5 Things Millionaires Do That Most People Don't

. Millionaires work hard.

A lot of people think that winning the lottery is their ticket to success, but I’ve got bad news for you. Nearly 90 percent of lottery winners go through their winnings in five years or less, leaving them back in the same situation they were in before they won.
Millionaires know that there are no shortcuts to success. There’s only hard work executed relentlessly in pursuit of a goal.
I know that, in my case, I wouldn’t be where I am today if I hadn’t been willing to work hard. I didn’t have a mentor when I started trading stocks in high school. It was up to me to put in the hours needed to become successful. There were plenty of times I would have rather gone out with friends or played video games -- anything but sit in front of the computer and study stock charts for another hour.
But I did it. I put in the work upfront because I knew the results would be worth it, they’ve paid off. I’m living my dream lifestyle because I wasn’t afraid to work hard.
Related: Sure, Work Hard, But Also Create Your Own Luck

2. Millionaires are focused.

That said, it isn’t just about working hard. You have to be working hard on the right thing.
Have you ever known somebody who’s constantly jumping from one “million dollar idea” to another? We all want to be rich, but the people who can’t choose one path to focus on simply aren’t going to achieve it. It’s the people who dedicate themselves to a single pursuit that come out on top, whether that one path is penny stock trading, company building or something else.

3. Millionaires are careful about risk.

I happen to think that penny stock trading represents one of the best opportunities to build generational wealth. The barriers to entry are low and, if you follow the rules I’ve learned, your risk is relatively low.
But whatever wealth-building approach you take, you’ve got to keep your risk in check. It’s not that you shouldn’t take risks, but the risks you take should be calculated. One of the tools we use in trading is the “risk-reward ratio” -- basically, how much risk you’re willing to take on for how much potential reward.
You can apply this line of thinking to just about anything in your life. If there’s more risk than there is reward, stay away. But if there’s more potential for reward than there is risk of loss, you may be looking at a great opportunity you should take.
Related: Too Fast, Too Careful: The Struggle to Find Your Growth Sweet Spot

4. Millionaires are generous.

Take a lesson from generous billionaires Bill Gates, Warren Buffett, Carl Icahn and Ken Langore. Giving money can feel just as good (if not better) than earning it.
I’ve recently started my own charitable foundation in order to give back $2 million to my community, and I have to tell you, it feels amazing. I wish I hadn’t waited so long to get started, but I’m looking forward to making up for lost time.

5. Millionaires never stop learning.

This is such a big one. Millionaires love to learn because they’re always looking for ways to expand their skill sets and get ahead in their fields. They read books, watch documentaries, study educational materials and talk to others who can give them more information. Millionaires know that knowledge is power, and they stop at nothing to get it.
No matter what your net worth is right now, you can put this tip into practice today. If you’re learning to trade penny stocks, you can watch videos, read SEC statements, study stock charts or learn from others in industry chat rooms. You can do all of these things for free, but the value of what you learn will be worth so much more in the long run.
Which of these habits could you add to your life? Commit today to making at least one change that puts you on the path to becoming a millionaire.

Stop Saying You Don't Have Time to Start a Business. Make Time With These 6 Tips.

Think of how many amazing business ideas are left on the shelf to collect dust because they are not pursued. Dreams are left to die because their creators assumed that he or she didn’t have the time to start a business. What a horrible excuse.
If you have an idea for a business, go for it. Why? Because if you don’t, you are going to regret it and you might be passing on a truly amazing experience.
“I’ll start it next year.” What if there isn’t a next year?
“I’m not sure if now is the time.” If you don’t do it, someone else will.
“I don’t have the time now.” Make the time.
Related: Create a '26-Hour Day' With This Simple Strategy
Here are six tips to help you start a business, even if you have a full-time job or feel like you don’t have the time.

1. Wean yourself off social media.

What did Richard Branson or Mark Cuban have for dinner last night? Who was their #WCW? What #TBT picture did they post this week? You probably aren’t going to find the answers to these questions -- they aren’t glued to social media 24/7 like 99 percent of the population.
There is nothing wrong with social media, but if you are serious about starting a business, think of how much extra time you could round up if you scaled down your social-media use. You don’t have to quit cold turkey, but less hashtags and more time devoted to bringing your business idea to life will help you realize your dream.

2. Stop watching marathon sessions of TV shows.

I have a confession to make -- I have never watched a single episode of Game of Thrones. Seriously. I wish I had a dollar for every time I heard someone mention a “Game of Thrones marathon” when asked what their plans were for the evening or weekend.
I know people that constantly talk to me about how they would love to start a business and complain about not having extra time -- the same people that piss away hours every week watching reruns of a TV series they have already seen multiple times. I can’t comprehend that thought process. Cut back on TV binging and watch how much extra time you now have for your business.

3. Organize personal errands.

Everyone has personal errands and responsibilities -- there is no way around them. While you can’t avoid things such as grocery shopping, trips to the bank, shopping and other miscellaneous errands, you can structure them in a way that makes you more efficient.
When you have structure, it eliminates wasted time trying to figure out when to get tasks accomplished. For example, do your grocery shopping early on Tuesday mornings after the gym and hit the post office on Wednesdays on your way home. A very simple, but concrete, personal errand schedule will free up a lot of extra time that was once wasted trying to schedule these little tasks.
Related: Stop Wasting Time, Especially When It Comes to Social Media

4. Wake up early and stay up late.

Anyone can start a business, even those that are currently working a full-time job. Do you currently wake up at 8 a.m. just in time to shower and make it to your job at 9 a.m.? Then wake up at 6 a.m. and work on your business idea for two solid hours.
A full-time job is just an excuse -- if you want it bad enough you will make sacrifices. I hear many people say they can’t find extra time because they have a family and small children. When you get home from work, play with your kids, eat dinner with the family and then switch into business-building mode after you put the little ones to sleep. Nobody said it would be easy, right?

5. Set realistic goals.

It’s important that you set realistic goals for yourself from the very beginning. If you can only dedicate one hour to your business every day, then so be it. Understand that it will take longer, but if you are constantly picking away at small goals that help you reach your main goal, you are going to eventually get there. Start now.
The worst thing you can do is continue to make excuses. Imagine if you said, “I’ll start my business when I have more free time” every day to yourself for six months. You would waste 180 hours that could have been dedicated to your business.

6. Convert "downtime" to "business-development" time.

If you take public transportation to work every day, allocate that time to your business. Instead of playing Candy Crush Saga on your phone while you ride the subway, use that time to complete small tasks related to your business.
Rather than leaving the office to grab lunch, pack a lunch and eat it at your desk while you work on your business. Even just an extra 30 to 45 minutes per day is valuable time invested in your business dream. Run through your typical day in your head and find downtime that you can convert into a more productive and beneficial block of time.
When you decide to take the plunge and start a business, check out my company’s online-marketing blog for free tips and consider joining my private business forum.
What are some other ways to make time to start a business? Share your thoughts in the comments section below.

How to Make the Jump From Employee to Entrepreneur in 5 Steps

What I have to say may upset you, or it may inspire you: We all have amazing dreams and aspirations, but many people will never achieve them because they were set up to live a mediocre life.
When you look at our society and the way you were raised, you were taught to get good grades in school so you could get into a good college. Once you got your acceptance letter you studied hard so you could get a good job. The day came where you put on your cap and gown, walked across the stage and began your life in the professional world with the hopes of climbing the corporate ladder fast.
You work hard so one day you can save up enough money to retire. Fast-forward 20 years and you’re in your 40s working a job that doesn’t fulfill you and you ask: Is this all life is? Am I doomed to a life of mediocrity?
Related: 6 Reasons to Reconsider Your Planned Corporate Escape
Entrepreneur and consultant Justin Lafazan and I discussed this topic. Justin’s perspective is that people are starting to challenge the status quo and redefine what the path to success looks like.
So how can you stop being a cog in someone else’s machine and venture out into the world of entrepreneurship? Here is how you can take control of your life and switch from employee to entrepreneur:

1. Recognize that you have a clean slate in front of you.

If you’re still reading this, then you probably want to have the choice of leaving your current job for your own business. Great!
First, you first have to recognize that you have a clean slate in front of you. I have a lot of friends who began their careers as CPAs and do not feel that they spend their days living their true calling. Yet so many of them feel that if they were to start a business, they would have to leverage their CPA.
Don’t let your past experience be a weight that holds you down from doing what you were born to do!

2. Identify what you were born to do.

How do you figure this out? While there is no cookie-cutter approach, Justin recommended the following:

• Identify your passions. What do you love to do?
• Identify your skills. What are you really good at?
• Identify your values. What really matters to you?
• Find the intersection of those three.

Related: A 3-Step Formula to Success -- Really
This exercise does not work like a gumball machine where you put a quarter in and out pops your life’s calling. What it will do is help you ask yourself the right questions every day, which over time will build your awareness and help you navigate your path.

3. Find the right mentors.

At this point you have a choice. You can try to navigate this process on your own and waste a lot of time and money, or you can find people who have done this before and let them help you.

4. Turn your day job into a game.

We all have 24 hours in a day, yet how is it that some people are able to get so much more done? It all boils down to efficiency. The faster and better you get something done, the more time you free up to take on the next task.
Now that you have set the intention of starting your own business you will need to free up some time. The best way to do this is to turn your day job into a game. With my sales job, I ask myself every day, “How can I earn twice as much income working half the time?”
Questions such as this will change the way you view your job and get you excited about getting things done. This will help you multiply your time exponentially.
Go ahead and come up with your own empowering questions and turn your job into a game!

5. Give yourself the choice to burn the ship once you’re got another boat.

Many people preach burning the ships so you have no option other than to succeed. That has worked for some and compromised others. When you have to put a roof over your family’s head and food on the table, you may want to take a more conservative approach.
You’ve committed to performing at your day job at the highest level so you can free up time to build your business on the side. Once your business gets to a point where you have replaced your income you can choose to burn the ship, or not. Either way, you have the choice.
While society has set you up to live a mediocre life, at the end of the day it’s your life and you are accountable for it. You have made the investment in yourself, now go take action and live an extraordinary life!

How to Make the Jump From Employee to Entrepreneur in 5 Steps

What I have to say may upset you, or it may inspire you: We all have amazing dreams and aspirations, but many people will never achieve them because they were set up to live a mediocre life.
When you look at our society and the way you were raised, you were taught to get good grades in school so you could get into a good college. Once you got your acceptance letter you studied hard so you could get a good job. The day came where you put on your cap and gown, walked across the stage and began your life in the professional world with the hopes of climbing the corporate ladder fast.
You work hard so one day you can save up enough money to retire. Fast-forward 20 years and you’re in your 40s working a job that doesn’t fulfill you and you ask: Is this all life is? Am I doomed to a life of mediocrity?
Related: 6 Reasons to Reconsider Your Planned Corporate Escape
Entrepreneur and consultant Justin Lafazan and I discussed this topic. Justin’s perspective is that people are starting to challenge the status quo and redefine what the path to success looks like.
So how can you stop being a cog in someone else’s machine and venture out into the world of entrepreneurship? Here is how you can take control of your life and switch from employee to entrepreneur:

1. Recognize that you have a clean slate in front of you.

If you’re still reading this, then you probably want to have the choice of leaving your current job for your own business. Great!
First, you first have to recognize that you have a clean slate in front of you. I have a lot of friends who began their careers as CPAs and do not feel that they spend their days living their true calling. Yet so many of them feel that if they were to start a business, they would have to leverage their CPA.
Don’t let your past experience be a weight that holds you down from doing what you were born to do!

2. Identify what you were born to do.

How do you figure this out? While there is no cookie-cutter approach, Justin recommended the following:

• Identify your passions. What do you love to do?
• Identify your skills. What are you really good at?
• Identify your values. What really matters to you?
• Find the intersection of those three.

Related: A 3-Step Formula to Success -- Really
This exercise does not work like a gumball machine where you put a quarter in and out pops your life’s calling. What it will do is help you ask yourself the right questions every day, which over time will build your awareness and help you navigate your path.

3. Find the right mentors.

At this point you have a choice. You can try to navigate this process on your own and waste a lot of time and money, or you can find people who have done this before and let them help you.

4. Turn your day job into a game.

We all have 24 hours in a day, yet how is it that some people are able to get so much more done? It all boils down to efficiency. The faster and better you get something done, the more time you free up to take on the next task.
Now that you have set the intention of starting your own business you will need to free up some time. The best way to do this is to turn your day job into a game. With my sales job, I ask myself every day, “How can I earn twice as much income working half the time?”
Questions such as this will change the way you view your job and get you excited about getting things done. This will help you multiply your time exponentially.
Go ahead and come up with your own empowering questions and turn your job into a game!

5. Give yourself the choice to burn the ship once you’re got another boat.

Many people preach burning the ships so you have no option other than to succeed. That has worked for some and compromised others. When you have to put a roof over your family’s head and food on the table, you may want to take a more conservative approach.
You’ve committed to performing at your day job at the highest level so you can free up time to build your business on the side. Once your business gets to a point where you have replaced your income you can choose to burn the ship, or not. Either way, you have the choice.
While society has set you up to live a mediocre life, at the end of the day it’s your life and you are accountable for it. You have made the investment in yourself, now go take action and live an extraordinary life!

Banks In Dilemma Over Idle $5bn Deposits

LAGOS — Indications emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults.

1000-naira-notesBanks, it was gathered, have their vaults full of dollars that they do not know how to dispose them. It is funds they can neither lend to other banks nor sell to CBN, and the only option open to them is to sell.

Bank foreign exchange officers, who spoke to Vanguard. said that as of today, no bank will buy dollar from anybody. The source said it is not for any other thing but the fact that the banks have more than enough in their vaults.

The dollars being sold by banks for BTA and PTA, they say, have no direct relationship with the foreign reserve, hence the marginal increase in the nation’s external reserve despite continued downward trend in crude oil prices.

Vanguard gathered that banks have been pleading with the CBN to allow them sell off their dollar holdings when the apex bank could not supply enough dollars to fund customers’ request for BTA and PTA. It was learnt that when the CBN finally gave its nod recently, the banks immediately called on their customers and the public to buy Basic Travelling Allowance from designated banks.
Vanguard learned that there is more than $5 billion within the economy that are still in the hands of individuals outside the banking system.

It also learned from top bankers that before the general elections, there was scarcity of foreign exchange in the banking system and that banks were allocated about $30,000 for sale to customers that requested for BTA, which was grossly inadequate for most banks.

He said immediately after the election, banks started receiving dollar deposits in millions per day. This, he said, was done mainly by politicians, who got dollars during the electioneering campaign, which resulted in banks’ vaults stocked with dollar deposits that can neither be given out as loans nor transferred as it would be regarded as money laundering.

A bank customer, who used funds from a domiciliary account to support his ward’s visa application before the glut of the dollar in the system, said the bank made it clear it could not transfer the fund from the child’s domiciliary account to the parent’s account after the visa was secured.

The parent said the bank added that if the child travels abroad, the fund cannot be withdrawn by the parent even if the child had already signed a withdrawal form for the parent’s use when the money is needed.

Banks refuse to accept dollar cash deposits
Banks are now refusing to accept any form of dollar cash deposits and even insist that transfer from one domiciliary account to another in the same bank will be regarded as a form of cash deposit that regulators will frown at.

According to them, the rules are now very stringent and no bank wants to be on the wrong side of the law. In one of the banks, Vanguard learned that no local bank will undertake to do transfer for Nigerian parents whose wards are in schools abroad which accommodation are not directly linked to the school.

Nigerian banks, they added, will also not do a third party transfer. Unfortunately for many Nigerian parents whose wards are enrolled in masters’ programmes in the United Kingdom, many universities in the UK do not provide direct accommodation for second degree students and such students have to contract accommodation with property owners.

Situation worrisome

The situation has become worrisome to many as those who attempted to change huge sums at the unofficial market were given rates they considered ridiculous.

A roadside forex dealer told Vanguard that they do dollar exchange transactions for desperate Nigerians at the rate of between N198 and N203 to the dollar whereas they sell at N225 to the dollar.
Vanguard gathered that many parents with genuine need of transfer to pay for student accommodation in London are desperately looking for alternative means.

A parent, who spoke to Vanguard, said the new policy has created a new form of business for some Nigerians living abroad who are now exploiting the situation. He said that those who have pounds and are living in London sometimes do agree to help pay for student accommodation but ask for an exchange rate of N358 to the dollar.

It will be recalled that the Central Bank of Nigeria, CBN, recently proscribed acceptance of forex cash deposits by banks operating in the country.

Forex market now segmented into four layers
Reacting to the ban, Managing Director, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, in his monthly economic news and views entitled, “Market versus Economy,” presented at the Lagos Business School’s executive breakfast meeting, said: “The forex market is now segmented into four layers. The differential between the segments will widen as the ability to move between segments becomes more difficult and risky.

“The desperation for electronic dollars will push that market to N250. Cash dollars will be at N240. The magnitude of the currency value adjustment will be dependent on when the subsidy is removed.”
He listed them to include the interbank foreign exchange market (IFEM), the BDC rate, rate at which exchange proceeds are converted into Naira and electronic transfer rate.

He said: “The electronic transfer rate and the cash rate were the same before. But now, banks will not accept dollar cash again. When I get dollars, for me to transfer it is going to be too costly.”

The CBN in an advertorial in several newspapers had, however, reiterated that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate. A statement from the CBN stated that already all the legitimate demands for such transactions through recognised channels have been fully met by CBN.

According to the statement, “the CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.

“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.

“Furthermore, holders of Naira-denominated debit and credit cards shall continue to have access to the use of their cards at ATM machines in any part of the world but subject to the annual limit of $50,000. ATM withdrawals shall continue to be a maximum of $300 per day.”

In a related development, Guaranty Trust Bank Plc (GTBank), informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300.


http://www.vanguardngr.com/2015/08/banks-in-dilemma-over-idle-5bn-deposits/#sthash.npoK1F5t.dpuf

6 min read 5 Secrets to Running a Successful Ecommerce Business

However, if you want to turn your ecommerce store into a massive business, the only thing getting in the way is you. The potential is always there, and you have to make a decision to start putting in the time and effort it requires to scale up.
Here are five top secrets to running a successful ecommerce business.

1. Treat your ecommerce business as if it were a thriving offline business.

How do you treat your ecommerce business? Do you see it as a hobby? Something fun to do in your spare time?
It might be easy to see it that way, especially if it isn't earning you millions of dollars yet. However, if you sincerely have the desire to grow it into a massive business, you need to act as if it is already.
Related: Selling Online: Art, Science or Just Hard Work? What's Your Experience?
”Your ecommerce store is a real business, and it should be treated with the same respect that the CEOs of Fortune 500 companies treat theirs," says Anton Kraly from DropShipLifestyle.
A lifestyle business is nice to have, but realize that you can create even greater wealth by focusing on the ongoing growth of your business. Don't wait around for your venture to feel like a big business. Think about the decisions you would make if it already was.

2. Find the right software for your business.

As a business owner, you need to have the depth of vision to see potential issues before they even come up. For many ecommerce business owners, software is something that needs to be addressed and evaluated on an ongoing basis, because it's really foundational to the entire operation.
Security concerns, scalability, usability, marketing tools and other factors have to be taken into account when you're looking for the right software to rely on.
"The real growth killer is when an online store owner is not running the right ecommerce software for their business," says Susan Delly of Zippy Cart. "Your ecommerce software should be scalable, secure, user-friendly and have a solid set of conversion and marketing tools."
The right tool depends largely on what needs you have. Make sure to identify your challenges and do your research to find the tool that matches your requirements.

3. Figure out where your customers are.

This is business 101. Know who your target audience is, and figure out where they like to hang out. Many business owners don't take this step seriously, and end up wasting a lot of their time and resources on marketing that doesn't convert.
"We started off promoting on social media and that got us nowhere fast. After about six months in business we were connected with someone at a deal site, ran our first deal and it was a success," says Jessica Geier of Raw Generation. "After that I spent an entire month searching out every deal site I could find and contacted all of them until we got on their calendars. That was the catalyst for our early success and I have no doubt that is the reason we are still in business."
Of course, this doesn't necessarily mean that you should go after deal sites as well. It really depends on what your business is centered on, what products you offer and who your target market is.
However, you do need to take this principle seriously. If you can figure out where your marketing dollars are going to produce the greatest return on investment, you'll have an easier time bringing in a steady stream of leads.
If you still need to determine who your target market is, take a read through 10 Questions to Ask Before Determining Your Target Market.
Related: 4 Signs Your Site Traffic Is Being Hijacked by a New Type of Malware

4. Allow your customers to be your brand ambassadors.

There's nothing quite like the glowing testimonial of a satisfied customer to add credibility to your business. By collecting and sharing testimonials and reviews on a regular basis, you can encourage more sales from your website visitors.
"The most powerful tip we could give in growing your ecommerce business is allowing your customers to be your brand ambassadors," says Michelle Michalak from Slyde Handboards. "Make it easy to compile and share testimonials and reviews from your customers."
You can talk yourself up as much as you want, but it's ultimately what people say about your business that's going to have the biggest impact on buying decisions. Your customers are the greatest assets you have, so learn to leverage them.

5. Remove friction from the checkout process.

If you want to sell more product, you have to ensure that your visitors aren't getting frustrated, abandoning their carts and leaving your site to find another store where they can purchase a competitor product.
Friction is one of the biggest challenges for most etailers, especially as we move into the mobile age. You have to find a way to make checkout so simple and easy that anyone could do it.
"My biggest tip to grow an ecommerce business is practically common sense, but I rarely see websites taking it as seriously as they should: remove friction from the checkout process," says Nick Eubanks of SEO Nick.
Eubanks goes on to suggest several ways of achieving this end:

• Eliminate the need for account creation.
• Reduce the number of screens the customer has to go through.
• Make sure your default shipping option is the cheapest, unless there's a faster option for the same price.
• Use as few form fields as possible, and use auto-fill where applicable.
• Save billing, shipping and payment information when and where possible.
• Provide several ways for your customers to pay for their order, including common payment options such as PayPal and Amazon.

If you're looking for more great tips, take a read through How to Grow Your Ecommerce Business: Experts Reveal Secrets.
Ultimately, you can grow your ecommerce business to whatever level you see fit. It depends entirely on how ambitious you are, and what you want out of it.

5 min read 3 Things to Do If You Want to Become a CEO by Age 30

Today, the path to becoming a CEO can look very different, particularly within tech and internet startups. But the skills required to be an effective leader are the same as ever. These skills typically take a life of experience to acquire, but there are ways to overcome that time challenge. Here are three things you should do to qualify as CEO material, even if you are short on life experience -- but still big on energy and bold ideas:

1. Build a team to compensate for your shortcomings.

Even a seasoned executive needs a sounding board of people who can offer guidance, particularly for areas that fall outside his or her core expertise. For young leaders, this is essential, to avoid serious mistakes. Lack of experience can lead to very painful consequences: hiring the wrong people, spending too much money, getting stuck with bad contract terms, or falling afoul of the law -- to name just a few.
Consider the example of Mark Zuckerberg and Sheryl Sandberg at Facebook: He drives the products, while she is the more business-oriented person. They complement each other with their skills, and work together to achieve a common goal of building a successful company. Google co-founders Larry Page and Sergey Brin (both 25 years old when they founded the company) brought in a more experienced Eric Schmidt so that they could gain management depth before taking over in their own right.
When building your leadership team, then, don’t look for people who are exactly like you. Find those who can round you out and challenge you to grow.

2. Use the power of positive -- and negative -- thinking.

If you are launching a business when you are still in your 20s -- without scars from past challenges -- you will have some advantages and many disadvantages.
The biggest disadvantage is the lack of a track record, which a potential investor might want to use to evaluate your probability of success. This can be overcome only by spending many hours selling your idea to as many people as will listen to it. In the venture capital universe, Bay Area investors have traditionally been the most willing to take a gamble on an untried team. Another potentially helpful strategy is to hire a more seasoned person to front the fund-raising, but take care not to lose control of the business in the process.
Related: 7 Insanely Productive Habits of Successful Young Entrepreneurs
An interesting advantage you may have as a young leader, meanwhile, is the likelihood that you probably do not know what is not possible; yet, you will attempt to do it anyway. This might result in a breakthrough that a more experienced person might miss due to a past negative experience. And that would be wonderful. But real breakthroughs are relatively rare. Most progress is incremental, and to attain incremental success, tapping into the experience of previous successes and failures can be very helpful.

3. Practice humility.

Leaders need to be transparent, and humble when humility is appropriate (which is very often). In fact, intellectual humility -- the ability to step back and embrace the better ideas of others -- is, for Google (to name one leading company) a more important hiring criterion than credentials. Unfortunately, humility is often perceived as a weakness, when in fact it is one of the greatest strengths a leader can possess.
Humble people listen to and learn from others. They take the backseat when someone more able than themselves is available to solve a problem. They give credit where credit is due. They are less prone to hubris when things go really well. They constantly question their own views and motivation to ensure that they are truly aligned with the desired business outcome. All of these values are essential to build a high-performance organization. But of course business is all about winning.
Being humble is fine, but a leader also must be willing to lead to victory.
So, my advice is to practice humility -- just don’t forget to win.