes
a day ago
- Business
- Forbes
Meet The Founder Who Proves Making Mistakes Can Make You Millions
When Kim Perell sold her company for $235 million, the headlines focused on the massive exit. What they didn't capture were the wrong turns, missed opportunities and hard lessons that made that milestone possible. In her newest book, Mistakes That Made Me a Millionaire, Perell reframes failure not as a setback but as a catalyst for resilience, creativity and ultimately wealth. A serial entrepreneur who has founded nine companies and an angel investor with more than 150 startups in her portfolio, Perell knows the road to success is rarely straight. Her journey, told in her three bestselling books, offers an inside look at what it really takes to build and rebuild businesses. The central lesson is that mistakes aren't fatal, they are necessary. The Power of Execution Perell's first book, The Execution Factor, tackles one of entrepreneurship's most common challenge - ideas are everywhere but successful execution is rare. 'Clarity of vision gives you power,' she told me. The challenge lies in turning ideas into action. Her advice is to 'think big but act small.' Dream of seeing your product in every Target across America, for example, but start by selling it to a neighbor. She also emphasizes the importance of finding even a single believer, whether a customer, an investor or a friend. That early validation gives entrepreneurs the confidence to keep going, especially when mistakes feel overwhelming. For Perell, execution is less about perfection than persistence. Progress comes from learning, adapting and continuing despite setbacks. Jumping Into the Unknown Her second book, JUMP: Dare to Do What Scares You in Business and Life, addresses another universal barrier - fear. Success, she argues, doesn't come from staying safe. It comes from being willing to take the leap. 'Your confidence in yourself has to be greater than everyone else's doubt,' she explained. Rejection, she says, is inevitable but it is also instructive. 'Rejections are like mistakes. If it happens enough, you just get numb to it. I just know I have to get to the one yes so, I keep going.' This perspective explains her willingness to invest at the idea stage, often before a company has revenue. She is betting on conviction, tenacity and self-belief, the very qualities that helped her recover after early career setbacks. The Lessons of Mistakes In Perell's most recent book, Mistakes That Made Me a Millionaire, she shares the wrong turns that ultimately fueled her success. Among the most common mistakes she highlights are: One of her hardest lessons came from trying to shoulder everything alone. In her first company she adopted what she calls a 'lone wolf' mentality. The result was burnout. 'No matter how great you are, if you don't have a team and you don't have the 'four people pillars', like a house, you can't stand.' Those four pillars form a framework every founder can use: Without that scaffolding, she says, even the most determined entrepreneur will struggle. Reframing Mistakes as Strategy Perhaps the boldest message of her new book is that mistakes deserve a makeover. From childhood we are taught to avoid them at all costs. Perell insists they are not evidence of weakness but proof of progress. 'Success isn't a straight line,' she said. 'It's the mistakes and the challenges and roadblocks and no's and rejections that make you great.' She points to a defining moment early in her career when she turned down a board opportunity because she felt underqualified. Looking back, she calls it one of her biggest mistakes. Today she takes the opposite approach. 'From now on I'm just going to say yes and figure it out as I go.' By sharing the truth, not just the headline of a nine-figure sale, she reminds readers that every rejection, wrong partnership and missed chance is not the end but a step forward. Advice Every Female Founder Should Hear Perell's advice is especially powerful for women who often feel pressure to be perfectly prepared before taking risks. She recommends women don't wait until they are ready, don't fear rejection and don't go it alone. And, most importantly, don't bury your mistakes. 'Mistakes are essential to being successful,' she said. 'There is a lesson in every mistake. Learn from it and grow from it. Instead of trying to not make them, embrace them. Just don't make the same mistake twice.'
Business Insider
24-07-2025
- Lifestyle
- Business Insider
I'm a twin raising 2 sets of twins. I know I need to encourage their individuality.
This as-told-to essay is based on a conversation with Kim Perell, author of " Mistakes That Made Me A Millionaire." It has been edited for length and clarity. My family is knee-deep in twins. My twin sister and I look just alike, but we're not identical. I'm raising two sets of twins: boy/girl fraternal twins who are 11, and identical boys who are 6. My sister also has identical twin girls, who are 18. It's not just this generation: my grandpa was a twin, and my husband has twins in his family too. When we're together, it's a bit chaotic since everyone looks and sounds alike, but I love it. People often say, "I can't believe you have to deal with that," but I don't see twin life as a chore. I see it as a blessing, even though there are some downsides. Growing up as a twin was tough My sister was always smarter, faster, and stronger than me. When you have someone who shares your exact experiences and most of your DNA, you're going to compare. For me, comparing with her was a losing battle. She was so smart that she was bused to a gifted and talented program, while I went to regular school. When I was young, my mom shared the saying, "Comparison is the thief of joy." She encouraged me to find my own areas to shine rather than competing with my sister. I started doing individual sports like tennis or swimming, while my sister stood out in team sports. It taught me early on that it's okay to be different. I encourage individuality in my kids My 11-year-old son is very into sports, while my daughter loves the arts and reading. I like that they have different interests, even though it makes my life more hectic. We have four kids in four different activities, which is a logistical nightmare. At the same time, I accept that there's always going to be some competition between siblings, especially twins. Whether it's on the soccer field or in the classroom, they'll compare each other. We're realistic about that, but try to balance it out with activities that everyone loves and excels at, like surfing and wakeboarding. A schedule is critical My home runs like a well-oiled machine. Each night, we sit down for family dinner at 6 p.m.. By 7 p.m., we're usually doing family activities outside. Then, by 8 p.m., everyone is in bed and there's not a sound to be heard. Scheduling is just as important now as it was when the kids were babies. It keeps them focused and helps everyone know what to expect. I chose to have twins, but also got a surprise My husband and I went through a long IVF journey. During that time, I wanted to have twins, so we implanted two embryos when I got pregnant with my older kids. I was thrilled when an ultrasound confirmed there were two. But no one is crazy enough to opt for twins twice. It took me a while to convince my husband to have any more children, and when he agreed, we transferred only one embryo. By some miracle, it split, giving us our double twins. If we had looked at that as overwhelming, it would have been. Instead, we chose to see it as an efficient way to build our family. We couldn't even attempt to do it alone, so we relied on our village of family, friends, and hired help. Even though the kids are all in school today, our after-school nanny is critical. The bond that twins have is amazing. I have it with my sister, and I'm so glad that my nieces and my children get to experience it too.
Business Insider
17-07-2025
- Business
- Business Insider
I sold my company for $20 million at 30. I share my stories of success and failure because both are important.
This as-told-to essay is based on a conversation with Kim Perell, author of " Mistakes That Made Me A Millionaire." It has been edited for length and clarity. Ever since I was a kid living in Oregon, my life has been a roller coaster ride of entrepreneurship. My parents were entrepreneurs who experienced big highs and big lows. Running their own business created a lot of stress in my household. We never knew if we'd have enough money to turn on the heat during the winter. There was tension between my parents and my two siblings, and I felt it, too. When we sat down for dinner each night, my dad would ask about the worst part of our day, which always led to him talking about business troubles. He didn't ask about school or sports, but was always up for talking business, so we saw the difficult parts of entrepreneurship up close. I didn't want to become an entrepreneur until I got fired I didn't want to be an entrepreneur because I had seen the stress and inconsistency it caused in my family growing up. All I wanted was a stable job with a paycheck every two weeks. So, I went to college and got just that — or so I thought. After about two years, the company I was working for went bankrupt. I was fired and broke. That was an important lesson: whether you're an entrepreneur or an employee, there's no such thing as certainty and security. If nothing is guaranteed, the best bet you can make is on yourself. I waited too long, but then jumped into digital advertising After that, I was interested in starting a company, but I made the mistake of waiting for the ideal time. I've since learned that launching a business is like becoming a parent: there's no perfect time. You've just got to jump in. So, I took a $10,000 loan from my grandmother to start a digital ad agency. My grandma didn't understand what the internet was, but she believed in me, and her loan allowed me to start the company at my kitchen table. I sold my company for $20 million when I was 30 Growing up as a twin, I learned early on to differentiate myself. That gave me a lone wolf mentality that was hard to shake. That's another mistake I made: trying to do everything alone. Once I finally hired help, I was able to grow and scale. The company flourished. When I was 30, I sold my digital ad company for about $20 million in cash and equity. I remember going to the ATM, and my bank balance had too many digits to print on the receipt. That was the best day of my life. My maxed-out credit cards and 3 a.m. worries had paid off. I had created security for myself. As a mentor, I aim to normalize failure I'm 48 now. Since selling that first company, I've become a serial entrepreneur, investor, and business mentor. I speak with my clients not only about my success, but about the failures I've had along the way. I'm not sure my dad did the right thing by sharing his business woes at the dinner table each night, yet that normalized failure for me. If failure isn't normalized, you can become paralyzed by fear and get stuck. To succeed as an entrepreneur, you need to know you're going to make mistakes and do it anyway. My failures have contributed to my success I want my four kids to be comfortable taking risks. Make mistakes; think big; and fail occasionally. That's where you grow. Our children are going to need that adaptability and willingness to try new things in a world that is changing more quickly than ever. As a young adult, I wanted consistency, but I've learned the only constant is change. Embracing change and failure has led to my biggest successes.
