Episode # 67: Overcoming Failure and Building Momentum in Life with Mike Ashabi

✍️ Episode Overview:

In this inspiring episode of the Five Core Life podcast, host Will Moore sits down with Mike Ashabi, a remarkable entrepreneur who transformed his life from rock bottom to success. Mike shares his journey of overcoming failure, battling debt, and turning his life around to build two successful businesses.

Mike's story is a testament to the power of perseverance and the importance of overcoming failure. From being $30,000 in debt and contemplating suicide to becoming a successful business owner, Mike's journey illustrates how one can use their lowest points as a springboard for growth and success.

Throughout the episode, Mike and Will discuss the critical role of mindset in overcoming failure, the importance of surrounding yourself with the right influences, and how to harness the power of momentum to achieve your goals. They delve into practical strategies for building success habits, the impact of perspective on personal growth, and the value of giving back to others.

This conversation is packed with actionable insights for anyone looking to overcome failure, build momentum in their life, and achieve success across the five core areas: mindset, career and finances, relationships, physical health, and emotional and mental health. Whether you're an aspiring entrepreneur or someone seeking personal growth, this episode offers valuable lessons on turning failures into stepping stones for success.

📖 Chapter Summaries:

1. From Rock Bottom to Success (2:20 - 6:40) Mike Ashabi shares his inspiring journey from being $30,000 in debt and contemplating suicide to building successful businesses. He discusses how hitting rock bottom became the catalyst for his transformation, emphasizing the importance of perspective in overcoming failure. Mike explains how he used his lowest point as motivation to educate himself, change his mindset, and pursue a career in finance and business coaching.

2. The Power of Perspective in Overcoming Failure (5:25 - 7:50) Will and Mike dive into the crucial role of perspective when facing setbacks. They discuss how viewing failures as learning opportunities rather than defeats can significantly impact one's journey to success. Mike shares his experience of losing $300,000 on a book tour, but instead of seeing it as a failure, he viewed it as valuable content and experience for future endeavors. This section highlights the importance of maintaining a growth mindset when overcoming failure.

3. Building Success Habits and Eliminating Failure Habits (14:45 - 17:30) The conversation shifts to the importance of developing success habits and eliminating failure habits. Mike candidly shares his struggle with overthinking, discussing how it can be both a strength and a weakness in business. He emphasizes the importance of quick decision-making and taking action to overcome analysis paralysis. This section provides practical advice on how to build momentum by focusing on action rather than perfectionism.

4. The Impact of Environment on Overcoming Failure (17:15 - 20:30) Will and Mike discuss the significant influence of one's environment on personal growth and success. They explore how the media we consume, the music we listen to, and the people we surround ourselves with can subconsciously program our minds and affect our ability to overcome failure. Mike shares his personal experience of realizing the negative impact of certain music on his mindset during his lowest point, highlighting the importance of consciously choosing positive influences.

5. Seeking Internal Validation for Long-term Success (23:50 - 25:00) In the final segment, Mike shares his most important piece of advice: stop seeking external validation and focus on internal validation. He explains how mastering your internal environment can help you influence your external circumstances, a crucial factor in overcoming failure and achieving lasting success. This powerful message encapsulates the overall theme of the episode, emphasizing the importance of self-reliance and inner strength in the journey of personal growth and success.

🔑 Key Takeaways:

1. Embrace the power of perspective when facing failure. Mike Ashabi's journey from rock bottom to success illustrates how viewing setbacks as opportunities for growth can be transformative. Instead of dwelling on his $30,000 debt and suicidal thoughts, Mike used this low point as motivation to educate himself and pursue a career in finance and business coaching. When overcoming failure, try to reframe your challenges as stepping stones to success.

2. Develop a growth mindset to overcome failure effectively. Mike's story demonstrates that success isn't about avoiding failures but learning from them. For instance, when he lost $300,000 on a book tour, instead of seeing it as a devastating failure, he viewed it as valuable content and experience for future endeavors. Cultivate a mindset that sees failures as learning opportunities rather than defeats.

3. Take quick, decisive action to build momentum and overcome failure. Mike emphasizes the importance of making decisions quickly and taking action to avoid analysis paralysis. While overthinking can sometimes be beneficial for analyzing situations, it can also hinder progress. Practice making decisions more swiftly and taking immediate action on your goals to build momentum and overcome the fear of failure.

4. Be mindful of your environment and its impact on your ability to overcome failure. The podcast highlights how the media we consume, the music we listen to, and the people we surround ourselves with can subconsciously influence our mindset and actions. Mike shares how he realized the negative impact of certain music on his mindset during his lowest point. To overcome failure more effectively, consciously choose positive influences in your life, whether it's the content you consume or the people you spend time with.

5. Focus on internal validation rather than external approval. Mike's most important advice is to stop seeking external validation and instead focus on internal validation. By mastering your internal environment, you can better influence your external circumstances. This approach is crucial for overcoming failure and achieving lasting success. Practice self-reliance and build inner strength to navigate challenges more effectively.

6. Use your past struggles as motivation for future success. Mike's journey demonstrates how one can use their lowest points as fuel for growth and success. He turned his experience of being in debt and contemplating suicide into a mission to help others in similar situations. When facing failure, try to identify how your struggles can be transformed into valuable lessons or motivation for future achievements.

7. Implement the "fail forward" approach in your life. The podcast emphasizes the importance of learning from failures rather than being discouraged by them. Adopt a mindset where each failure is seen as a step forward in self growth journey. This approach can help you maintain momentum even when facing setbacks.

8. Cultivate success habits and eliminate failure habits. Mike discusses his ongoing struggle with overthinking, acknowledging it as both a strength and a weakness. Identify your own success and failure habits. Work on strengthening the positive habits while developing strategies to mitigate the negative ones. This process is crucial for overcoming failure and building long-term success.

9. Embrace the power of giving back. Mike shares how helping others who are going through similar struggles can be fulfilling and contribute to personal growth. Consider how you can use your experiences of overcoming failure to support and inspire others. This not only helps others but can also reinforce your own growth and success.

10. Maintain a holistic approach to success. The podcast touches on the importance of balance across different life areas. When working on overcoming failure, ensure you're focusing on all aspects of your life - mindset, career and finances, relationships, physical health, and emotional and mental health. This holistic approach can lead to more sustainable success and fulfillment.

11. Leverage the power of continuous learning. Mike's journey highlights the importance of self-education in overcoming failure. He spent time learning about finance and personal development to improve his situation. Make continuous learning a part of your strategy for overcoming failure and achieving success.

12. Practice resilience in the face of setbacks. Mike's story of bouncing back from debt and suicidal thoughts to building successful businesses exemplifies resilience. Cultivate this quality in yourself by viewing challenges as temporary and focusing on solutions rather than problems when facing failure.

13. Align your actions with your long-term vision. Mike emphasizes the importance of having a clear vision for your life and aligning your daily actions with this vision. When working on overcoming failure, ensure that your efforts are contributing to your larger life goals across all five core areas.

14. Harness the power of momentum. The podcast title itself emphasizes the importance of building momentum in life. Start with small, consistent actions in the direction of your goals. As you overcome small failures and achieve small successes, you'll build momentum that can carry you through larger challenges. You should Read more on How to Find your Ikigai.

15. Prioritize self-awareness in your journey. Mike's realization about the impact of his music choices on his mindset demonstrates the importance of self-awareness. Regularly reflect on your thoughts, actions, and influences to ensure they're supporting your goals of overcoming failure and achieving success.

🥇 Golden Habit:

A 'Golden Habit' is the optimal habit to relieve a pain point/replace a bad habit because it's personalized to your DNA, goals, and lifestyle in order to maximally reduce the friction to form it.

The Golden Habit should be: - DESIRABLE: Should be enjoyable and rewarding. - PRACTICAL: Must easily integrate into one's existing routines. - IMPACTFUL: Expected to significantly enhance well-being.

This Episode's Golden Habit: Daily Self-Reflection and Environment Audit

Mike Ashabi mentions how he realized the negative impact of certain music on his mindset during his lowest point (timestamp: 17:50). This realization led him to be more mindful of his environment and its impact on his thoughts and actions.

The golden habit derived from this insight is to perform a daily self-reflection and environment audit. This habit involves taking a few minutes each day to consciously evaluate the content you're consuming, the people you're interacting with, and how these factors are influencing your mindset and actions.

This is a golden habit because: - It's DESIRABLE: It empowers you to take control of your mental environment. - It's PRACTICAL: It can be easily integrated into your daily routine, perhaps as part of your morning or evening ritual. - It's IMPACTFUL: By consciously shaping your environment, you can significantly influence your mindset and ability to overcome failure.

Related Core Area of Life:

This golden habit primarily aligns with the Mindset Core, as it directly impacts how you think and perceive the world around you. However, it also has ripple effects on the other cores, particularly Emotional & Mental Health, as it helps manage stress and maintain a positive outlook.

🚀 Ready Player One?

Our mission is to spark and sustain the momentum needed to continually level-up in life by making change simple, fun, and ethically addictive. The insights shared by Mike Ashabi in this episode provide a powerful foundation for overcoming failure and building momentum in your life.

Are you ready to take your journey of overcoming failure to the next level? It's time to implement the Moore Momentum System and transform these insights into lasting change across all 5 Core Areas of your life.

🫅 Bio - Mike Ashabi:

Mike Ashabi is a successful entrepreneur, business coach, and author. He is the founder of True Life Ventures, a consulting agency specializing in life and business coaching, and One Connection, a network that allows business owners and entrepreneurs to access various services in one place.

Mike's journey is a testament to the power of overcoming failure and building momentum. After hitting rock bottom with $30,000 in debt and contemplating suicide, he turned his life around through self-education, persistence, and a dramatic shift in mindset. Today, he uses his experiences to help others transform their lives and businesses.

As an accomplished real estate investor with a portfolio of over 50 units, and the author of "Demanding Greatness," Mike embodies the principles of continuous growth and resilience. His story serves as an inspiration to many, demonstrating that it's possible to overcome significant challenges and achieve remarkable success through determination and the right mindset.