The other day I was on the phone with an entrepreneur. Less than 4 years ago he was in a business relationship that soured and he was financially ruined. Now, he owns several successful businesses again and has amassed a brand-new 8 figure fortune. He really is a rags-to-riches-to-rags-to-riches story!

I asked him what he thought were the secrets of his success and this is what he told me:

“Buzz, I build on each success and each failure. After the last ‘adventure' I had to re-evaluate and chart a new course. I sat down and listed many of my experiences, both good and bad. I wrote down what skills I developed from each experience as well as contacts I had made in that area. Then, I looked at the list of my skills and identified common groupings among the skills. From that I was able to springboard into several business ideas using those skills… and at the same time had a list of contacts to help me get my start.”

After our call, I tried doing that, too. As he hinted, I created a list of skills that included some I never realized I had. Try it yourself and see if you get some great ideas to take your business (or a new business) in a different direction.